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Hamburg's Economy is Growing faster than on National Average

Economy grows by +2 per cent in the first half of 2015 in real terms. Development of industries vary widely

In Hamburg, the gross domestic product (i.e. the value of all goods and services produced; GDP) nominally increased by 4.1 per cent in the first half of 2015 compared to the first half of 2014. Taking into account price changes, the real economic growth was plus 2.0 per cent. According to the Office of Statistics North, this result places Hamburg well above the real national growth of 1.4 per cent.

Special Effect   However, this very positive half-year result was partly due to a structural effect in the field of special power supply. But even excluding this special effect, the economic growth of Hamburg in the first half 2015 is still slightly above the national result.

Development Varies in Differents Sectors

Very significant and much stronger growth impulses than on national level came from the producing sectors of Hamburg’s economy. In particular, the manufacturing sector rose significantly. By contrast, the development in the construction sector was rather moderate. Different developments took place in the service sector.

Benefited Hospitality

While the hospitality industry continues to benefit from the tourist boom in Hamburg, other service sectors showed moderate or partly negative developments. For years strong, trade, for instance, reported a decline in sales due to large losses in wholesale, thus the statisticians.

source and further details:
Statistikamt Nord (Office of Statistics North)

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