Hamburg's economy above national average

20 October 2021
HWWI and Chamber of Commerce present latest economic figures

Hamburg's economy is recovering and faring better than the national average, according to the latest figures presented Tuesday (October 19, 2021) by the Chamber of Commerce and the Hamburg Institute of International Economics (HWWI). Around 83 per cent of companies rate their current business situation as "good" or "satisfactory" compared to less than 62 per cent in 2020. A quarter of the companies plan to hire staff in the coming months. Around 583 companies were interviewed between September 21 and October 7, 2021 for the survey ending Q3.

Variety of sectors beneficial

The city remains on a normalisation course and is benefiting "from the traditional diversity of its economy and its strong foreign trade", said Dr. Malte Heyne, Managing Director of the Hamburg Chamber of Commerce, at the presentation of the latest economic barometer. However, six out of ten companies rate the shortage of skilled workers as "biggest business risk".

50 years of economic surveys by the Hamburg Chamber of Commerce 

"Following last year's 4.6 per cent slump in economic output, growth of 2.5 per cent is now expected in Germany in 2021 and 3.5 per cent in 2022," said Dr Dirck Süß, Managing Director of HWWI. The pre-pandemic levels of late 2019 will only be reached again during 2022. The Chamber of Commerce has surveyed its member companies about their economic situation since 1971 and will in future supplement it with a forecast by the Hamburg Institute of International Economics (HWWI) to mark the 50th anniversary of the survey.


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