That's what Hamburg's economy now expects from politics

The Hamburg economy is concerned about the winter. Although the companies rate their current business situation as good, expectations and export prospects are subdued. The business climate in the city has deteriorated for the fourth time in a row compared to the previous quarters. This is shown by the results of the current Chamber of Commerce economic survey, which was presented yesterday at the headquarters of the interest group in the city centre.

510 companies had participated in the survey in the past few weeks. In terms of business expectations for the next twelve months, 51.5 percent of the companies expect a “rather unfavorable” development, only 4.3 percent with a “rather more favorable business situation”. Expectations in the construction and transport sectors are particularly bleak. The outlook for the financial sector is comparatively positive. A more balanced picture emerges from investment and personnel planning.

Hamburg's economy has shown itself to be robust and reacted quickly to the crisis, according to Chamber of Commerce General Manager Malte Heyne. But politicians have been delayed in picking up on important business demands, "implementation has also been sluggish so far". Heyne: “It must not happen that healthy companies have to go bankrupt before the crisis. A secure energy supply at competitive prices must therefore be the goal of all political decision-makers.”

When asked about the greatest business risks, 72.3 percent of those surveyed named the high electricity, gas and fuel prices. Almost half of the companies are currently passing on the increased prices to their customers.

Investments in energy efficiency measures are mentioned by around 42 percent of those surveyed as a response to the price increases. "Hamburg's economy is presenting and working resolutely towards the goal of becoming climate-neutral by 2040," says Heyne. Now – beyond the current crisis management – ​​a medium to long-term strategy must be developed “to counter creeping deindustrialization”: “A new, rapid planning and approval law and the consistent expansion of renewable energies are central here.”

The Hamburg Institute of International Economics (HWWI) confirms fears of an ongoing downturn. "We are facing an economically difficult winter half-year in which the German economy will most likely fall into a recession," says the scientific director of the HWWI, Michael Berlemann. "Nevertheless, we have to use the next few months to make our economy more resilient so that we don't face the same problems next autumn as we do today, regardless of how the war in Ukraine progresses."