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Hamburg has historically been the commercial center of Northern Germany and, concurrently, Germany’s banking hub. It is still home to some of the country’s oldest banks, and the Hamburg Stock Exchange is also here, making it an important financial region for centuries. But this does not mean that finance is the only prosperous sector of the region’s economy.
More than 160,000 businesses operating in Hamburg are providing a large proportion of the local population with jobs. The unemployment here is a bit higher than the country’s averages, being about 7% in 2017. As the ninth state according to the gross regional product in the same year, it’s overall contribution to the country’s total gross domestic product was almost 4%.
MoreHamburg is not only home to some of Germany’s oldest financial institutions. The port of Hamburg has a great economic significance as well, being the third-busiest in Europe, Germany’s gateway to other countries and hosting warehousing and transshipment facilities, offering in the same time a wide range of opportunities for various businesses to benefit of this location. Other developed industries in Hamburg imply the heavy industry, aerospace industry, life sciences and healthcare, and other industries. The media sector is well developed too, providing jobs to more than 70 thousand people. Moreover, it is a popular tourist destination.
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