Statistical Office: Hamburg's industry makes a leap in sales

In the first three quarters, Hamburg's industrial companies recorded a jump in sales of 44 percent compared to the same period last year.

Statistical Office: Hamburg's industry makes a leap in sales

In the first three quarters, Hamburg's industrial companies recorded a jump in sales of 44 percent compared to the same period last year. In total, they turned over around 98.5 billion euros, as reported by the Statistics Office North on Thursday. Without taking into account the mineral oil industry, which is particularly affected by rising energy prices, the increase would only have been 14 percent.

For the Hamburg Industry Association (IVH), the data is not necessarily a good sign. "Sharp price increases ensure a superficial increase in sales in Hamburg's industry, but for many companies the revenues are falling due to drastically increasing factor costs," said IVH chairman Matthias Boxberger.

The fear of a recession is great, especially because the prospects are difficult due to rising raw material and energy prices. "The development in the coming months will be decisive for the future of Germany as an industrial location," said Boxberger.

According to the statisticians, the mineral oil industry increased its sales by 66.8 percent to 63.9 billion euros. This was followed by the food and animal feed industry with an increase of 30.7 percent to 2.7 billion euros and the "repair and installation of machines" sector with an increase of 23.1 percent to 3.9 billion euros.

Only the "manufacture of data processing equipment or other electrical products" area had to struggle with sales losses. There, sales fell by 21.4 percent to 718 million euros within a year, as the statisticians reported.

According to the information, sales of foreign business increased by 18.1 percent to 15.8 billion euros, and business outside the euro zone even increased by 31.5 percent to 5.3 billion euros. Domestic business increased by 11.1 percent to 18.7 billion euros.

For its investigation, the statistical office recorded companies in the processing industry as well as mining and quarrying with more than 50 employees. In Hamburg, these were 225 companies.

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