Hamburg’s Economy Grows in 2024 Despite National Recession
Amid a nationwide recession, Hamburg’s economy recorded remarkable growth in 2024. According to the Statistical Office North, the Hanseatic city’s gross domestic product (GDP) increased nominally by 5.3 percent and in real terms by 1.7 percent compared to the previous year. In contrast, Germany’s real GDP declined by 0.2 percent. One key driver behind Hamburg’s strong performance: the success of the city’s aviation industry.
In 2024, Hamburg’s economy generated a surplus of €850 million. According to the Statistical Office North, this was driven by “positive developments in the vehicle manufacturing sector as well as in the repair and installation of machinery and equipment.”
The term “vehicle manufacturing” refers to Airbus, the largest industrial employer in the Hamburg metropolitan region. The company reported strong figures for 2024. Total revenue in the commercial aircraft sector reached €50.6 billion, marking a 6% increase compared to spring.
As a global leader in aircraft maintenance and modification, Lufthansa Technik also played a significant role in Hamburg’s strong 2024 results. The company reported annual revenues exceeding €7 billion for the first time. The total revenue for 2024 was €7.441 billion, reflecting a 14% growth.
Ralf Gust, Managing Director of Hamburg Aviation, commented:
“The aviation industry is a central pillar of Hamburg’s economy. The fact that Hamburg is growing despite the national downturn is also due to the innovative strength and resilience of our industry. With strong production figures at Airbus, record results at Lufthansa Technik, and a thriving supplier landscape, we are making a significant contribution to the economic strength of the region. To sustain this positive development in the long term, we must ensure that Hamburg offers the best possible conditions. This includes tackling the skills shortage, advancing the transition to climate neutrality, and actively supporting future topics such as artificial intelligence. At Hamburg Aviation, we are working toward this by bringing together stakeholders from industry, research, and politics to develop effective solutions. Because: Together, we are stronger.”