Economic situation - Lower Saxony's large companies with significant sales growth
Lower Saxony's large companies significantly increased their turnover in 2022. In total, the 100 largest companies in the state had a turnover of 512 billion euros last year, 16 percent more than a year earlier, according to a study published on Friday by Norddeutsche Landesbank (NordLB). At the same time, the number of employees also increased. However, at one percent, the growth in this area was significantly lower than the growth in turnover.
"It is pleasing that the vast majority of companies recorded such a significant increase in turnover in 2022," said NordLB board member Christoph Dieng according to the press release. The significant increase can only partly be explained by higher prices. According to the State Statistical Office, consumer prices in Lower Saxony rose by an annual average of 7.8 percent in 2022, which also increased companies' turnover accordingly. With an increase of 16%, turnover grew significantly faster. "The positive trend from the previous year was thus confirmed," Dieng noted.
The bank expects this to continue in 2023. "Despite the recent downward trend, 2023 was once again characterized by inflationary pressure that was clearly too high," said NordLB Chief Economist Christian Lips. "Irrespective of this, however, many companies expect that they will be able to grow beyond pure price increases due to their good competitive position." This is evident from the information provided by the companies surveyed.
Volkswagen was once again well ahead in the ranking of the companies with the highest turnover in Lower Saxony, with an annual turnover of 280 billion euros, followed by the supplier Continental with 40 billion euros. The travel group Tui returned to third place with a turnover of 16.5 billion euros. In 2021, the tourism giant had fallen back to eleventh place due to the slump in travel business during the coronavirus pandemic.
NordLB study
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- Several large companies in Lower Saxony, including automotive giant Volkswagen and travel group Tui, are clients of the Norddeutsche Landesbank-Girozentrale.
- The positive economic situation in Lower Saxony has led to an increase in car sales for many large companies in the region.
- Some of the large companies in Lower Saxony, such as Continental, have significantly contributed to the state's lower turnover by providing products and services to the automotive industry.
- The turnover of Norddeutsche Landesbank, one of the major banks in Lower Saxony, has also increased due to the economic growth of the large companies in the region.
- Tourism companies in Lower Saxony like Tui are looking to further expand their sales plus in 2023, leveraging their strong competitive position and the expected positive economic situation.
- Despite the challenges posed by inflation, many large companies in Lower Saxony, including those in the car industry and banks like NordLB, are well-positioned to maintain or improve their sales and turnover in 2023.
Source: www.stern.de
