The aim of this study is to analyse the impact of demographic change on Germany and the consequences for the Federal Land Hamburg. Opportunities and challenges are identified showing the fields for political action in Hamburg. The results base on a scenario analysis using four different population projections. The total effect of demographic change on the single sectors of the economy (private and public demand, investment, export etc.), the private consumption structure, the labour market, unit costs and selected economic activities can be broken down in a quantity and a structural effect.