[PDF] austria economy covid

Austria's economy has been strongly affected by the COVID-19 pandemic and related containment measures, with GDP expected to show a 7.4% contraction in 2020. The first half of 2020 recorded the deepest recession since the Second World War.
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  • What is the current economic situation in Austria?

    Overall, real GDP increased by 5.0%, which is the highest rate since Austria joined the EU in 1995. Following a stagnation in the final quarter of 2022, GDP is expected to have dropped by -0.3% in the first quarter of 2023, due to a strong reduction in goods exports.

  • Does Austria have a good economy?

    As one of the most prosperous and stable EU Member States, Austria offers its investors ideal conditions. The Austrian economic system can be characterized as a free market economy with a strong social focus by also taking into account the weaker members of society.

  • How is the economy in Austria in 2023?

    Economic activity is projected to slowly recover from the current downturn, with GDP rising by 0.2% in 2023 and 1.6% in 2024, supported by stronger domestic demand. Headline inflation will gradually decrease and rising real wages will support household incomes from the second half of 2023.
  • On a yearly basis, the country's GDP grew by 1.9 percent, easing from a 2.4% expansion in the previous quarter and aligning closely with market forecasts of 1.8%.
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