In the calendar weeks 11 and 12 economic activity as measured by WWWI was 11.6 percent and 21.4 percent higher than in the respective weeks of the previous year, according to preliminary calculations. Despite these high year-on-year growth rates, however, the level of GDP remained well below the pre-crisis level and the narrowing of this gap was relatively weak in both weeks.

To frame the range of future economic development, this forecast outlines two scenarios. In the opening scenario, economic activity picks up already in the spring, with GDP expected to grow by 2.3 percent in 2021 and 4.3 percent in 2022. In the lockdown scenario, the recovery is delayed, with growth of 1.5 percent in 2021 and 4.7 percent in 2022.

A recent WIFO study provides an overview of the advantages and disadvantages as well as the design of this labour market policy instrument of short-time work and compares the Austrian model with those in selected European countries.

The forestry and timber industry cluster is of great importance to the national and regional economy, as statistical evaluations of value added and employment in two recent WIFO studies by Franz Sinabell und Gerhard Streicher show. The studies were presented together with the commissioner and Federal Minister for Agriculture, Regions and Tourism Elisabeth Köstinger.

According to the results of the fifth special survey on the COVID-19 crisis as part of the WIFO-Konjunkturtest of February 2021, 72 percent of companies had faced restrictions on their business activities in the past three months.