Regional Economic Development in the Wake of the COVID-19 Crisis

The economic slump triggered by the COVID-19 crisis hit the Austrian provinces to varying degrees. This is mainly due to the extent to which individual sectors were affected by the crisis, as well as to differences in the regional economic structure. The tourism sector, large parts of (retail) trade and non-knowledge-intensive market services recorded particularly heavy losses, but also the manufacturing sector suffered from international and national sales declines. The Eastern region (Vienna, Lower Austria, Burgenland) recorded the smallest declines in value added and employment as well as the lowest increase in unemployment.