West-east Decline of Regional Economic Growth in 2003

In 2003, the Austrian economy continued on its very modest growth path for the third year in a row. As an annual average, value added rose by just 0.9 percent over the previous year (GDP: +0.7 percent). Regionally seen, growth was highest in the west and lowest in the east: In western Austria, businesses again managed a course of moderate growth (+1.6 percent). The south experienced a slight rally in mid-year, the forces of recovery, however, were too weak to invigorate the east (+0.5 percent). Growth was briskest in Upper Austria (+2.2 percent) and Salzburg (+2 percent). Carinthia achieved above-average growth (+1.5 percent) throughout the year, whereas Styria's economy did not pick up until the second half of the year. In the east, Burgenland (+1.4 percent) once again marked a higher growth rate but the revival did not exceed the previous year's pace. Vienna and Styria (+.3 percent) together ranked last in economic dynamics.