Economic Slowdown in the Course of 2019. Austrian Economy in 2019

Global as well as Austrian macroeconomic development was characterised by a slowdown in 2019. In Austria, GDP growth was mainly driven by private consumption, the services sector and the construction industry, while the weakness of industry and foreign trade dampened overall economic development. The looming recovery of the industrial economy was abruptly ended by the measures taken to combat the COVID-19 pandemic in mid-March 2020.