Economic development in 2020 was driven by the COVID-19 pandemic and the restrictions imposed to contain it. The Austrian
economy recorded a massive slump. Private consumption was hit particularly hard, as were tourism, transport, trade, personal
services and cultural and leisure facilities. The expansion of short-time working regimes supported per capita incomes. The
COVID-19 crisis also had an impact on inflation, with unprocessed food and services becoming more expensive, while petroleum
products dampened price increases.
Keywords:Business cycle report
Research group:Macroeconomics and European Economic Policy – Labour Market, Income and Social Security