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Strongest Slump in GDP since 1945. The Austrian Economy in 2020
WIFO Reports on Austria, 2021, (6), 17 pages
Online since: 28.05.2021 0:00
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.
JEL-Codes:E32, E66
Keywords:Business cycle report
Research group:Macroeconomics and European Economic Policy – Labour Market, Income and Social Security
Language:English

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