WIFO Reports on Austria

The WIFO Reports on Austria are short English-language analyses of economic developments in Austria. Contributions on the topics of business cycle, competitiveness, macroeconomics, labour market, digitisation, cash flow and unit labour costs are published regularly, summarising the main developments in these areas in Austria.

The articles of the previous issues "WIFO Bulletin" and "Austrian Economic Quarterly" can be found here: WIFO Bulletin, Austrian Economic Quarterly

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Details

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

Contact persons

Hans Pitlik

Function: Senior Economist, Editor WIFO-Monatsberichte and WIFO Reports on Austria

Tamara Fellinger

Activities: Publications, website, subscriptions

Tatjana Weber

Activities: Publications, website, subscriptions