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Austrian Agriculture and Forestry 2022 Exceptionally Successful Despite Difficult Environment
WIFO Reports on Austria, 2023, (15), 12 pages
Online since: 13.11.2023 0:00
In 2021, there had been signs of an increase in agricultural prices due to the international economic upturn. Following the invasion of Ukraine by the Russian Federation, there was great uncertainty on all markets for internationally traded goods. This cause a sharp surge of prices. Agricultural goods, which were exported by Ukraine on a large scale, were affected first, then almost all other goods. The rise in prices led to high increases in the production value of Austrian agriculture in 2022, although the volume produced hardly increased. Despite the significantly more expensive production, revenues clearly outweighed costs, allowing a strong increase in income. The situation was similar in forestry. However, the favorable situation in the agricultural commodities market belies the challenges facing agriculture. According to scenario analyses, fundamental changes such as a reduction in cattle numbers are needed to reduce greenhouse gas emissions. This would be accompanied by a significant reduction in agricultural output.
JEL-Codes:E32, E66, Q18
Keywords:Agriculture, business cycle report, Austria, agricultural policy
Research group:Climate, Environmental and Resource Economics

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