Strongest Slump in GDP since 1945. The Austrian Economy in 2020

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 exp...

Ausführliche Beschreibung

Bibliographische Detailangaben
Link(s) zu Dokument(en):WIFO Publikation
Veröffentlicht in:WIFO Reports on Austria
Hauptverfasser: Josef Baumgartner, Jürgen Bierbaumer, Sandra Bilek-Steindl, Christine Mayrhuber, Silvia Rocha-Akis
Format: article
Sprache:Englisch
Veröffentlicht: 2021
Schlagworte:
Beschreibung
Zusammenfassung: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.