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...| Link(s) zu Dokument(en): | WIFO Publikation |
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| Veröffentlicht in: | WIFO Reports on Austria |
| Hauptverfasser: | , , , , |
| Format: | article |
| Sprache: | Englisch |
| Veröffentlicht: |
2021
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| 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. |
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