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

Josef Baumgartner, Juergen Bierbaumer-Polly, Sandra Bilek-Steindl, Christine Mayrhuber and Silvia Rocha-Akis

WIFO Reports on Austria, 2021, issue 6

Abstract: 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.

Keywords: Business; cycle; report (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:wfo:repoau:y:2021:i:6

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