Productivity slowdown in Austria between 1995 and 2019

Zuzana Molnarova

No 323, Reports from Büro des Produktivitätsrates

Abstract: This report analyses productivity growth in Austria between 1995 and 2019 using aggregate and industry-level data. We combine two vintages of the EU KLEMS dataset, which provide information on output and productivity growth and growth components for up to 30 countries and 42 industries. We compare Austria's productivity growth with that of peer countries, focusing on developed European small open economies. The analysis confirms the productivity slowdown for Austria, similar to many other developed countries. The productivity growth rates in the most recent part of the sample have not recovered to their pre-financial crisis values. The effect of changing industry composition on productivity growth in Austria was positive and relatively small throughout the sample period, while the decline in productivity growth within industries, both in manufacturing and service sector, was more important. The international comparison shows that the aggregate development in Austria was similar to that of the peer country groups, with higher productivity growth in the years before and during the financial crisis. However, the industry-level evidence shows some important differences for Austria.

Keywords: Total Factor Productivity; Aggregate Productivity; Comparative Studes of Countries (search for similar items in EconPapers)
JEL-codes: D24 O40 O47 O57 (search for similar items in EconPapers)
Pages: 35 pages
Date: 2023-03
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