Vienna is booming: Economic growth and record numbers in tourism!

Vienna is booming: Economic growth and record numbers in tourism!

Wien, Österreich - The business report 2024 shows a mixed picture for Austria, while Vienna shines in economic statistics. According to the Unicredit Bank Austria analysis, the federal capital was the only federal state to achieve a growth of 0.5 percent, while the gross domestic product (GDP) declined by 0.9 percent nationwide. The strong increase in the tourism sector, which in Vienna increases by a remarkable 9 percent - is particularly striking - with a record of 154.3 million overnight stays. This positive development in the service industry contributes significantly to growth, while industry has to struggle with a decline of over 4 percent, as reported.

It hits the other federal states that often have declines. Upper Austria is in the last place with a minus of 2.5 percent, while Carinthia and Lower Austria also have high declines. The strong dependence on the industrial areas such as metal and mechanical engineering also puts the regions under pressure. Financial experts such as the Unicredit-Bank-Austria chef economist Stefan Bruckbauer underline that the service sector and the public sector represent decisive stability factors for Vienna, which means that the city better navigates through the economic challenges than is the case in the rest of the country, such as meinbezirk.at reported.

Vienna remains under pressure