Vienna defies crises: Business is growing, employment at record height!

Vienna defies crises: Business is growing, employment at record height!

The economic climate in Austria will be divided at the end of 2024. While the overall economy expects a decline in gross value added by 0.9%, according to the current WiFo forecast, there is hope in the capital Vienna. Despite the challenges of Coronapandemic, UkraineKlieg and increasing cost of living, the Viennese economy was able to grow by 0.3% in the first half of 2024 compared to the previous year, which is unique in national comparison, as the economic statistics of the City of Vienna confirm. City Councilor Peter Hanke and the President of the Vienna Chamber of Commerce, Walter Ruck, express themselves optimistically and emphasize the city's resilience in times of crisis. In the first quarter of 2024, Vienna proved a clear growth advantage over the Austrian average in both quarters with an increase in gross value added by 0.1% and 0.6% in the second quarter of 0.6%.

stability despite adverse circumstances

The stability of the Viennese economy is not only thanks to the pronounced service sector, which contributes over 80% to value creation, but also the diversity of companies in the city. More than 90% of companies in Vienna are small businesses with fewer than ten employees. In the first half of 2024, employment in Vienna rose by 1.0%, which is above the national average. In the historical context, Vienna is the state with the highest absolute added value; The gross regional product was 90.111 million euros in 2016. Despite the positive development, however, the challenge remains that the increase in unemployment could have a negative impact on the labor market.

Unemployment in Vienna rose by 8.1% in November 2024, but is still below the Austrian average of 8.9%. On this occasion, Hanke calls for better financial resources for the labor market service (AMS) in order to be able to bring unemployed back into employment faster, since the reductions in federal funds are considered irresponsible. The Viennese economic report shows the important role of public investments and the continued increase in employment in an average comparison, which also illustrates the need for future economic strategies and measures in order to further promote the positive development.

A detailed insight into these developments offers the Vienna economic report, which can also be called up on the city's website.