Vienna's economy defies crises: strong growth despite uncertainty!

Vienna's economy defies crises: strong growth despite uncertainty!

The Viennese economy shows amazing skills to assert itself in difficult times. Despite the ongoing challenges by Corona, the Ukraine conflict and rising prices, Vienna is the only federal state to have a growth of 0.3 % in the first half of 2024, while Austria experienced a total of 1.6 %. This was confirmed by the Vienna Council of Economics and Finance Peter Hanke during an event in the Salon Stubenring, where he explained the strengths of Vienna together with Chamber of Commerce President Walter Ruck how the multi-layered economy and the talent by immigration. "Our creative and innovative corporate landscape is decisive for this success," said Ruck.

high resilience in times of crisis

Despite the more pessimistic forecasts for the Austrian gross value added, which according to WIFO is to decrease by 0.6 % for 2024, the Vienna economic report shows hope. Hanke underlined that the services act as a stabilizing factor and that Vienna has the best figures across Austria with regard to employment. With a record of 934,277 dependent employees in October 2024, the city managed to keep unemployment below the national average, even if the unemployment rate rose 8.1 % in November, while it was 8.9 % throughout Austria.

The close cooperation between the city administration and the Chamber of Commerce, with initiatives such as the sucks that can be used all year round, benefits the economy and shows that Vienna takes active steps to promote positive development. While Hanke and Ruck are promoting the international networking of Viennese companies and presenting the advantages of the location away, uncertainty is not failed to materialize due to global economic tensions, such as the new customs policy of the United States. “Vienna, however, shows that despite all the crises, it does better than the rest of the country and thus offers all participants hope for a positive economic development,” says Ruck, as also reports of the Chamber of Commerce .