Economic shock in Austria: The federal states are so strong!
Economic shock in Austria: The federal states are so strong!
Austria is affected by an economic recession in 2024, as can be seen from the current quick estimate of the Economic Research Institute (WIFO). The decline in real gross value creation, which can be observed in almost all federal states, is alarming. According to the newly published data, the overall economic decline in Austria was a total of -3.9%. The federal states of Upper Austria, Carinthia and Lower Austria are particularly affected, while Tyrol and Vienna have positive developments.
In the detailed view of the individual federal states, there is a differentiated picture: Upper Austria had to accept a decline of -3.5%, followed by Carinthia with -3.3% and Lower Austria with -1.9%. The other declines can be found in the table:
| federal state
| |
|---|---|
| Upper Austria | -3.5% |
| Carinthia | -3.3% |
| Lower Austria | -1.9% |
| Burgenland | -1.5% |
| Styria | -1.3% |
| Vorarlberg | -1.0% |
| tirol | -0.5% |
| Salzburg | -0.2% |
| Vienna | -0.2% |
economic sectors and consumer behavior
The declines in gross value addiction affect almost all sectors of the economy. The declines in the generation of material goods in which Carinthia, Upper Austria and Lower Austria have the strongest losses are particularly pronounced. While a positive development can be observed in Tyrol, the accommodation and restaurants did not show any positive growth contributions despite an increase in travel income.
Another problem is that the increase in real wages has not led to a revival of the overall economic demand. Nevertheless, there were value adders in some areas such as credit and insurance, information and communication as well as public administration. The construction industry shows signs of stabilization because the order inputs increase towards the end of the year.
employment and regional differences
Employment in Austria stagnated in 2024 with a minimal increase of 0.2%. This is in a strong contrast to the growth of 1.2% in the previous year. The federal states of Upper Austria recorded the strongest employment losses with -0.5%, Styria and Carinthia, each with -0.3%. In contrast, Vienna was able to achieve the greatest employment growth with +1.1%, followed by Salzburg and Tyrol, each recorded growth of +0.8%.
In summary, it can be said that the economic situation in Austria in 2024 is characterized by regional differences. While some federal states experience significant declines in added value and employment, other positive developments show. These findings throw a light on the challenges in front of which the different regions of the country are facing and the need to take targeted economic measures.More details on economic development in the federal states are on the pages of 5min href = "https://ooe.orf.at/stories/3312088/"> orf and Sn to be found.
| Details | |
|---|---|
| Ort | Österreich |
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