Economic growth was 6.3 percent last year, driven by industry. This emerges from an analysis by Bank Austria published yesterday, Monday.
Economic growth also picked up speed in Carinthia (+5.8 percent), Lower Austria (+5.3) and Styria (+5.2). The Austria-wide average was 4.8 percent, the economic engine was booming, especially in industry and construction, after gross domestic product had fallen by 6.7 percent in the first year of Corona.
Regional differences such as sectoral composition and industry structure are decisive for the speed of recovery. “The industry-oriented states were ahead in 2021, while the tourism-oriented federal states such as Salzburg and Tyrol recorded below-average growth,” said Bank Austria economist Robert Schwarz at a press conference.
prognosis scaled back
For this year, the bank expects growth of 4.4 percent in Austria. The forecast was scaled back by 1.6 percentage points because of the war in Ukraine. Economists expect further burdens from supply chain problems and rising energy and commodity prices. This could then affect federal states such as Upper Austria and Styria in particular, it is said.
Source: Nachrichten
