According to the economic research institute (Wifo), the recovery of the Austrian economy continues. However, the momentum has weakened somewhat recently and should reach the ceiling in the summer months. In July, economic output is likely to be around 6.7 percent higher than in the same month last year, according to the economic report.
Corona loosening as a motor
The recovery accelerated significantly in the second quarter due to the lifting of the official corona restrictions in many industries. Sectors such as retail, gastronomy, accommodation and health-related services have benefited in particular. The favorable industrial and construction boom also continued, according to Wifo. Economic activity returned to pre-crisis levels in July.
The economic research institute also pointed out that the inflation rate in Austria, at 2.8 percent in June, was again noticeably higher than that of the euro area (1.9 percent). Energy prices would continue to contribute to inflation, but the increase is due to the particularly low price level of the previous year.
There has also been a significant price increase recently for restaurants and hotels. On the other hand, those of food and non-alcoholic beverages would hardly have changed.
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
