Overall, economic output in 2021 remained just below the pre-crisis level of 2019.
In the fourth quarter, real economic output was 5.5 percent higher than in the same quarter of the previous year, but the lockdown slowed down development compared to the third quarter. From October to December, gross domestic product (GDP) fell by a seasonally and calendar adjusted 1.5 percent in real terms compared to the previous quarter.
“The fourth corona wave and the associated lockdown measures slowed down the economic recovery at the end of the year. This again affected accommodation and gastronomy as well as services such as hairdressers or the cultural sector,” said Statistics Austria Director General Tobias Thomas in a press conference.
Overall, economic output in 2021 rose by 4.5 percent compared to the previous year and at the end of the fourth quarter was 99.4 percent of the pre-crisis level – in the third quarter it was still 100.8 percent, according to Thomas.
After strong growth in the 2nd quarter (+12.9 percent) and in the 3rd quarter (+5.4 percent), the domestic economy again recorded a real increase of 5.5 percent in the 4th quarter compared to the respective quarter, according to Statistics Austria same period last year. “However, the renewed lockdown during the fourth quarter led to a stagnation in the recovery process,” it says. Compared to the previous quarter, real GDP fell by 1.5 percent. At 63.2 percent, gastronomy and accommodation in particular were again well below the pre-crisis level. The pre-crisis level of 2019 was exceeded in 2021 year-on-year in the areas of industry (102.1 percent) and trade (102.8 percent).
Source: Nachrichten
