Press release: 12.617-208/21
– Austria's economy recorded a historic decline in economic output
of 6.7% in the pandemic year 2020, as Statistics Austria reports. The
COVID-19 crisis therefore hit the Austrian economy harder than the financial
crisis of 2009 (-3.8%). According to currently available information,
the decline in Germany, the most important trading partner, was far
less pronounced with a minus of 4.6%. In the European Union, Gross Domestic
Product (GDP) fell by 5.9% according to preliminary calculations.
Almost all economic sectors show negative growth rates.
Due to lockdowns, accommodation and food service activities (-40.1%
in real terms), arts, entertainment and personal services (-19.7% in
real terms) suffered the strongest losses, while financial and insurance
services increased (+5.1% in real terms).
For more detailed information please refer to the German
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Last Changed 28.09.2021