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What is the financial sector’s contribution to the Austrian economy?

Author

Listed:
  • Christian Beer

    (Oesterreichische Nationalbank, Economic Analysis Division)

  • Walter Waschiczek

    (Oesterreichische Nationalbank, Economic Analysis Division)

Abstract

Even though its contribution to the economy has decreased since the onset of the crisis, the Austrian financial sector still accounts for about 4% of value added and about 3% of the labor force. In rendering its services, the financial sector relies on inputs from the real economy, above all legal, accounting, head office and consulting services. In Austria, the domestic financial sector is still the main funding source for the real sector, even if its share has diminished over the past decade, with the decline having been somewhat more distinct on the asset side than on the liability side. For the financial sector, financing the real sector was becoming less relevant until the crisis hit.

Suggested Citation

  • Christian Beer & Walter Waschiczek, 2017. "What is the financial sector’s contribution to the Austrian economy?," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q2/17, pages 54-72.
    • Handle: RePEc:onb:oenbmp:y:2017:i:q2/17:b:3
    as

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    References listed on IDEAS

    as
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    More about this item

    Keywords

    financial sector; intermediation; gross value added; Austria;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies

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