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Strongest Slump in GDP since 1945. The Austrian Economy in 2020

Author

Listed:
  • Josef Baumgartner
  • Jürgen Bierbaumer
  • Sandra Bilek-Steindl
  • Christine Mayrhuber

    (WIFO)

  • Silvia Rocha-Akis

Abstract

Economic development in 2020 was driven by the COVID-19 pandemic and the restrictions imposed to contain it. The Austrian economy recorded a massive slump. Private consumption was hit particularly hard, as were tourism, transport, trade, personal services and cultural and leisure facilities. The expansion of short-time working regimes supported per capita incomes. The COVID-19 crisis also had an impact on inflation, with unprocessed food and services becoming more expensive, while petroleum products dampened price increases.

Suggested Citation

  • Josef Baumgartner & Jürgen Bierbaumer & Sandra Bilek-Steindl & Christine Mayrhuber & Silvia Rocha-Akis, 2021. "Strongest Slump in GDP since 1945. The Austrian Economy in 2020," WIFO Reports on Austria, WIFO, issue 6, May.
    • Handle: RePEc:wfo:repoau:y:2021:i:6
    as

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    File URL: https://www.wifo.ac.at/wwa/pubid/67180
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    References listed on IDEAS

    as
    1. Atanas Pekanov, 2021. "Geldpolitik und Kreditwesen in der COVID-19-Krise," WIFO Monatsberichte (monthly reports), WIFO, vol. 94(4), pages 309-320, April.
    2. Atanas Pekanov, 2021. "Geldpolitik und Kreditwesen in der COVID-19-Krise," WIFO Monatsberichte (monthly reports), WIFO, vol. 94(4), pages 311-320, April.
    3. Stefan Schiman, 2021. "Die Rezession 2020: Österreich im Ländervergleich," WIFO Research Briefs 4, WIFO.
    Full references (including those not matched with items on IDEAS)

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