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The Impact of the Covid-19 Crisis on European Businesses: Evidence from Surveys in Austria, Germany and Spain

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Listed:
  • Raquel García
  • Christian Gayer
  • Werner Hölzl
  • Sergio Payo
  • Andreas Reuter
  • Klaus Wohlrabe

Abstract

This note presents the results of two ad-hoc questions on the impact of the corona-crisis, which were included in the April-wave of the European Commission’s Joint Harmonised EU Programme of Business Surveys. The questions were asked to German, Spanish and Austrian firms in the industry, services, retail trade and construction sectors and focused on the effect of the crisis on expected annual turnover and the ability of firms to survive in the presence of the prevailing confinement measures. The results illustrate the sweeping effect of the crisis on firms’ turnover and provide alarming figures on a potential insolvency/bankruptcy wave caused by the current confinement measures.

Suggested Citation

  • Raquel García & Christian Gayer & Werner Hölzl & Sergio Payo & Andreas Reuter & Klaus Wohlrabe, 2020. "The Impact of the Covid-19 Crisis on European Businesses: Evidence from Surveys in Austria, Germany and Spain," EconPol Policy Brief 31, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    • Handle: RePEc:ces:econpb:_31
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    File URL: https://www.ifo.de/DocDL/EconPol_Policy_Brief_31_Covid_European_Business.pdf
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    Cited by:

    1. Werner Hölzl & Michael Klien & Agnes Kügler, 2021. "Erwartungen bezüglich Geschäftstätigkeit, Beeinträchtigungen und Liquidität in der vierten COVID-19-Welle. Ergebnisse der sechsten Sonderbefragung zur COVID-19-Krise im Rahmen des WIFO-Konjunkturtests," WIFO Studies, WIFO, number 67941.
    2. Werner Hölzl & Michael Böheim & Klaus Friesenbichler & Agnes Kügler & Thomas Leoni, 2021. "Staatliche Hilfsmaßnahmen für Unternehmen in der COVID-19-Krise. Eine begleitende Analyse operativer Aspekte und Unternehmenseinschätzungen," WIFO Studies, WIFO, number 66624.
    3. Werner Hölzl & Michael Klien & Agnes Kügler & Klaus S. Friesenbichler, 2020. "Umsatzentwicklung, Investitionsverhalten und Erwartungen bezüglich der Normalisierung. Ergebnisse der vierten Sonderbefragung zur COVID-19-Krise im Rahmen des WIFO-Konjunkturtests vom Oktober 2020," WIFO Studies, WIFO, number 66612.
    4. Da Van Huynh & Thuy Thi Kim Truong & Long Hai Duong & Nhan Trong Nguyen & Giang Vu Huong Dao & Canh Ngoc Dao, 2021. "The COVID-19 Pandemic and Its Impacts on Tourism Business in a Developing City: Insight from Vietnam," Economies, MDPI, vol. 9(4), pages 1-17, November.
    5. Rafal Rosinski & Krzysztof Dziadek & Beata Zaleska, 2021. "Liquidity Loans as an Element of Support for the SME Sector during the COVID-19 Pandemic in the Area of Central Pomerania," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 576-589.
    6. Segarra-Blasco, Agustí & Teruel, Mercedes & Cattaruzzo, Sebastiano, 2021. "The economic reaction to non-pharmaceutical interventions during Covid-19," Economic Analysis and Policy, Elsevier, vol. 72(C), pages 592-608.

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