Geopolitical changes and the energy crisis shaped the development of the global economy in 2022. Regionally, economic activity
was heterogeneous, with rising uncertainty and supply shortages resulting in high price increases in many countries. Austria's
economy continued to expand strongly in the first half of the year, but high inflation dampened consumer and investment demand
as the year progressed. Consumer price inflation rose to a peak of 11 percent in the autumn of 2022, leading to, among other
things, real wage losses for employees. The Austrian federal government implemented extensive temporary and permanent relief
measures to cushion the social and economic impact of inflation and the energy crisis on companies and private households.
Keywords:Business Cycle Report
Research group:Macroeconomics and Public Finance – Labour Economics, Income and Social Security