WIFO Reports on Austria

The WIFO Reports on Austria are short English-language analyses of economic developments in Austria. Contributions on the topics of business cycle, competitiveness, macroeconomics, labour market, digitisation, cash flow and unit labour costs are published regularly, summarising the main developments in these areas in Austria.

The articles of the previous issues "WIFO Bulletin" and "Austrian Economic Quarterly" can be found here: WIFO Bulletin, Austrian Economic Quarterly

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COVID-19 Pandemic, Supply Bottlenecks and Price Increases Shape the Economy. The Austrian Economy in 2021
WIFO Reports on Austria, 2022, (7), 17 pages
Online since: 31.05.2022 0:00
The COVID-19 pandemic and its consequences continued to shape the development of the global economy in 2021. Regionally, economic activity was heterogeneous, although the rapid recovery in industrial production resulted in supply bottlenecks and sharp price increases in many areas. The domestic economy expanded again, although economic activity fluctuated once more strongly over the year and was largely influenced by the COVID-19 health care policy measures. With the economic recovery, average hours worked also increased, which had a positive effect on per capita incomes. Together with improved consumer confidence and savings reserves from the previous year, this increased households' willingness to spend. Rising raw material prices had an inflationary effect, causing the Consumer Price Index to rise significantly, particularly at the end of 2021.
JEL-Codes:E32, E66
Keywords:Business cycle
Research group:Macroeconomics and European Economic Policy – Labour Market, Income and Social Security
Language:English

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apl. Prof. Dr. Hans Pitlik

Function: Senior Economist, Editor-in-chief WIFO-Monatsberichte and WIFO Reports on Austria

Tamara Fellinger

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Tatjana Weber

Activities: Publications, website, subscriptions