The Austrian economy started 2022 with strong growth. Gross domestic product (GDP) rose 9.5 percent in real terms in the first quarter, ie adjusted for inflation, Statistics Austria announced on Thursday. This means that domestic economic output is 0.5 percent higher than before the outbreak of the corona pandemic.
The positive development was supported by virtually all sectors of the economy, especially manufacturing, construction and trade, it said.
Gastro and tourism still below pre-crisis level
Gastronomy and accommodation grew strongly again in the first quarter of 2022, but according to Statistics Austria they are still “a long way” from pre-crisis levels. The winter tourist season was about a quarter below the pre-crisis level.
War as great uncertainty
Austria’s director-general of statistics, Tobias Thomas, said how things progress will largely depend on the war in Ukraine. GDP in the first quarter was 1.5 percent higher in real terms than in the previous quarter, i.e. in the fourth quarter of 2021.
Source: Krone
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