Austria is in a recession, as the “Krone” has reported several times. Current data collected by the Tyrolean Chamber of Commerce shows how Tyrol has been economically positioned in recent years. The “Holy Land” takes second place in terms of gross domestic product.
How is Tyrol’s economy positioned compared to the other states? Which sector is responsible for the majority of economic production? And where is there any catch-up potential? The answer to these and other questions is provided by a current analysis by the Chamber of Commerce (WK).
“In 2022, the regional gross domestic product in Tyrol amounted to 39.3 billion euros, which is a nominal increase of 118.8 percent since 2000,” calculates Stefan Garbislander, head of the economic policy, innovation and sustainability department at the World Cup. By comparison, the largest increase occurred in Vorarlberg over the same period. The country recorded an increase of 147.3 percent from 9.5 to 23.6 billion euros. Meanwhile, the federal capital Vienna saw the lowest increase, with an increase of 92.4 percent (57.7 to 110.9 billion euros). Tyrol takes second place in Austria.
The service sector has the largest share in Tyrol
If you look at the regional gross domestic product per capita, you will see an increase of exactly 91 percent between 2000 and 2022, from 26,800 to 51,200 euros. Vorarlberg also tops the list with an increase of 113.6 percent from 27,300 to 58,300 euros. Here, Tyrol ranks eighth in a comparison of federal states. Vienna comes to the fore again with an increase of “only” 52.2 percent.
Also exciting: in the ‘Holy Land’ the tertiary sector – that is, the service sector – is responsible for 70.1 percent of total economic production. “There is only a higher percentage in Vienna with 85.3 percent and in Salzburg with 71.7 percent,” Garbislander explains. The state with the highest share of the primary sector (agriculture and forestry) is Burgenland with 4.2 percent. And Upper Austria has the highest share of the secondary sector (manufacturing) with a total of 39.2 percent.
3339 companies were founded, of which 323 went bankrupt
Tyrol is impressive when it comes to start-up companies. Last year there were 3,339. “That is an increase of 38.4 percent compared to 2014. In no other state has the number of new start-ups increased as much in this period as in Tyrol,” says the expert. Compared to 2022, there were 177 more startups in this country in 2023.
Meanwhile, there were 323 business bankruptcies in Tyrol last year. “That is 11.5 percent less than in 2014, but 21 cases more than in 2022.” There were 5,380 company bankruptcies across Austria.
Unemployment is also good. Last year this was 6.4 percent throughout Austria, but in Tyrol it was only 3.9 percent. “Only Salzburg had a lower unemployment rate – at 3.8 percent.”
Speaking of the labor market, in 2023 there were a total of 4,483,000 employed people in Austria. In Tyrol the share is nine percent, or rather 401,500.
There is room for improvement when it comes to patent distribution
Finally, Garbislander sees opportunities to catch up in the field of patent granting. “A total of 861 patents were granted in 2023 throughout Austria, of which only 40 patents or 4.6 percent were in Tyrol. When it comes to patents, Upper Austria leads with 221, followed by Styria with 213. By the way, a decrease. was recorded throughout Austria. In 2022 there were still 1,012. “This decline is due to economic weakness.”
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.