The recession in Austria goes to the third year, especially the industry suffers, and unemployment also increases relatively considerably. Prosperity in Austria has fallen by 2.8 percent since 2019
As for the economy in Austria, there is bad and good news. General manager Tobias Thomas, head of the Austria statistics, says in the “Krone” conversation: “In 2024 the economy continued to fall by minus 1.2 percent, the recession was solidified.”
Stable labor market except in the industry
But the good news: despite the economic flake, the labor market is robust. Thomas: “Unemployment remains almost unchanged, only there are strong climbs in the production area.”
The industry is therefore the most important area, there were around 38,400 jobs in 2024. At the same time, the number of people in the public and social sector has increased by 35,700.
But back to the economy. University Professor Thomas: “Austria has lost prosperity per inhabitant and 2.8 percent in the last five years.” The weak growth rates reduce all prosperity in society.
Less than every second works between 60 and 64
The actual retirement age for women is 60.2 years, for men 62.2 years. The employment of the elderly in Austria is below the international average: not even every second man between 60 and 64 has been working with us. Thomas: “But if you stay beyond the retirement age, you usually do it because the work is fun.”
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.
