Description (en)
The positive economic development which Austria experienced from 2013 until 2019 came to
an abrupt halt in 2020 as a consequence of the Covid-19 pandemic; the economic
lockdown in March 2020 and again in December 2020 led to a massive decline in GDP
growth. Economic growth had peaked in 2017 reaching a real GDP growth rate of 2.5%. After
that growth slowed down to 1.4% in 2019 (after 2.4% in 2018). It is expected that GDP growth
will decline by 7.3% in 2020 and recover only slowly in 2021 to 3.9%. (Forecast by the Austrian
National Bank, 11 December 2020)1