Economic Report Vienna

The Viennese city economy proved robust in the first half of 2023 despite the difficult international and national economic situation. Real gross value added grew by 1.3 percent, mainly driven by information technology and tourism, while trade contracted. The labour market remained stable with employment growth of 2.1 percent and an unemployment rate of 10.5 percent. For 2023, economic growth is expected to be marginal at 0.1 percent and employment growth at 1.8 percent. Regarding the ecological transformation of the economy, Vienna appears to be on the right track with an energy consumption per employee far below the average of the Austrian provinces, a medium-term reduction of this consumption by more than a fifth, and a downward trend in total energy consumption.