Economic Report Vienna 2024

The longest recession period of the Second Republic is also slowing down Vienna's economic development. While real gross value added stagnated in 2024 (+0.0 percent), it still performed better than Austria as a whole (–0.9 percent). Vienna's labour market recorded higher employment growth (+1.1 percent) compared to the Austrian average (+0.2 percent). This can be attributed to Vienna's low concentration of manufacturing industries severely affected by the economic crisis, and the greater resilience of most sectors in Vienna compared to the rest of the country during the crisis. For 2025, forecasts continue to predict above-average development for Vienna, with gross value added growth of 0.5 percent (Austria +0.4 percent) and employment growth of 0.6 percent (Austria +0.4 percent). The city's economy has also achieved successes in its ecological transformation: over the past decade, energy consumption per employed person has been reduced by more than a quarter. In 2023, this figure was only about half as high as the national average.