05.03.2021

2020 Recession: Austria in Country Comparison

Current WIFO Research Brief by Stefan Schiman

In Austria, economic output declined relatively sharply in 2020 compared to other OECD and EU countries and especially Germany and Switzerland. A recent WIFO Research Brief shows that most of the country variation can be attributed to differences in pandemic-related behavioural changes due to lockdowns and social distancing as well as to the different importance of tourism-dependent services for the overall economy.

For Austria, these two factors fully explain the depth of the recession. The difference to the development in Germany is mainly due to the higher importance of tourism for the domestic economy.