Where Does Austria Stand in the Fifth Year of Multiple Crises?

The multiple crises since 2019 – the COVID-19 crisis, the supply chain crisis, the energy price shock – hit the Austrian economy harder than other countries. The real value of GDP per capita – a measure of the average purchasing power of income from the production of goods and services – was 2.2 percent lower in 2023 than in 2019. In contrast, the euro area recovered more quickly. The real value of GDP per capita there is already 1.6 percent higher in 2023 than in 2019. Austria will not reach its pre-crisis level until 2025 at the earliest. Despite above-average employment growth, the number of hours worked per capita is falling in Austria, which is putting pressure on the real value of GDP per capita. Despite government support measures, the volume of consumption per capita will be 2 percent below the pre-crisis level in 2023.