Economic Boom Over the Course of the Year

In the summer of 2022, economic development in Austria experienced strong economic impulses, which were based on a broad sectoral basis. In part, the strong economic activity was due to catch-up effects resulting from the massive economic disruptions caused by the COVID-19 pandemic. This is particularly evident in the tourism sector, where the number of overnight stays more than doubled in summer 2022 compared with the previous year, but the pre-crisis level has not yet been fully reached in Austria as a whole. However, several indicators for the further course of the year show a clear weakening of the economy.