{"id":70111,"date":"2023-12-02T07:35:32","date_gmt":"2023-12-02T06:35:32","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/covid-19-pandemic-supply-bottlenecks-and-price-increases-shape-the-economy\/"},"modified":"2024-04-20T13:56:53","modified_gmt":"2024-04-20T11:56:53","slug":"covid-19-pandemic-supply-bottlenecks-and-price-increases-shape-the-economy","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/70111\/","title":{"rendered":"COVID-19 Pandemic, Supply Bottlenecks and Price Increases Shape the Economy"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-70111","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"The Austrian Economy in 2021","text":"The COVID-19 pandemic and its consequences continued to shape the development of the global economy in 2021. Regionally, economic activity was heterogeneous, although the rapid recovery in industrial production resulted in supply bottlenecks and sharp price increases in many areas. The domestic economy expanded again, although economic activity fluctuated once more strongly over the year and was largely influenced by the COVID-19 health care policy measures. With the economic recovery, average hours worked also increased, which had a positive effect on per capita incomes. Together with improved consumer confidence and savings reserves from the previous year, this increased households' willingness to spend. Rising raw material prices had an inflationary effect, causing the Consumer Price Index to rise significantly, particularly at the end of 2021.","onlinedate":"2022-05-31 12:00:00","lang":"English","publication_series":"","publication_date":"20220501","publication_date_year":"","publication_date_full":false,"publication_num_pages":"17","keywords":"[\"Business cycle\"]","jelcodes":"[\"E32\",\"E66\"]","related_publications":"[\"78714ee2-3cf1-4b1f-a791-f2052a47ac64\"]","pdf":255112,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"7","journal":"WIFO Reports on Austria","publisher":"","invisible":false,"external":false,"embargo_date":"2022-05-31 12:00:00","types":[44424],"research_groups":[3500,3510],"collaboration":"","persons":[3530,3537,3872,4917,3698,3865],"persons_data":"[{\"personId\":3530,\"personName\":\"Josef Baumgartner\",\"organisationNames\":[]},{\"personId\":3537,\"personName\":\"J\u00fcrgen Bierbaumer\",\"organisationNames\":[]},{\"personId\":3872,\"personName\":\"Sandra Bilek-Steindl\",\"organisationNames\":[]},{\"personId\":4917,\"personName\":\"Benjamin Bittschi\",\"organisationNames\":[]},{\"personId\":3698,\"personName\":\"Christine Mayrhuber\",\"organisationNames\":[]},{\"personId\":3865,\"personName\":\"Stefan Schiman\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[125684],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Baumgartner, J.<\\\/span><span>, Bierbaumer, J.<\\\/span><span>, Bilek-Steindl, S.<\\\/span><span>, Bittschi, B.<\\\/span><span>, Mayrhuber, C.<\\\/span><span>, &amp; Schiman, S.<\\\/span> (2022). <span>COVID-19 Pandemic, Supply Bottlenecks and Price Increases Shape the Economy: The Austrian Economy in 2021<\\\/span>. <span><em>WIFO Reports on Austria<\\\/em><\\\/span>, (7).<\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Baumgartner J<\\\/span><span>, Bierbaumer J<\\\/span><span>, Bilek-Steindl S<\\\/span><span>, Bittschi B<\\\/span><span>, Mayrhuber C<\\\/span><span>, Schiman S<\\\/span>. <span class=\\\"title\\\"><span>COVID-19 Pandemic, Supply Bottlenecks and Price Increases Shape the Economy: <span class=\\\"subtitle\\\">The Austrian Economy in 2021<\\\/span><\\\/span><\\\/span>. <span>WIFO Reports on Austria<\\\/span>. 2022 May;(7).<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{d75443c884854df18b65ec06c3aab1ba,<\\\/div><div>  title    = \\\"COVID-19 Pandemic, Supply Bottlenecks and Price Increases Shape the Economy: The Austrian Economy in 2021\\\",<\\\/div><div>  abstract = \\\"The COVID-19 pandemic and its consequences continued to shape the development of the global economy in 2021. Regionally, economic activity was heterogeneous, although the rapid recovery in industrial production resulted in supply bottlenecks and sharp price increases in many areas. The domestic economy expanded again, although economic activity fluctuated once more strongly over the year and was largely influenced by the COVID-19 health care policy measures. With the economic recovery, average hours worked also increased, which had a positive effect on per capita incomes. Together with improved consumer confidence and savings reserves from the previous year, this increased households' willingness to spend. 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The Austrian Economy in 2021\\\",<\\\/div><div>  year     = \\\"2022\\\",<\\\/div><div>  month    = may,<\\\/div><div>  language = \\\"English\\\",<\\\/div><div>  journal  = \\\"WIFO Reports on Austria\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - COVID-19 Pandemic, Supply Bottlenecks and Price Increases Shape the Economy<\\\/p><p>T2  - The Austrian Economy in 2021<\\\/p><p>AU  - Baumgartner, Josef<\\\/p><p>AU  - Bierbaumer, J\u00fcrgen<\\\/p><p>AU  - Bilek-Steindl, Sandra<\\\/p><p>AU  - Bittschi, Benjamin<\\\/p><p>AU  - Mayrhuber, Christine<\\\/p><p>AU  - Schiman, Stefan<\\\/p><p>N1  - COVID-19 Pandemic, Supply Bottlenecks and Price Increases Shape the Economy. The Austrian Economy in 2021<\\\/p><p>PY  - 2022\\\/5<\\\/p><p>Y1  - 2022\\\/5<\\\/p><p>N2  - The COVID-19 pandemic and its consequences continued to shape the development of the global economy in 2021. Regionally, economic activity was heterogeneous, although the rapid recovery in industrial production resulted in supply bottlenecks and sharp price increases in many areas. The domestic economy expanded again, although economic activity fluctuated once more strongly over the year and was largely influenced by the COVID-19 health care policy measures. With the economic recovery, average hours worked also increased, which had a positive effect on per capita incomes. Together with improved consumer confidence and savings reserves from the previous year, this increased households' willingness to spend. Rising raw material prices had an inflationary effect, causing the Consumer Price Index to rise significantly, particularly at the end of 2021.<\\\/p><p>AB  - The COVID-19 pandemic and its consequences continued to shape the development of the global economy in 2021. Regionally, economic activity was heterogeneous, although the rapid recovery in industrial production resulted in supply bottlenecks and sharp price increases in many areas. The domestic economy expanded again, although economic activity fluctuated once more strongly over the year and was largely influenced by the COVID-19 health care policy measures. With the economic recovery, average hours worked also increased, which had a positive effect on per capita incomes. Together with improved consumer confidence and savings reserves from the previous year, this increased households' willingness to spend. 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