{"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":"","scientific_assistance":"[\"Einsiedl Martina\",\"Glauninger Ursula\",\"Kaufmann Christine\",\"Steiner Martha\",\"Steininger Doris\"]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - 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