Blümel: Austrian economy is picking up speed, now ranks second in the EU

The Austrian economy is putting on a very positive performance, gaining substantially in terms of GDP growth. In particular, consumer spending has picked up over recent weeks, and is now at 1 % above pre-crisis levels.

According to Finance Minister Gernot Blümel, "Since the start of the year, the state of the economy has steadily improved. According to the economic barometer of the Austrian Institute of Economic Research, economic output is now already 1.25 % above pre-crisis levels of 2019, as well as now 6 % higher than in the same week last year. The positive economic situation is also evident from the statistics recently published by Eurostat, according to which the Austrian economy grew in the second quarter of 2021 to a significantly greater extent than the EU average, as well as compared with German growth. Of those countries surveyed, Austria indeed ranked second in the EU. This serves to prove that Austria has weathered the crisis well and the economy is again picking up speed."

The hospitality and accommodation sector is also now performing at slightly above pre-crisis levels, testifying to the broad-based recovery of the Austrian economy. As a result, all sub-sectors, with the exception of transport, are now at above pre-crisis levels. According to the Austrian Institute of Economic Research, this development is helping to bring about a rapid fall in unemployment and an increase in job vacancies.

The positive economic climate is also evident from statistics recently published by Eurostat according to which, in the second quarter of 2021, the Austrian economy grew by 4.3 % on the previous quarter and thus significantly faster than the EU average of 2 %, or Germany's level of just 1.5 %. Indeed, compared with the same quarter last year, growth was as much as 11.4 %. Of the countries surveyed, Austria ranked an impressive second in the EU.