Impact of COVID-19 on Austria Economy: Research and Forecast 2019-2025

As per the International Monetary Fund, Austria is the 26th largest economy with a GDP of $447 billion in 2019. The GDP has shown a growth of 1.6% in 2019 as compared to last year however in 2020, the country is expected to witness a slower growth due to COVID-19 pandemic. The nine million population country has witnessed one of the highest incident rates of COVID-19 pandemic. By the end of March 2020, the country has more than 10,700 cases related to coronavirus, which are around 1,200 cases per million people. As a preventive measure, the government has lockdown the whole country up to 19th April 2020.

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On the basis of industry classification, the impact of COVID-19 pandemic on Austria's economy is studied into energy, healthcare, retail & e-commerce, agribusiness & food, aviation, manufacturing, travel & tourism, and others. After the huge number of cases in the country, a brake on the economic activities has been witnessed. As per the Austrian Public Employment Service (AMS), after the lockdown, there were around more than 504,300 unemployed people in April 2020 which is 52.5% higher than the same month last year.

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Most affected sectors in the country due to coronavirus include aviation, tourism, construction, and other temporary work sectors. The Austrian Airlines announced to suspend all its operations in the country from 18th March 2020, up to 28th March 2020. Austrian Airlines is the first airline of the Lufthansa Group to shut down completely due to COVID-19. The company has kept two planes for emergency services which include one wide-body and one narrow-body plane. Moreover, to deal with the economic crises, the government has announced an aid program of more than $41 billion in the country.

Key companies operating in Austria whose business operations are affected due to COVID-19 include Austrian Airlines AG, OMV AG, Voestalpine AG, STRABAG SE, Verbund AG, SPAR AG, Magna Steyr AG & Co KG, Marcher Fleischwerke, REWE International AG, Vienna House, PIERER Mobility AG among others. Multiple manufacturing companies are shutting their manufacturing units to prevent the spread of the virus. For instance, in March 2020, Magna International Inc. shut down its car assembly plant in southern Austria for two weeks which employs 6,000 people to manufacture Mercedes-Benz, BMW, and Jaguar Land Rover. The plant was not getting the required parts from other countries due to the outbreak of coronavirus in the whole of Europe. From 30th March to 10th April 2020, Pierer Mobility has also announced to shutdown Mattighofen plant for the two-week due to supply chain interruption from Italy.

Verticals Affected Most

Energy
Healthcare
Retail & E-commerce
Agribusiness and Food
Aviation
Manufacturing
Travel and Tourism
Others (Construction, Electronics)

Company Profiles

Austrian Airlines AG
Magna Steyr AG & Co KG
MAN SE
Marcher Fleischwerke
OMV AG
PIERER Mobility AG
REWE International AG (Billa)
Siemens AG
SPAR AG
STRABAG SE
Verbund AG
Vienna House
Voestalpine AG

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