Press release
Impact of COVID-19 on Austria Economy Analysis, Trends, and Forecast 2019 to 2025
Impact of COVID-19 on Austria Economy
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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.
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.
A Full Report of Impact of COVID-19 on Austria Economy is Available at https://www.omrglobal.com/industry-reports/impact-of-covid-19-on-austria-economy
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
• Norbert Marcher GmbH
• OMV AG
• PIERER Mobility AG
• REWE International AG (Billa)
• Siemens AG
• SPAR Österreichische Warenhandels-AG
• STRABAG SE
• Verbund AG
• Vienna House Hotelmanagement GmbH
• Voestalpine AG
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