Has Austria’s economy recovered from the COVID-19 pandemic?
Austrian tourism has grown steadily over recent years and successfully climbed out of recession. It is also expected to be one of the most significant growth industries as Austria emerges from the COVID-19 pandemic.
Tourism is now one of Austria’s fastest-growing sectors. According to figures, tourism contributed nearly 30 billion Euros to the economy in 2019 and taking into account travel, the figure rose to 44 billion Euros.
Austria’s economy has grown quickly after the pandemic, thanks to a lifting of COVID restrictions, supportive government measures and a surge in holidaymakers eager to book summer and winter breaks.
Austria looks set to recover well from the COVID-19 pandemic and GDP is expected to grow by 2% in 2021 and 5.1% in 2022.