The Austrian central bank put the annual loss in GDP at 34 billion

Austria's gross domestic product (GDP) was almost 4% lower in the second half of February than in the same period last year. The central bank of the OeNB writes in its current analysis that the GDP deficit is thus slightly lower than during the two partial lockdowns in mid-November and three weeks before Christmas, even though similar measures were introduced at the time. The decline can be attributed practically in its entirety to the closure of the most affected sectors, ie accommodation services and gastronomy, as well as culture, entertainment and leisure. The engine of the Austrian economy is currently export-oriented industry, with industrial production already exceeding the pre-crisis level. Retail also partially offset the losses it recorded after the stores closed. The OeNB expects a further economic recovery in the coming weeks. The pandemic still brought high costs. GDP losses from 16 March 2020 to 28 February 2021 compared to 2019 amounted to EUR 34.2 billion. Compared to the level expected without the pandemic, including economic growth, the loss is as high as € 39 billion, or 9.8% of GDP in 2019.