2021 OECD ECONOMIC SURVEY OF AUSTRIA PREPARING FOR NEW OPPORTUNTIES AND CHALLENGES 20 December 2021
https://www.oecd.org/economy/austria-economic-snapshot/
Austria had a high level of labour productivity before the pandemic Real GDP per hours worked, constant USD PPP, 2019 100 80 60 40
Source: OECD Productivity Statistics (database).
NOR
DNK
CHE
BEL
USA
SWE
AUT
NLD
FRA
DEU
FIN
GBR
AUS
OECD
ITA
CAN
ESP
JPN
POL
PRT
0
GRC
20
2
The fall in economic activity was extensive Real GDP, index 2019Q4 = 100 110 Austria
105
Denmark
Germany
Switzerland
OECD
100 95 90
Source: OECD Economic Outlook: Statistics and Projections (database).
2021Q3
2021Q2
2021Q1
2020Q4
2020Q3
2020Q2
2020Q1
2019Q4
2019Q3
2019Q2
80
2019Q1
85
3
Fiscal support was significant % of GDP 30 Additional spending or foregone revenues
Equity, loans and guarantees
25 20 15 10 5 0
Austria
Switzerland
Denmark
Germany
Source: IMF Database of Fiscal Policy Responses to COVID-19, October, 2021.
Advanced economies¹ 4
The national vaccination campaign had to cope with scepticism in certain parts of the population 90
A. National vaccinations Share of the people fully vaccinated
%
AUT
DNK
DEU
% of the surveyed individuals 90
CHE
75
75
60
60
45
45
30
30
15
15
0
15Jan
15Feb
15Mar
15Apr
15May
15Jun
15Jul
15Aug
15Sep
15Oct
15Nov
0
AUT
Already vaccinated or as soon as possible
B. Population attitudes on vaccination DNK
Never
Willingness to get vaccinated
SWE
DEU
Trust for health authorities
EU
Trust for health professionals
Reliable information on vaccines
Note: The latest data point is for 30 November. Source: ourworldindata.org and European Commission (2021), Flash Eurobarometer 494: "Attitudes on vaccination against Covid-19", May.
5
The recovery is gaining strength Annual percentage change unless noted otherwise 2020
2021
2022
2023
-6.8
3.7
4.9
2.5
Unemployment rate (%)
5.4
5.1
4.7
4.5
Inflation (HCPI)
1.4
2.7
3.2
2.4
Gross product
domestic
Source: December 2021 OECD Economic Outlook.
6
Ensuring long-run fiscal sustainability
7
Public debt is higher than in peer countries and rose further with the crisis Public debt (Maastricht definition), % of GDP The shaded area shows projections
Source: OECD Economic Outlook 110 database.
8
The population is ageing Population share of those aged 65 and over
Shaded areas show the 25th and 75th percentile range of available data for OECD countries 40
Austria
OECD median
32 24 16 8 0
2000
2010
2020
2030
2040
2050
Source: OECD calculations based on OECD Economics Department Long-term Model and United Nations (2019), World Population Prospects: The 2019 Revision, Online Edition.
2060 9
Boosting labour supply
10
Employment gaps are sizeable for disadvantaged groups Employment gaps to prime-age men, 2016 or nearest A. Non-natives
% 30 25
B. Older workers (aged 55-64 years)
% 50 40
20
30
15 20
10
10
5 0
Top 3
CHE (7) DNK (20) OECD DEU (21) AUT (23) SWE (26)
0
Top 3
SWE (3) DNK (6) CHE (7) DEU (9)
Note: Number in parenthesis indicates the rank from best performing. Source: The OECD Jobs Strategy.
OECD AUT (28)
11
The childcare infrastructure should be strengthened 36
Average weekly hours in early childcare and education 0-2 year-olds, 2019 or latest year
%
30 24 18 12 6 0
NLD
AUT
OECD
Source: Eurostat (2021), Labour Force Survey Statistics.
SWE
DEU
ITA
DNK 12
Moving to a greener economy
13
The share of renewables in energy production is high and stable Renewable energy share, % of energy supply
%
50 Austria
Denmark
OECD
40 30 20 10 0
2000
2002
2004
2006
2008
Source: OECD Green Growth Indicators (database).
2010
2012
2014
2016
2018 14
Further efforts are needed to reduce greenhouse gas emissions 20 16
Per capita metric tons of CO2 equivalent Austria: GHG emission
Denmark: GHG emission
Germany: GHG emission
Switzerland: GHG emission
12 8 4 0
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030
Source: OECD calculations based on IMF Climate Database, and United Nations (2019). World Population Prospects 2019.
15
Key messages Adjust support measures as sanitary situation evolves Increase vaccination rates to get beyond the pandemic Prepare plans to ensure long-run fiscal sustainability Boost labour supply Move to carbonless growth 16
There is room for progress in digitalisation Digital economy and society index, scale from 0 to 100, 2021
Index 100
Connectivity
Human Capital
Integration of Digital Technology
Digital Public Services
80 60 40
Source: European Commission (2021), Digital Economy and Society Index.
GRC
POL
HUN
SVK
ITA
CZE
LVA
PRT
FRA
LTU
SVN
BEL
DEU
AUT
ESP
LUX
EST
IRL
NLD
SWE
FIN
0
DNK
20
17
For more information
https://www.oecd.org/economy/austria-economic-snapshot/ OECD OECD Economics
Disclaimer: The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use of such data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements in the West Bank under the terms of international law.
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