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COVID-19 Pandemic, Supply Bottlenecks and Price Increases Shape the Economy. The Austrian Economy in 2021

Author

Listed:
  • Josef Baumgartner
  • Jürgen Bierbaumer
  • Sandra Bilek-Steindl
  • Benjamin Bittschi

    (WIFO)

  • Christine Mayrhuber

    (WIFO)

  • Stefan Schiman

Abstract

The COVID-19 pandemic and its consequences continued to shape the development of the global economy in 2021. Regionally, economic activity was heterogeneous, although the rapid recovery in industrial production resulted in supply bottlenecks and sharp price increases in many areas. The domestic economy expanded again, although economic activity fluctuated once more strongly over the year and was largely influenced by the COVID-19 health care policy measures. With the economic recovery, average hours worked also increased, which had a positive effect on per capita incomes. Together with improved consumer confidence and savings reserves from the previous year, this increased households' willingness to spend. Rising raw material prices had an inflationary effect, causing the Consumer Price Index to rise significantly, particularly at the end of 2021.

Suggested Citation

  • Josef Baumgartner & Jürgen Bierbaumer & Sandra Bilek-Steindl & Benjamin Bittschi & Christine Mayrhuber & Stefan Schiman, 2022. "COVID-19 Pandemic, Supply Bottlenecks and Price Increases Shape the Economy. The Austrian Economy in 2021," WIFO Reports on Austria, WIFO, issue 7, May.
    • Handle: RePEc:wfo:repoau:y:2022:i:7
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    File URL: https://www.wifo.ac.at/wwa/pubid/69684
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    References listed on IDEAS

    as
    1. Oliver Fritz & Anna Burton, 2022. "Tourismusanalyse 2021: Gästenächtigungen auf dem Niveau von 1970. Trotz rasant steigender COVID-19-Infektionszahlen positive Bilanz für Weihnachtstourismus 2021," WIFO Research Briefs 2, WIFO.
    2. Stefan Schiman, 2021. "Fourth COVID-19 Wave Slows Strong Upswing. Economic Outlook for 2021," WIFO Reports on Austria, WIFO, issue 11, October.
    3. Josef Baumgartner, 2021. "Verbraucherpreise in Österreich 2021 bis 2023: Entwicklung und Ausblick," WIFO Research Briefs 14, WIFO.
    4. Josef Baumgartner & Franz Sinabell, 2021. "Einschätzungen zur aktuellen und erwarteten Preisentwicklung von Nahrungsmitteln in Österreich," WIFO Research Briefs 10, WIFO.
    5. Simon Loretz & Oliver Fritz, 2021. "Wirkungen der im Zuge der COVID-19-Krise reduzierten Mehrwertsteuersätze. Erfahrungswerte aus rezenten Reformen," WIFO Studies, WIFO, number 67258, February.
    Full references (including those not matched with items on IDEAS)

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    Business cycle;

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