La prosperità in Austria è in declino da cinque anni

The Austrian economy has already shrunk for the sixth quarter in a row. Wifo’s autumn forecast is also no longer tenable.

Statistics Austria painted a gloomy picture of the domestic economy on Wednesday, falling even short of Wifo’s GDP flash estimate. “In the last five years, prosperity has declined significantly,” is the conclusion drawn by head of statistics Tobias Thomas. Austria is still stuck in a recession and there has been an almost continuous decline in sales in industry since March 2023. Although unemployment is rising, the number of job vacancies remains high, according to the head of the statistics authority.

Austria’s economy has declined for the sixth quarter in a row. From July to September, economic output (GDP) was 0.6 percent below the same quarter of the previous year and 0.1 percent below the previous quarter, according to preliminary calculations. “With a drop of 3.7 percent, industry is once again particularly affected, as it continues to suffer from the global economic downturn,” explained Thomas at the presentation of the ‘Austrian Economic Barometer’.

The situation looks even bleaker when you look at per capita economic output. While the economy in Austria has been stumbling for some time now, the population continues to grow dynamically: 9.17 million people now live in Austria, around 310,000 more than five years ago. “Compared to the first quarter of 2019, GDP per capita has fallen by 2.4 percent in real terms,” said Thomas back in the spring. In the meantime, Austria’s economy has fallen for another two quarters, meaning the decline has continued to increase.

Austria is the only country in Europe to underperform even Germany, over the recent years.

Conservative government ftw.

Now Magnus Brunner can break shit in Brussels.

Because socialism isn’t working as well as capitalism…

Why is everyone surprised? This is basic economics. Labour in eastern Europe is/was cheap while labour in western Europe is/was high.
Most manufacturers move their factories to eastern Europe because they do good work for cheap money. In the medium run workers salaries will harmonize within the EU. Eastern Europe will gain some wealth (just look at Poland) with high rates of growth, while western Europe will show low to medium rates of growth