03/29/2020 08:37
(Act. 29.03.2020 08:37)
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The exit restrictions and temporary closings due to the Corona crisis are causing private consumption in Austria to drop sharply. According to calculations by Wifo economist Jürgen Bierbaumer-Polly, consumer spending by domestic households could fall by 5.5 billion euros this year, and by 2.9 billion euros to foreign guests.
The scenario assumed a six-week shutdown until the end of April, a partial opening of the closed shops in May and halfway back to normal operation from June. “An exact economic assessment of the measures that were required by the corona crisis pandemic is difficult at the moment,” said the Wifo economist. “But the fact is that the consumer demand shock is already taking on a volume in the current scenario that can be described as the biggest shock for the domestic economy in recent decades.”
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In 2019, nominal private consumption including private non-profit organizations in Austria was around EUR 206 billion, which is slightly more than half of the gross domestic product (GDP).
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