As per the International Monetary Fund, Austria is the 26th largest economy with a GDP of $447 billion in 2019. The GDP has shown a growth of 1.6% in 2019 as compared to last year however in 2020, the country is expected to witness a slower growth due to COVID-19 pandemic. The nine million population country has witnessed one of the highest incident rates of COVID-19 pandemic. By the end of March 2020, the country has more than 10,700 cases related to coronavirus, which are around 1,200 cases per million people. As a preventive measure, the government has lockdown the whole country up to 19th April 2020. 

On the basis of industry classification, the impact of COVID-19 pandemic on Austria's economy is studied into energy, healthcare, retail & e-commerce, agribusiness & food, aviation, manufacturing, travel & tourism, and others. After the huge number of cases in the country, a brake on the economic activities has been witnessed. As per the Austrian Public Employment Service (AMS), after the lockdown, there were around more than 504,300 unemployed people in April 2020 which is 52.5% higher than the same month last year. 

Most affected sectors in the country due to coronavirus include aviation, tourism, construction, and other temporary work sectors. The Austrian Airlines announced to suspend all its operations in the country from 18th March 2020, up to 28th March 2020. Austrian Airlines is the first airline of the Lufthansa Group to shut down completely due to COVID-19. The company has kept two planes for emergency services which include one wide-body and one narrow-body plane. Moreover, to deal with the economic crises, the government has announced an aid program of more than $41 billion in the country. 

Key companies operating in Austria whose business operations are affected due to COVID-19 include Austrian Airlines AG, OMV AG, Voestalpine AG, STRABAG SE, Verbund AG, SPAR AG, Magna Steyr AG & Co KG, Marcher Fleischwerke, REWE International AG, Vienna House, PIERER Mobility AG among others. Multiple manufacturing companies are shutting their manufacturing units to prevent the spread of the virus. For instance, in March 2020, Magna International Inc. shut down its car assembly plant in southern Austria for two weeks which employs 6,000 people to manufacture Mercedes-Benz, BMW, and Jaguar Land Rover. The plant was not getting the required parts from other countries due to the outbreak of coronavirus in the whole of Europe. From 30th March to 10th April 2020, Pierer Mobility has also announced to shutdown Mattighofen plant for the two-week due to supply chain interruption from Italy. 

Research Methodology

OMR global recently published a report addressing the impact of COVID-19 on Austria's economy. The study is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data. Different approaches have been worked on to derive the market value and market growth rate. In the report, the analysis of the country is provided by analyzing various regional players, laws and policies, consumer behavior and macro-economic factors. The report includes analysis of different regions and the effects of COVID-19 on Austria's economy of each respective region. Besides, an expected recovery timeline of the industry will also be included with the best- and worst-case scenario which will aid clients to take their future steps in the decision-making process.

Sources Include

• Financial reports of companies involved in the market
• Whitepapers, research-papers, and news blogs
• Company websites and their product catalog
• Government Organizations Reports

The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.

The Report Covers

• Comprehensive research methodology of the pre and post-COVID-19 impact on the Austrian economy.
• A detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the Austrian economy.
• Insights about market determinants which are stimulating Austria's economy.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.