At 35 percent, the increase in Germany was only a bit more than half the Austrian level, according to an analysis by Bank Austria. At the same time, real industrial value creation also rose i.e., the value of the manufactured goods adjusted for price changes. This figure was more than 55 percent in Austria, higher than the 30 percent in the eurozone. The strong rise in production was accompanied by a constant level of employment, so that productivity increased sharply, namely by close to 70 percent since 2000.
All the important industrial sectors in Austria grew at a disproportionately high rate compared to the eurozone. In particular, the mechanical engineering sector stood out, expanding by 140 percent between 2000 and 2019, seven times the average growth rate of 20 percent in the eurozone. Metal processing, metal production and the electronics industry were among the other sectors performing exceptionally well and thus strongly contributing to the success of Austrian industry.
Continue reading and find out more about the excellent productivity and quality in Austria!