Economy 

Lower Austria is a dynamic economic area with solid economic growth, often above the Austrian average.

Over the past decades Lower Austria has developed from an agricultural region to an internationally recognised economic hotspot. The province has a diversified business structure with a high proportion of SMEs. Lower Austria is also home to important road, rail and waterway transport axes and the Vienna-Schwechat airport. 


The economic performance of Lower Austria 

Gross domestic product/gross regional product

Growth in gross regional product is recorded in 2018 and 2019. In 2020, the economy in Lower Austria declined by 6.5% as a result of the Corona pandemic and the associated containment measures. For the annual average in 2021, ECONOMICA and the IHS expect a GRP growth of 2.8% for Lower Austria. However, it can be assumed that the pre-crisis level will not yet be reached in the course of 2021. For 2022, Lower Austria's gross regional product is expected to increase by 4.1% (Economica/IHS, Annual Report 2020).

Translated with www.DeepL.com/Translator (free version)
Growth rates of the real Gross Value Added and the real GDP
(Changes in comparison with the previous year, in %)

2018 2019* 2020*2021**  2022**
GRP/GDP (Gross Regional Product/Gross Domestic Product)    
Gross Regional Product Lower Austria (Economica/IHS)+2,2 +0,9-6,5+2,8 +4,1
Gross Domestic Product Austria (IHS)          +2,6 +1,4-6,6+2,6 +4,3

Gross Domestic Product Austria (WIFO)

+2,6 +1,4-6,6+2,3+4,3 
GVA (Gross Value Added)    

Economic Sectors Lower Austria (Economia/HIS)

+2,4+0,9-6,3+2,8+4,1 

Economic Sectors Austria (Statistic Austria and WIFO)

+2,8 +1,4-6,4+2,3 +4,3

*2019 & 2020: estimated value (without agriculture and forestry)
**2021 & 2022: prediction 
Source: Wirtschaftsbericht NÖ 2019 - Statistik Austria, Economica/IHS, WIFO


Share of value added in the economic sectors

The three largest economic sectors in Lower Austria, measured by their share of gross value added, together account for exactly 50.0% of Lower Austria's gross value added. These sectors are " Manufacturing, Mining, Production of Material assets " (19.8%), "Public administration, Health care" (17.3%) and "Trade" (12.9%) (Economica/IHS).

Chart of the Lower Austrian economic performance


Further information about the economic performance of Lower Austria can be found in the “Economic report of Lower Austria 2020” (Wirtschaftsbericht Niederösterreich 2020). 


Economic Department of the Province of Lower Austria 

The Economic Department of the Province of Lower Austria serves

  • to enhance the competitiveness of the Lower Austrian economy,
  • to continuously make Lower Austria more attractive as a business location,
  • and to support Lower Austrian companies in their foundation, development and further development through financial assistance, location management, technology and innovation management, consulting services and location and tourism marketing.

The economic department includes in particular

 

Lower Austrian Economic Strategy 2025

The Lower Austrian Economic Strategy 2025 focuses on new, creative solutions and innovation, and also brings ecological and social challenges to the fore and promotes high-quality products and services. Four principles of action, four core strategies and a bundle of instruments form the basis of the Economic Strategy.

The Strategy serves to align all instruments, actions and measures of the organisational units of the Economic Department of the Province of Lower Austria in order to strengthen the economic location, to support further development and attract companies. It also serves as a template for the numerous cooperative projects with intermediaries, for example the Technology and Innovation Partners (TIP) with the Chamber of Commerce of Lower Austria or the industrial policy action program with the Federation of Austrian Industry Lower Austria.

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Contact

Office of the Federal Government of Lower Austria
Department of Economy, Tourism and Technology
Landhausplatz 1 3109 St. Pölten E-Mail: post.wst3@noel.gv.at
Phone: +43 2742/9005 - 16169
Fax: +43 2742/9005 - 16330
Letzte Änderung dieser Seite: 23.12.2021
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