Economy 

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

In 2020, the economy in Lower Austria declined by 6.6% as a result of the Corona pandemic and the associated containment measures. Growth in gross regional product is recorded in 2021. For the annual average in 2022, ECONOMICA and the IHS expect a GRP growth of 5,1% for Lower Austria. However, it can be assumed that the pre-crisis level will not yet be reached in the course of 2022. For 2023, Lower Austria's gross regional product is expected to increase by 0.7% (Economica/IHS, Annual Report 2021).

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 %)

	2020	2021	2022*	2023**	2024**
GRP/GDP (Gross Regional Product/Gross Domestic Product)
Gross Regional Product Lower Austria (Economica/IHS)	-6,6	+5,4	+5,1	+0,7	+1,8
Gross Domestic Product Austria (IHS)	-6,5	+4,6	+5,0	+0,5	+1,2
Gross Domestic Product Austria (WIFO)	-6,5	+4,6	+5,0	+0,3	+1,8
GVA (Gross Value Added)
Economic Sectors Lower Austria (Economia/HIS)	-6,6	+4,9	+5,2	+0,7	+1,8
Economic Sectors Austria (Statistic Austria and WIFO)	-6,5	+4,0	+5,3	+0,2	+1,5

*2022: estimated value (without agriculture and forestry)
**2023 & 2024: prediction 
Source: Wirtschaftsbericht NÖ 2022 - 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 51,3% of Lower Austria's gross value added. These sectors are "Manufacturing, Mining, Production of Material assets" (20.2%), "Public administration, Health care" (17.6%) and "Trade" (13.5%) (Economica/IHS).

Further information about the economic performance of Lower Austria can be found in the “Economic report of Lower Austria 2022” (Wirtschaftsbericht Niederösterreich 2022). 

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

• the Department of Economics, Tourism and Technology at the Office of the Lower Austrian Government,
• the Business Agency of Lower Austria ecoplus. Niederösterreichs Wirtschaftsagentur GmbH,
• the Regional Innovations and Start-Up Centers of Lower Austria riz up Regionale Innovationszentren Niederösterreich GmbH,
• the official tourism and marketing organization of Lower Austria Niederösterreich Werbung GmbH,
• the financing pillar N.vest  and its downstream subsidiaries NÖBEG, tecnet and accent.

 

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.

Downloads

• Download: Lower Austrian Economic Strategy 2025 (pdf, 3.4 MB)