Investments postponed by 41% of Austrian companies

by   CIJ News iDesk VII
2020-06-01   16:49

Four out of five companies in Austria were negatively affected by the crisis, and almost two thirds reported employing part-time work, while two in five companies have abandoned planned investments. Those are the result of a recent survey by the Wifo Institute of Economics. The consequences of the corona virus were mostly felt by companies in the construction sector, but the industrial sector was also negatively affected, even though unlike the service industry, producers were not forced by the government to close down.

A total of 41 percent of all companies in Austria have postponed investments, including 53 percent of industrial companies, 36 percent of those in services and 29 percent of all construction companies. Every fifth company took advantage of support offered by the state. On average, companies expect business to normalize only after seven months, though some are expecting improvement within just four months.