Massive Drop in the Austrian Service Sector Turnover in 2nd Quarter of 2020
The service sector experienced a major decrease in turnover by 27.9% less than in the same timeframe of the previous year. The sectors "accommodation and gastronomy" and "other economic services" like travel agencies declined at the most.
Businesses in the gastronomy sector experienced a major drop in their turnover in the second quarter of 2020. / Picture: © Flickr / Wolfgang (CC BY-ND 2.0)
This year, the "accommodation and gastronomy" sector experienced a drop by 62% in the second quarter compared to the one in 2019, according to Statistics Austria.
The lockdown which was implemented due to the Coronavirus pandemic led to this tremendous decline. The demand of accommodations went back by 72.7% while the gastronomy experienced a drop of 53.9%.
Other touristic sectors where hit even harder. The turnover of the sector "other economic services" decreased by 38.2% in total.
Especially, the of travel agencies' turnover slumped by 88.6% and that of the aviation industry by 84%.
The least immense drop was experienced by the retail sector with 12.4% less in the second quarter of 2020 compared to the previous year.
In the first half of the year 2020, the turnover of businesses in the service sector turned down by 16.3% on average.
The turnover of the sector "accommodation and gastronomy" declined within these six months by 34.2% followed by "other economic services" with 24.3%.
The retail sector had a minus of 8.4% in its turnover.
This negative trend is also seen in the numbers of workforce as there are now 8.3% less employees in the service sector and 2.2% less in the retail sector.