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Statistics Austria: Highest Public Deficit Since Records Began
Due to the Covid-19 pandemic, Austria has recorded its highest public deficit since the start of the record in 1954. The deficit in 2020 amounted to 8.9 percent of the GDP (EUR 33.2 billion), which was caused by a sharp increases in government spending and a decrease in government revenue.
Statistics Austria has released officials numbers regarding the public finances of 2020. / Picture: © Statistik Austria/Sebastian Philipp
In 2020, the public deficit in Austria amounted to 8.9 percent of the gross domestic product (GDP) or EUR 33.2 billion, the highest deficit since records began in 1954, compared with a surplus of EUR 2.4 billion or 0.6% of economic output at the end of 2019.
As further revealed by preliminary results from Statistics Austria, government spending increased by 12.6 percent or EUR 24.4 billion compared to 2019, while government revenue decreased by 5.8 percent or EUR 11.3 billion. …
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