Facts, figures and data

Over 51,000 Tyrolean companies with enormous achievements

The WK provides exciting data on the Tyrolean business location.

(Bild: Florian Wieser)

Two years of corona and two years of record inflation were a major challenge for the economy. The current folder presented annually by the Chamber of Commerce shows how Tyrol is positioned economically.

"Two years of the coronavirus pandemic and two years of the energy crisis lie behind us. The consequences continue to shape the economic situation in our state. As in the past, Tyrol's companies are mastering these challenges together with their employees." With these words, Stefan Garbislander, Head of Department for Economic Policy, Innovation and Sustainability at the Tyrolean Chamber of Commerce, introduces the presentation of the hot-off-the-press folder "What Tyrolean entrepreneurs are doing".

It contains lots of exciting data on the economy in the "Holy Land" (see also the graphic below).

The number of dependent employees in the commercial economy has also grown by 15 percent to 268,290 during this period. Especially in times like these, this is an achievement that deserves recognition.

Stefan Garbislander

Bild: Manuel Schwaiger

27 percent more companies in the past 10 years
At the end of 2023, there were exactly 51,435 companies in this country. "The number of active companies has increased by 27% since 2013," Garbislander explains. Of these companies, 3339 are start-ups. According to the director, there were 37 percent more start-ups compared to ten years ago. "The number of employees in the commercial sector has also grown by 15 percent to 268,290 during this period. Especially in times like these, this is an achievement that deserves recognition."

Dual vocational training should also not be underestimated. In 2023, 10,258 apprentices were trained in 3069 companies. "Dual training is a crucial cornerstone of the Tyrolean economy, as today's apprentices are the qualified specialists and entrepreneurs of tomorrow," says Garbislander.

(Bild: Krone KREATIV/Stock Adobe)

Salaries paid out at more than 19 billion euros
It is also interesting to take a look at the structure of the companies. At 38 percent, most companies are in the trade and crafts sector. In second place is the trade sector with 22 percent. Meanwhile, the bronze medal goes to the tourism and leisure industry with 17 percent. This is followed by information and consulting (16%), transport and traffic (6%), industry (0.7%) and finally banking and insurance with 0.1%.

Moreover, not only the salaries paid, which amounted to 19.2 billion euros in 2022, are impressive, but also the gross value added, which was around 35.2 billion euros in the same year.

Tourism just one pillar

48.5 million overnight stays and 12.1 million guests were recorded in Tyrol in 2023, almost reaching the pre-corona level of 2019 (49.8 million overnight stays). Tourism accounts for 13 percent of gross value added.

The myth of tourism: the industry is also top-notch
The "Holy Land" also boasts impressive exports of goods and services. They amounted to 16.6 billion euros last year, a proud increase of 52 percent compared to 2013. "Around four out of ten euros of the Tyrolean gross regional product is earned through exports," explains Stefan Garbislander. The most important trading partners are Germany (31%), Switzerland and Liechtenstein (17%), Italy (10%), the USA (5%) and France with 4%.

Speaking of exports and industry: Tyrol is generally regarded as a tourist destination, which is true if you consider the gross value added of 13% and the 55,000 employees. However, we are also a successful industrial region. "In 2023, production sales amounted to 13.9 billion euros, an increase of 45 percent in ten years," the head of department calculates.

Investment in research and innovation is important
One reason why Tirol is doing so well despite the crises is the investment in research and innovation. In 2021, companies invested 544 million euros in research. Meanwhile, investments by companies amounted to 4.6 billion euros in 2022.

How Tyrol's economy will develop is, of course, still written in the stars. In view of the recession forecast for this year, the outlook for the future is not really rosy.