Facts and figures

Country comparison: Tyrol’s economy put to the test

401,500 people were employed in Tyrol in 2023. Overall, that is a share of nine percent.

(Bild: Land Salzburg / Reinhard Dorfer)

Austria is in a recession, as the "Krone" has reported on several occasions. Current data collected by the Tyrolean Chamber of Commerce shows how Tyrol has fared economically in recent years. The "Holy Land" ranks second in terms of gross domestic product.

How does Tyrol's economy compare to the other federal states? Which sector accounts for the largest share of economic output? And where is there still potential to catch up? The answers to these and other questions can be found in a recent analysis by the Chamber of Commerce (WK).

"In 2022, the regional gross domestic product in Tyrol amounted to 39.3 billion euros, which is a nominal increase of 118.8 percent since 2000," calculates Stefan Garbislander, Head of Economic Policy, Innovation and Sustainability at the WK. By comparison, the highest increase in the same period was recorded in Vorarlberg. The state recorded an increase of 147.3 percent from 9.5 to 23.6 billion euros. However, the lowest increase was recorded in the federal capital of Vienna with a rise of 92.4 percent (57.7 to 110.9 billion euros). The Tyrol came second in Austria.

(Bild: Krone KREATIV/Stock Adobe)

Service sector has the largest share in Tyrol
A look at the regional gross domestic product per inhabitant shows an increase of exactly 91% from EUR 26,800 to EUR 51,200 between 2000 and 2022. Vorarlberg also tops the list with an increase of 113.6% from EUR 27,300 to EUR 58,300. Tyrol is in eighth place in the comparison of federal states. Vienna once again brings up the rear with an increase of "only" 52.2 percent.

In 2022, the regional gross domestic product in Tyrol was EUR 39.3 billion, a nominal increase of 118.8% since 2000.

Stefan Garbislander, Leiter Wirtschaftspolitik, Innovation und Nachhaltigkeit

Also exciting: in the "Holy Land", the tertiary sector - i.e. the service sector - accounts for 70.1 percent of total economic output. "A higher share can only be found in Vienna with 85.3 percent and in Salzburg with 71.7 percent," explains Garbislander. The federal state with the highest share of the primary sector (agriculture and forestry) is Burgenland with 4.2 percent. And Upper Austria has the highest share in the secondary sector (production) with a total of 39.2 percent.

177 more start-ups

... in the previous year compared to 2022. 3339 new businesses were opened throughout Tyrol. Compared to 2014, this is an increase of 38.4 percent.

3339 companies founded, 323 slipped into bankruptcy
The Tyrol is also impressive when it comes to new business start-ups. There were 3339 of them in the previous year. "That's an increase of 38.4 percent compared to 2014. In no other federal state did the number of start-ups increase as much as in Tyrol during this period," says the expert. There were also 177 more start-ups here in 2023 compared to 2022.

Meanwhile, there were 323 company insolvencies in Tyrol last year. "That's 11.5 percent fewer than in 2014, but 21 cases more than in 2022." There were 5380 company bankruptcies across Austria.

In the previous year, the unemployment rate in Tyrol was 3.9 percent.

(Bild: Christof Birbaumer)

The unemployment rate is also good. In the previous year, this was 6.4 percent across Austria and only 3.9 percent in Tyrol. "Only Salzburg had a lower unemployment rate - at 3.8 percent."

Speaking of the labor market: in 2023, there were a total of 4,483,000 people in employment in Austria. The share in Tyrol is nine percent, or 401,500 to be precise.

There is room for improvement in patent distributions
Finally, Garbislander sees potential to catch up in terms of patent grants. "A total of 861 patents were granted throughout Austria in 2023, with only 40 patent grants or 4.6 percent coming from Tyrol." Upper Austria was ahead in terms of patents with 221, followed by Styria with 213. Austria as a whole also recorded a decline. In 2022, there were still 1012. "This decline is due to the weak economy."