The contribution of the construction sector to Austria's GDP has shown a gradual decline from 6.43 in 2013 to 6.06 in 2023. The forecasted data from 2024 to 2028 indicates a continuous downward trend, with a projected value of 5.86 in 2028. The year-on-year growth rate from 2022 to 2023 was -0.49%, maintaining the negative trend seen in the sector.
Over the past five years (2019-2023), the Compound Annual Growth Rate (CAGR) was approximately -0.54%. This suggests an average annual decline in the construction sector's contribution to GDP. The five-year growth rate from 2023 to 2028 is forecasted to be -2.66%, signaling a persistent decrease.
Future trends to watch for:
- Technological advancements in construction techniques and materials.
- Government policies and investments in infrastructure.
- Shifts in real estate demand and urbanization patterns.
- Economic factors influencing construction costs and labor availability.
