Forecast: Financial Services and Insurance Gross Value Added in Austria

The Financial Services and Insurance sector in Austria has shown a steady increase in Gross Value Added (GVA) from 2013 to 2023, reaching 16.99 billion Euros in 2023 from 12.8 billion Euros in 2013. The sector exhibited an average annual growth rate of 3.72% over the last five years, with a year-on-year increase of 0.5% in 2023.

Key trends observed during this period include:

• Steady growth from 2013 to 2023, except for minor declines in 2016 and 2020.
• Significant upticks in 2021 and 2022 with year-on-year growth rates of 7.65% and 7.43% respectively.
• The sector’s performance remained resilient amidst economic uncertainties, bouncing back post-2020 dip.

Looking forward, the forecast suggests a continued growth trajectory with the GVA expected to reach 18.47 billion Euros by 2028. The forecasted annual growth rate reduces slightly to a 1.33% CAGR over the next five years, translating to an overall growth rate of 6.81% for this period.

Future trends to watch for include advancements in financial technology, digital transformation, regulatory changes, and economic recovery from global events which may influence the sector’s growth trajectory.