The employment in the Accommodation and Food Services sector in Austria has shown a steady upward trend from 2013 to 2023. Employment grew from 185.93 thousand in 2013 to 220.91 thousand in 2023, marking an annual growth rate averaging 1.04% over the last five years. The highest year-on-year growth rate occurred in 2018 with a 4.9% increase. The growth remained relatively steady, with slight variations and a notable surge between 2017 and 2019.
Looking forward, the sector is forecasted to reach 233.48 thousand units by 2028. The projected Compound Annual Growth Rate (CAGR) for the next five years is 0.87%, suggesting a moderate but consistent increase in employment. Overall, the employment in this sector is expected to experience a 4.45% total growth from 2024 to 2028.
Future trends to watch for include potential shifts in consumer behavior, advances in hospitality technologies, and impacts from global economic conditions. Monitoring policies related to tourism and labor markets will also be crucial in understanding the sector's trajectory.
