The production of accommodation and food services in Austria experienced robust growth from 2013 to 2019, with minor exceptions. In 2020, the market faced a substantial setback due to the COVID-19 pandemic, witnessing a 42.54% decline. However, the market rebounded strongly in 2021 with a notable 64.71% increase, continuing at a 13.76% growth rate in 2022. By 2023, the sector had reached 32.59 billion Euros, representing a modest 2.28% year-on-year growth. The Compound Annual Growth Rate (CAGR) over the last five years stood at 2.26%, reflecting a steady recovery trend post-pandemic.
Looking ahead, the forecast suggests a stable growth trajectory with a forecasted CAGR of 1.76% over the next five years, reaching an estimated 36.2 billion Euros by 2028. Future trends to monitor include the potential impacts of economic fluctuations, changes in tourism dynamics, and evolving consumer preferences toward sustainable and health-conscious dining and accommodation options.
