With a GDP of €346.7b in 2018, Tyrol accounts for 9% of the Austrian GDP (Eurostat, 2020). In the same year, the Tyrolean regional product per inhabitant in purchasing power standards (PPS) amounted to €40,900, i.e 106% of the Austrian average and 135% of the EU27 average (in the third position, after Salzburg and Wien) (Eurostat, 2020).
In 2019, unemployment rates reached 2.1%, with a drop compared the previous years (2.4% in 2018 and 3.3% in 2017) (Eurostat, 2020). Tyrol is well below the Austrian average (4.5%) as well as the EU27 average (6.3%) (Eurostat, 2020).
In 2017, Tyrol had a total of 24,800 firms , 81.8% have between one and nine, and 18.2% have ten or more employees. In this way, the numbers are similar to the national average (one to nine employees: 81.4%; more than ten employees: 18.6%) (Eurostat, 2020).
In 2018, Tyrol’s workforce counted 396,000 persons, representing 8.72% of the national total (Eurostat, 2020). This represented a 0.3% increase on the previous year (Eurostat, 2020). Of all jobs in the region, 2.9% were in agriculture, 24.9% in industry and 72.3% in the services sector (Eurostat, 2020). In 2016, Tyrol’s share in Austria’s total industrial production was 6.2% (Statistik Austria, 2019).
Tourism is very important in Tyrol. In the winter season of 2018/19 for example, a total of 27,443.1 guests made Tyrol accounted for 38% of all overnight stays in Austria, totalling a higher number than any other province, with Salzburg coming second (15,981.3) (Statistik Austria, 2019). Tyrol’s value-added in tourism is €4.5b; tourism has a share of about 17.5% of the regional GDP, compared to 5.3% on the national level (Tourismus-Satellitenkonto Tirol 2014). Nearly every third employee works in tourism or in tourism-related fields. On the other hand, information and communication, and finance and insurance show a below-average specialisation compared to the national level. In addition to tourism, Tyrol also has strong manufacturing, public administration and research sectors.
Even though tourism plays a great role in the region’s economy, Tyrol has several pillars to support its strength. A stable economy system is assured by a knowledge-intense business-related services network with top industrial companies, transport and trade systems and a comprehensive public services’ system integrating the entire region. Regional manufacturing stands out for its chemical and pharmaceutical sectors, the glass industry, mechanical engineering, steel, construction, electrical and metal industries. Well-known enterprises like Swarovski, Plansee, Sandoz, Tyrolit or Med-El are located in the region, even though most of the regions’ companies are SMEs (81.8%) (Eurostat, 2020).
In 2019, Tyrol’s exports reached €13.2b (8.5% of the national total) and its imports €12.2b (7.7% of the national total) (Statistik Austria, 2020). The region ranked 5th among Austrian states both for imports and exports (Statistik Austria, 2020).