Brief analysis 18: Update of the ECI and methodology

The Competitiveness Index (ECI) is used at the EcoAustria Institute for the ongoing assessment of a country's competitiveness. This makes it possible to analyze the development of competitiveness based on net exports, gross fixed capital formation and labor productivity in comparison to other EU countries. The fourth quarter of 2021 has now been added to the data sets that have existed since the beginning of 2017, resulting in the most up-to-date view of competitiveness possible.

A look at the individual index values shows that although Austria's net exports are still below the baseline value of the first quarter of 2017 at 11th place, they are above the comparative values for the EU-27 and the eurozone. This puts Austria ahead of countries such as Germany, France and the Czech Republic. Gross fixed capital formation has recently developed cautiously. Here, Austria ranks 15th, behind the comparative figures for the EU-27 and the eurozone - despite a slight increase compared to the third quarter of 2021. Finally, Austria is just above both comparative figures when it comes to real labour productivity (17th place).

In summary, it can be said that despite economically challenging times, competitiveness in Germany is currently stable in the midfield of the comparison countries. In direct comparison with the top performers, however, there is potential to catch up. In order to ensure that Austria is also well positioned in the event of further crises, the economic research institute EcoAustria recommends analyzing economic policy decisions even more closely in future in terms of their impact on the country's competitiveness.

With the new visualization tool specially created and developed by EcoAustria, the ECI can now also be displayed interactively by optionally entering criteria and weights. Any number of EU countries (including Norway) as well as the economic areas of the EU-27 and the eurozone have been compared with each other since the beginning of 2017.

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