A new year is fast approaching and with it new opportunities and challenges. To help us understand how we can support businesses even more effectively, ADVANTAGE AUSTRIA asked CEOs and MDs of Austrian subsidiaries to share their views on the economic recovery, new and existing business opportunities and challenges.
Their feedback was generally pretty encouraging. Companies are upbeat about their own operations in the UK, and area also broadly optimistic about the economy overall. 70% expect further revenue growth in 2022. However, the effects of the pandemic and Brexit (logistical problems, supply and skill shortages) are starting to show.
5 Key messages
- Austrian subsidiaries are looking back at a prosperous 12 months: 6 out of 10 report growth in revenues, demand and orders.
- 50% of all subsidiaries have taken on new staff and one third have also made additional investments.
- Two thirds of companies participating in the survey expect growth to continue for 2022, translating into further planned investment and higher levels of employment.
- However, the overall development of the UK economy in the coming 12 months is viewed more cautiously: 65% hope for more predicable economic policies and a reduction of the current restrictions and administrative requirements.
- Challenges like logistical problems, shortage of skills and supplies are top of the agenda, with tax, VAT and customs formalities less prominent, but still a concern.
