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 very mixed. While companies are confident about their own operations in the UK, they are largely pessimistic about the overall economy. 45% expect further revenue growth in 2023. However, the cost-of-living crisis and the effects of the pandemic, Brexit and the war in Ukraine are spoiling the mood.
5 Key messages
- Austrian subsidiaries are looking back at a prosperous 12 months: 5 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.
- 45% of companies participating in the survey expect growth for 2023, 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 largely pessimistically: 55% of respondents expect economic conditions to worsen, while 29% expect no change and only 16% expect an improvement.
- Challenges, such as political instability, unpredictable economic policies, and bureaucracy/red tape, are the top issues, with cost of raw material, shortage of skills and supplies less prominent, but still a concern.
Download the overview of the poll results below.
