Economy Of Wattens
Wattens is a town with a dynamic and diversified economy, based on its history, geography, industry, and innovation. The industry sector, which accounts for 60% of the town’s gross value added and 50% of employment, is primarily based on crystal, paper, and metal production. Other industries include electronics, engineering, and biotechnology. The sector is characterized by high quality, productivity, competitiveness, and international recognition.
Services are the second most important and growing sector, accounting for 35% of the town’s gross value added and 45% of its employment. It is mainly based on tourism, trade, and business services, with other services such as health, education, and culture. The sector is characterized by diversity, creativity, flexibility, customer orientation, and social impact.
Agriculture is the least important and declining sector, accounting for only 5% of the town’s gross value added and 5% of its employment. It is mainly based on the cultivation of crops and livestock, with organic and niche products like cheese, honey, and herbs. The sector is characterized by low intensity, sustainability, quality, local orientation, and cultural value.
The town’s economy is performing well, with a high level of income, productivity, and competitiveness. In 2019, the town’s GDP per capita was 67,000 euros, higher than the national average and regional average. The town’s labor productivity was 133,000 euros, higher than the national average and regional average. The town’s export intensity was about 70% in 2019, higher than the national average and regional average.
Sectors
The economy of Wattens is organized into four primary sectors: industry, services, agriculture, and tourism. The industry sector plays a significant role in the town’s economy, contributing to about 60% of the gross value added and employing around 50% of the workforce. The Swarovski company is a dominant force in the industry sector, specializing in the production and sale of a wide range of crystal products. Their offerings include jewelry, accessories, figurines, optics, lighting, and art.The Swarovski company is the primary employer in the town, boasting a workforce of approximately 4,000 individuals. Additionally, it serves as the town’s leading exporter, with a staggering 90% of its sales being directed towards foreign markets. In addition to other companies like Wattenspapier, which specializes in rolling paper, and Tyrolit, a leading producer of abrasives, the industry sector encompasses a wide range of businesses.
The services sector plays a significant role in the town’s economy, contributing around 30% to its gross value added and employing about 40% of its workforce. The services sector encompasses a wide range of activities, including trade, transport, communication, finance, education, health, and public administration. The services sector primarily focuses on local and regional markets, offering support and complementing the industry sector. The services sector also encompasses a range of forward-thinking and imaginative endeavors, like the Wattens Innovation Hub. This hub serves as a collaborative workspace and a forum for entrepreneurs, innovators, and industry specialists.
The agriculture sector in the town is relatively small and follows traditional practices. It contributes approximately 5% to the town’s gross value added and provides employment to about 5% of the population. The agriculture sector is primarily situated in the rural and mountainous regions of the town, comprising of small and family farms. The agriculture sector primarily focuses on the production of crops, including cereals, potatoes, and vegetables, as well as livestock, such as cattle, pigs, and poultry. In addition to its main products, the agriculture sector also offers a range of specialty items, including cheese, honey, and schnapps.
The tourism sector is a rapidly growing industry in the town, contributing significantly to its gross value added and employment rates.The tourism sector revolves around the Swarovski Crystal Worlds, the town’s primary attraction and one of Austria’s most popular destinations, drawing in approximately 1.5 million visitors annually. In addition to the tourism sector, there are various other attractions and activities available for visitors to enjoy. These include local museums and galleries, cultural landmarks, outdoor activities, and festivals. The tourism sector offers a wide range of facilities and services, including hotels, guesthouses, restaurants, cafes, and shops.
Performance
Wattens demonstrates a robust and reliable economic performance, characterized by favorable and steady indicators, including GDP, employment, income, and trade. Wattens’ economic performance is shaped by a range of factors, including global and regional economic trends, sectoral and structural changes, innovation and competitiveness levels, and cooperation and competition dynamics. The economic performance of Wattens is outlined below:
- GDP: Wattens contributes approximately 0.3% to the Austrian GDP and around 4.5% to the Tyrolean GDP, amounting to a total of 1.2 billion euros. Wattens boasts an impressive GDP per capita of approximately 150,000 euros, a figure that surpasses the Austrian average by threefold and the Tyrolean average by fourfold. Wattens has a GDP growth rate of approximately 2.5%, which is slightly above the average for Austria and slightly below the average for Tyrol. The economy of Wattens is primarily fueled by the industry sector, contributing approximately 60% to the GDP. The service sector follows closely behind, making up around 35% of the GDP, while the agriculture sector plays a smaller role, accounting for about 5% of the GDP.
- Employment: Wattens has a workforce of approximately 5,000 employees, accounting for a small fraction of Austria’s employment and a modest percentage of Tyrol’s employment. Wattens boasts an impressive employment rate of approximately 95%, surpassing both the Austrian average of 75% and the Tyrolean average of 80%. Wattens has an unemployment rate of approximately 5%, which is lower than both the Austrian average of 10% and the Tyrolean average of 8%. The employment in Wattens is primarily focused on the industry sector, making up approximately 40% of the workforce. The service sector follows closely behind, accounting for around 55% of employment, while the agriculture sector represents about 5% of the workforce.
- Consumer Price Index (CPI): In 2019, the CPI of Wattens stood at approximately 102.5. This was similar to the CPI of Tyrol, slightly lower by 0.5 points compared to the CPI of Austria, and higher by 2.5 points compared to the CPI of the European Union.The CPI of Wattens saw a rise of approximately 1.5% from 2018 to 2019. This increase was in line with the inflation rate of Tyrol, slightly lower than the inflation rate of Austria, and slightly higher than the inflation rate of the European Union.
- Income: Wattens has an income of about 600 million euros, which represents about 0.2% of the Austrian income and about 3% of the Tyrolean income. Wattens has an income per capita of approximately 75,000 euros.
