Austria Economic Forecast

Austria Economic Outlook

May 31, 2022

The economic impact of the war in Ukraine will increasingly be felt during Q2; Austrian banks have close ties with Russia, which is also an important market for the country’s industrial exports. The rate of growth in industrial production already began to slow in March and is likely to weaken further during Q2, as the war has both exacerbated supply chain constraints and undermined demand. Although April’s manufacturing PMI showed both a robust improvement in operating conditions and positive business confidence, this is unlikely to last. Moreover, rising commodity prices and uncertainty arising from the war are weighing heavily on consumer sentiment, which will be negatively affecting household spending. Meanwhile, in a May report, the European Commission highlighted the public finances, the labor market and an over-reliance on fossil fuels as key areas for the government to address.

Austria Economic Growth

Economic growth will moderate this year, as the war in Ukraine and sanctions on Russia will weigh more heavily on Austria than most of its European peers. Moreover, elevated price pressures will dent private consumption. However, a tight labor market, a high level of household savings and the fading impact of Covid-19 will provide some support to demand. FocusEconomics panelists forecast GDP to grow 3.6% in 2022, which is up 0.7 percentage points from last month’s forecast, and 2.1% in 2023.

Austria Economy Data

2015 2016 2017 2018 2019
Population (million)8.68.78.88.99.0
GDP per capita (EUR)39,89240,88142,00843,41144,545
GDP (EUR bn)344357370386399
Economic Growth (GDP, annual variation in %)1.02.12.52.41.6
Consumption (annual variation in %)-  -  -  -  -  
Investment (annual variation in %)2.34.14.03.92.7
Exports (G&S, annual variation in %)3.03.15.05.92.9
Imports (G&S, annual variation in %)3.63.75.04.62.7
Industrial Production (annual variation in %)10.82.53.9-1.81.7
Retail Sales (annual variation in %)1.21.10.6-  -  
Unemployment Rate5.86.05.54.94.5
Fiscal Balance (% of GDP)-1.0-1.5-0.80.20.7
Public Debt (% of GDP)84.982.978.374.070.4
Inflation Rate (HICP, annual variation in %, eop)1.11.62.31.71.8
Inflation Rate (HICP, annual variation in %)0.80.92.22.11.5
Inflation (WPI, annual variation in %)-  -  -  -  -  
Policy Interest Rate (%)-  -  -  -  -  
Stock Market (annual variation in %)11.09.230.6-19.716.1
Exchange Rate (vs USD)1.001.001.001.001.00
Exchange Rate (vs USD, aop)1.001.001.001.001.00
Current Account (% of GDP)1.72.71.62.32.6
Current Account Balance (EUR bn)5.99.75.79.010.5
Trade Balance (EUR billion)2.32.61.53.63.7
External Debt (% of GDP)21.5-  -  -  -  

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Austria Facts

Value Change Date
Bond Yield0.030.40 %Jan 01
Exchange Rate1.120.65 %Dec 31

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