Austria Economic Outlook
May 3, 2022Although initial data for the first quarter paints a fairly bright picture, the war in Ukraine will have left its mark at the tail end of the period and thereafter. Industrial output growth accelerated on a sequential basis in January–February. Retail sales rebounded robustly on a month-on-month basis in the same period, despite an uptick in the unemployment rate. The war is set to impact the Austrian economy to a greater extent than other European peers, due to close banking sector ties with Russia and the export-reliant industrial sector’s vulnerability to lessened demand in trading partners. Moreover, the war has dealt a heavy blow to consumer sentiment, which tumbled to a multi-year low in March. In mid-April, Chancellor Nehammer met with President Putin in Moscow. Afterwards, Nehammer assuaged concerns by stating that Austria would not need to pay for Russian gas in rubles.
Austria Economic GrowthEconomic growth will cool notably this year, with the Russia-Ukraine war and subsequent sanctions imposed on Russia weighing more heavily on the economy. However, the removal of Covid-19 restrictions, a tightening labor market and excess savings should provide some respite. Covid-19 outbreaks remain a downside risk. FocusEconomics panelists forecast GDP to grow 2.9% in 2022, which is down 0.3 percentage points from last month’s forecast, and 2.5% in 2023.
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Austria Economic News
May 11, 2022
Industrial production decreased 1.1% month-on-month in seasonally-adjusted terms in March (February: +0.2% mom).
May 3, 2022
Consumer confidence came in at minus 21.0 in April, up from March’s minus 22.0.
May 2, 2022
Industrial output expanded 2.2% month-on-month in February, down from January’s 4.2% expansion.
April 29, 2022
The Austrian economy rebounded from a 1.5% quarter-on-quarter contraction in the fourth quarter of last year to a 2.5% quarterly expansion in the opening quarter of this year.
April 27, 2022
Despite the Austrian economy’s links with Russia and its export-driven manufacturing sector, operating conditions in the sector continued to improve at a strong pace in April.