Austria Economic Outlook
November 23, 2021Economic growth remained solid in Q3, but the economy remained below pre-pandemic levels. Household spending skyrocketed in July–September amid looser restrictions, solely supporting domestic demand as public consumption and fixed investment dropped. On the external front, exports of goods and services expanded at a more moderate rate. Turning to Q4, data suggests that activity remained fairly upbeat in October, with the manufacturing PMI remaining firmly in expansionary territory and economic sentiment picking up in the month. However, the most recent surge in Covid-19 cases domestically and abroad will likely dent activity in the final stretch of the year: On 15 November, the government reimposed restrictions for unvaccinated people only, before implementing a full nationwide lockdown just days later, with all non-essential businesses closed and mandatory vaccination starting in February.
Austria Economic GrowthGDP should expand at a quicker pace next year as the impact of covid-19 fades. Household spending will be supported by a tightening labor market and a lower tax burden, while loose monetary policy and a healthier external backdrop should support fixed investment. However, lingering Covid-19 uncertainty and potential political instability cloud the outlook. FocusEconomics panelists forecast GDP to grow 4.5% in 2022, which is up 0.1 percentage points from last month’s forecast, and 2.2% in 2023.
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Austria Economic News
November 26, 2021
Operating conditions in the Austrian manufacturing sector expanded at a softer clip in November, with the UniCredit Bank Austria Manufacturing Purchasing Managers’ Index (PMI) cooling to 58.1 in November from 60.6 in October, marking the weakest reading since January However, the index remained comfortably above the neutral 50-threshold that separates expansion from contraction in the manufacturing sector. The moderation came on the back of marginal growth in production and new orders; however, strong employment, stocks of purchases growth and a notable lengthening of supplier delivery times limited the headline drop.
November 10, 2021
Industrial output decreased 2.3% month-on-month in seasonally-adjusted terms in September (August: -1.2% mom).
October 29, 2021
Economic growth remained robust in the third quarter, despite cooling somewhat, with GDP expanding 3.3% in quarter-on-quarter terms (Q2: +4.0% qoq).
October 27, 2021
Operating conditions in the Austrian manufacturing sector expanded at a softer clip at the outset of the fourth quarter, with the UniCredit Bank Austria Manufacturing Purchasing Manager’s Index (PMI) dropping to 60.6 in October from 62.8 in September.
October 25, 2021
Consumer confidence came in at minus 2.0 in October, up from September's minus 3.0.