Austria Economic Outlook
August 27, 2019The economy lost puff in the second quarter due to sluggish fixed investment growth and a weaker expansion in exports, against a backdrop of easing momentum in the rest of the EU. More positively, private consumption growth was robust, likely supported by a strong labor market as reflected by the unemployment rate falling to a multi-year low in the period. Data for the third quarter points to continued mixed dynamics. On the one hand, low unemployment and solid wage gains should be supporting private spending—despite muted consumer sentiment. However, the manufacturing PMI declined for the eighth straight month in July and is now well in contractionary territory. This suggests the industrial sector remains depressed amid a more challenging external environment and weaker EU demand for vehicles.
Austria Economic GrowthThe economy seems set to lose considerable steam this year compared to last, dragged on by slow growth in key European trading partners and domestic political uncertainty following the government collapse in May. However, healthy private consumption should provide support. Global trade tensions and the uncertain outcome of Brexit pose downside risks to the outlook. FocusEconomics panelists forecasts GDP will grow 1.6% in 2019, which is unchanged from last month’s estimate, and 1.5% in 2020.
Austria Economy Data
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|Bond Yield||-0.41||0.40 %||Sep 04|
|Exchange Rate||1.10||0.65 %||Sep 04|
|Stock Market||2,908||-1.00 %||Sep 04|
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Austria Economic News
September 3, 2019
Sentiment among Austrian consumers became less pessimistic in August, coming in at minus 2 from July’s minus 4.
August 28, 2019
Conditions in the Austrian manufacturing sector remained weak in August, although improved somewhat from July’s result.
August 23, 2019
Industrial output in Austria rose 0.5% month-on-month in June, contrasting May’s revised 0.9% decrease (previously reported: -1.0% month-on-month).
August 9, 2019
Sentiment among Austrian consumers was unchanged at minus 4 in July, marking the joint-lowest reading since March 2017.
July 30, 2019
Growth momentum in Austria lost some dynamism as the economy expanded 0.2% quarter-on-quarter in the second quarter, down from the first quarter’s 0.4% expansion.