Austria Economic Outlook
February 4, 2020The economy grew at the softest pace in four years last year, amid a more challenging external environment; however, domestic demand remained a key pillar of growth in the year. In the final quarter of the year, growth in public expenditure and fixed investment accelerated. On the other hand, the external sector had a slightly negative contribution to economic growth as global trade remained weak. Moreover, the industrial sector should have had a weak showing the three months ending in December. Turing to this year, the manufacturing sector seemingly bottomed out as the PMI jumped to a nine-month high in January. Meanwhile, in the political arena, a new government comprised of the People’s Party and the Greens formed in the same month. The coalition’s agreement includes an ambitious green agenda as well as tax reductions that bode well for private consumption.
Austria Economic GrowthThe economy should expand at a softer clip this year as waning investment outlays will likely weigh on domestic demand, while the external sector is expected to continue feeling the burden of external headwinds amid Brexit uncertainty and trade tensions. However, the strong labor market should keep private consumption robust. FocusEconomics panelists forecast GDP will grow 1.2% in 2020, which is unchanged from last month’s projection, and 1.4% in 2021.
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|Bond Yield||0.03||0.40 %||Jan 01|
|Exchange Rate||1.12||0.65 %||Dec 31|
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Austria Economic News
February 4, 2020
Three months after snap elections were held in September last year, on 7 January President Alexander Van der Bellen swore in an unprecedented new coalition government, consisting of the People’s Party (ÖVP) and the Greens, and thus returning Sebastian Kurz to the chancellorship.
January 31, 2020
Consumer confidence rose to minus 3 in January from minus 4 in December, as Austrian consumers turned slightly less pessimistic as the turn of the year. January’s improvement came on the back of households’ rosier views of their financial situation over the past year, while their outlook on the financial situation in the year ahead was virtually unchanged.
January 30, 2020
In the final quarter of last year, the economy gained traction and expanded 0.3% quarter-on-quarter in seasonally-adjusted terms.
January 29, 2020
Although overall business conditions in Austria’s manufacturing sector continued to worsen in January, the pace of deterioration softened significantly.
January 28, 2020
Austrian consumers remained firmly pessimistic in December, with the consumer confidence index stable at November’s minus 4.