
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
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Austria Facts
Value | Change | Date | |
---|---|---|---|
Bond Yield | 0.03 | 0.40 % | Jan 01 |
Exchange Rate | 1.12 | 0.65 % | Dec 31 |
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Austria Economic News
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Austria: Industrial output growth eases in November
January 10, 2023
Industrial output increased 0.2% month on month in seasonally adjusted terms in November (October: +0.9% mom).
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Austria: Consumer sentiment remains deeply pessimistic in December
January 5, 2023
Consumer sentiment came in at minus 30.0 in December, matching November's reading.
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Austria: Manufacturing PMI increases in December; conditions continue to deteriorate
December 28, 2022
The Manufacturing Purchasing Managers' Index (PMI)—produced by UniCredit Bank and S&P Global—jumped to 47.3 in December from November’s 16-month low of 46.6.
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Austria: Harmonized inflation moderates in November
December 16, 2022
Harmonized inflation fell to 11.2% in November, following October’s record-high of 11.6%.
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Austria: Industrial output improves in October
December 9, 2022
Industrial output declined 0.6% month-on-month in seasonally-adjusted terms in October (September: -1.2% mom).