Austria Economic Forecast

Austria Economic Outlook

November 23, 2021

Economic 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 Growth

GDP 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.

Austria Economy Data

2015 2016 2017 2018 2019
Population (million)8.68.78.88.99.0
GDP per capita (EUR)39,89240,88142,00843,41144,545
GDP (EUR bn)344357370386399
Economic Growth (GDP, annual variation in %)1.02.12.52.41.6
Consumption (annual variation in %)-  -  -  -  -  
Investment (annual variation in %)2.34.14.03.92.7
Exports (G&S, annual variation in %)3.03.15.05.92.9
Imports (G&S, annual variation in %)3.63.75.04.62.7
Industrial Production (annual variation in %)10.82.53.9-1.81.7
Retail Sales (annual variation in %)1.21.10.6-  -  
Unemployment Rate5.86.05.54.94.5
Fiscal Balance (% of GDP)-1.0-1.5-0.80.20.7
Public Debt (% of GDP)84.982.978.374.070.4
Inflation Rate (HICP, annual variation in %, eop)1.11.62.31.71.8
Inflation Rate (HICP, annual variation in %)0.80.92.22.11.5
Inflation (WPI, annual variation in %)-  -  -  -  -  
Policy Interest Rate (%)-  -  -  -  -  
Stock Market (annual variation in %)11.09.230.6-19.716.1
Exchange Rate (vs USD)1.001.001.001.001.00
Exchange Rate (vs USD, aop)1.001.001.001.001.00
Current Account (% of GDP)1.72.71.62.32.6
Current Account Balance (EUR bn)5.99.75.79.010.5
Trade Balance (EUR billion)2.32.61.53.63.7
External Debt (% of GDP)21.5-  -  -  -  

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Austria Facts

Value Change Date
Bond Yield0.030.40 %Jan 01
Exchange Rate1.120.65 %Dec 31

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