Austria Economic Outlook
May 31, 2022The 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 GrowthEconomic 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.
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|Bond Yield||0.03||0.40 %||Jan 01|
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Austria Economic News
September 29, 2022
Consumer confidence came in at minus 32.0 in September, down from August's minus 31.0.
September 22, 2022
Harmonized inflation eased to 9.2% in August from 9.4% in July.
September 15, 2022
Consumer confidence rose to minus 31.0 in August from July's minus 33.0.
September 9, 2022
Industrial output dropped 3.9% in month-on-month seasonally-adjusted terms in July, which was a deterioration from June's 0.8% decrease.
August 29, 2022
The UniCredit Bank Austria Manufacturing Purchasing Managers’ Index (PMI) dropped from 51.7 in July to 48.8 in August.