Austria Economic Outlook
September 29, 2020The economy is expected to have emerged from its year-long recession in the third quarter after GDP contracted at a double-digit pace in the second as the pandemic and restrictive measures constrained activity. However, available data for Q3 paints a mixed picture and suggests that the recovery is fragile. The jobless rate remained elevated in July, despite ticking down from June’s over three-year high. This, coupled with sustained consumer pessimism through August, indicates that household expenditure is likely to have remained depressed. Furthermore, business confidence continued to hover in pessimistic territory in the same period, which will have weighed on capital expenditure. More positively, retail trade turnover jumped in July from the previous month, while the manufacturing PMI highlighted that operating conditions improved at a solid pace in July–August.
Austria Economic GrowthThis year, GDP will take a hit as the global health crisis and associated containment measures weigh heavily on foreign and domestic demand. However, the economy is expected to rebound markedly next year, partly due to the government’s fiscal response to mitigate the blow from Covid-19, as well as an expected pickup in global economic activity. FocusEconomics panelists forecast GDP will contract 6.6% in 2020, and grow 4.8% in 2021, down 0.1 percentage points from last month’s forecast.
Austria Economy Data
5 years of Austria economic forecasts for more than 30 economic indicators.
Get a sample report showing our regional, country and commodities data and analysis.
|Bond Yield||0.03||0.40 %||Jan 01|
|Exchange Rate||1.12||0.65 %||Dec 31|
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
Austria Economic News
October 26, 2020
Industrial output decreased 0.6% on a month-on-month in seasonally-adjusted terms in August, swinging from July's 5.0% increase.
October 1, 2020
Consumer confidence ticked up to reach minus 7 in September, from minus 10 in August, marking the highest reading since February.
September 28, 2020
Manufacturing operating conditions in Austria improved at a faster pace in September, with the UniCredit Bank Austria Manufacturing Purchasing Managers’ Index (PMI) clocking 51.7, from 51.0 in August.
September 25, 2020
Industrial production expanded 5.0% in July (June: +7.0% ).
August 27, 2020
Manufacturing operating conditions in Austria improved at a softer pace in August, with the UniCredit Bank Austria Manufacturing Purchasing Managers’ Index (PMI) coming in at 51.0 from 52.8 in July.