Austria Economic Outlook
October 27, 2020The economy should have emerged from recession in the third quarter. Industrial output growth accelerated in July–August—despite dipping in August—while manufacturing operating conditions improved markedly in the quarter as a whole. Moreover, business confidence—despite remaining in pessimistic territory—rose strongly in the quarter, while consumer confidence turned less sour in the same period, boding well for household spending. Looking at Q4, economic activity will likely be dented by new restrictive measures announced in mid-October amid a surge in new coronavirus cases. Meanwhile, on 14 October, the government tabled the 2021 draft budget, which will see greater spending on climate issues, despite a projected fiscal deficit of 6.3% of GDP due to the fallout from the pandemic. However, the budget does not include promised tax reform measures.
Austria Economic GrowthAfter a record hit to GDP this year, the economy is forecast to recover notably in 2021 as domestic and external demand strengthen. However, the reading will be partly flattered by a supportive base effect. Continued fiscal support should further buttress economic activity, although lingering uncertainty over the evolution of the pandemic clouds the outlook. FocusEconomics panelists forecast GDP will grow 4.7% in 2021, which is down 0.1 percentage points from last month, and 3.0% in 2022.
Austria Economy Data
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|Bond Yield||0.03||0.40 %||Jan 01|
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Austria Economic News
January 4, 2021
Operating conditions in Austria’s manufacturing sector improved at a stronger pace in December, compared to the prior month and ending the year on a high note.
December 23, 2020
Industrial production rose 0.8% month-on-month in seasonally-adjusted terms in October (September: +2.1% mom).
November 30, 2020
Consumer confidence came in at minus 16.0 in November, down from October's minus 12.0.
November 26, 2020
Manufacturing operating conditions in Austria improved at a softer pace in November, with the UniCredit Bank Austria Manufacturing Purchasing Managers’ Index (PMI) dropping to 51.7, down from the near two-year high of 54.0 in October.
November 25, 2020
Industrial production rose 2.0% month-on-month in seasonally-adjusted terms in September (August: +0.6% mom).