Austria Economic Outlook
June 30, 2020The blow to the economy from Covid-19 is expected to be notably more severe in the second quarter. In April, industrial output nosedived by over a fifth year-on-year, while the manufacturing PMI remained in contractionary territory through June amid demand weakness. Moreover, business sentiment remained deeply pessimistic in the quarter, boding poorly for investment. In addition, retail sales contracted sharply in April, while unemployment rose to an over one-year high in the same month. Joblessness likely increased further in May and June due to the fallout from the global pandemic, which, coupled with still-sour consumer confidence, likely took its toll on household spending in the quarter. More positively, the economy has now largely reopened, while in mid-June the government boosted fiscal stimulus to EUR 50 billion, which should support activity heading into Q3.
Austria Economic GrowthThe economy is expected to shrink markedly this year due to the Covid-19 pandemic, with the global lockdown weighing heavily on domestic and foreign demand. In addition, rising unemployment should lead to weaker private consumption. However, fiscal stimulus could cushion the fall somewhat. FocusEconomics panelists forecast GDP will contract 6.5% in 2020, which is down 0.4 percentage points from last month’s projection, and grow 4.5% in 2021.
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Austria Economic News
July 30, 2020
GDP contracted 10.7% on a seasonally-adjusted quarter-on-quarter basis in the second quarter, deteriorating from the first quarter’s 2.4% contraction.
July 30, 2020
Consumer confidence fell to minus 10.0 in July from June's minus 8.0.
July 29, 2020
Manufacturing operating conditions in Austria improved in July for the first time since February—a month before the Covid-19 pandemic hit.
July 24, 2020
Industrial production jumped 9.2% month-on-month in May, marking the quickest expansion since current records began five years ago and swinging from April’s revised 14.8% drop.
June 26, 2020
Manufacturing operating conditions contracted at a softer pace in June, with the UniCredit Bank Austria Manufacturing Purchasing Mangers’ Index (PMI) rising to a four-month high of 46.5 from 40.4 in May.