Austria Economic Forecast

Austria Economic Outlook

November 21, 2017

After falling short of obtaining an outright majority, Sebastian Kurz’ People’s Party engaged in coalition talks with the far-right Freedom Party at the end of October against the backdrop of a robust economy. According to recently released figures, GDP grew at a solid annual and quarter-on-quarter rate in Q3 on the back of strong domestic demand and a buoyant external sector. The external sector grew solidly in the first eight months of the year, a trend that is likely to continue. Other indicators signal that the positive momentum is set to continue through year-end. Consumer confidence jumped to an over seven-year high in October: Consumers are more optimistic about their current and future financial situation. Retail trade figures pointed to resilient household consump21tion in the first three quarters of the year. Moreover, PMI data showed that the manufacturing sector continued to expand in October.

Austria Economic Growth

The economy is likely to expand at a solid, albeit slower, pace next year. Public consumption is expected to remain stable despite that the coalition partners are searching for billions in savings to fund proposed income tax and social security contribution cuts. These measures should propel private consumption, and domestic demand is likely to remain robust. FocusEconomics panelists see the economy expanding 2.1% in 2018, which is up 0.1 percentage points from last month’s estimate, and 1.7% in 2019.

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Austria Facts

Bond Yield0.440.40 %Dec 06
Exchange Rate1.180.65 %Dec 06
Stock Market3,315-1.00 %Dec 06

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