Austria Economic Forecast

Austria Economic Outlook

August 27, 2019

The economy lost puff in the second quarter due to sluggish fixed investment growth and a weaker expansion in exports, against a backdrop of easing momentum in the rest of the EU. More positively, private consumption growth was robust, likely supported by a strong labor market as reflected by the unemployment rate falling to a multi-year low in the period. Data for the third quarter points to continued mixed dynamics. On the one hand, low unemployment and solid wage gains should be supporting private spending—despite muted consumer sentiment. However, the manufacturing PMI declined for the eighth straight month in July and is now well in contractionary territory. This suggests the industrial sector remains depressed amid a more challenging external environment and weaker EU demand for vehicles.

Austria Economic Growth

The economy seems set to lose considerable steam this year compared to last, dragged on by slow growth in key European trading partners and domestic political uncertainty following the government collapse in May. However, healthy private consumption should provide support. Global trade tensions and the uncertain outcome of Brexit pose downside risks to the outlook. FocusEconomics panelists forecasts GDP will grow 1.6% in 2019, which is unchanged from last month’s estimate, and 1.5% in 2020.

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Austria Facts

Bond Yield-0.410.40 %Sep 04
Exchange Rate1.100.65 %Sep 04
Stock Market2,908-1.00 %Sep 04

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