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.
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|Bond Yield||0.03||0.40 %||Jan 01|
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Austria Economic News
March 30, 2021
Manufacturing operating conditions in Austria improved at the second-strongest pace on record in March, with the UniCredit Bank Austria Manufacturing Purchasing Managers’ Index (PMI) jumping to 63.4 from 58.3 in February.
March 25, 2021
Industrial output grew 2.4% month-on-month on a seasonally-adjusted basis in January, contrasting the 3.5% contraction recorded in December.
February 26, 2021
Consumer confidence rose to a five-month high of minus 11 in February from January’s minus 13.
February 25, 2021
Industrial output plunged 5.6% in month-on-month seasonally-adjusted terms in December, which followed November's 0.3% decrease.
February 24, 2021
Business conditions in the manufacturing sector improved notably in February, with the UniCredit Bank Austria Manufacturing Purchasing Managers’ Index (PMI) climbing to 58.3 from 54.2 in January.