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
5 years of Austria economic forecasts for more than 30 economic indicators.
Get a sample report showing our regional, country and commodities data and analysis.
|Bond Yield||0.03||0.40 %||Jan 01|
|Exchange Rate||1.12||0.65 %||Dec 31|
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
Austria Economic News
July 30, 2021
A flash estimate of national accounts data for the second quarter showed that the economy rebounded strongly in quarter-on-quarter terms, expanding 4.3% and contrasting the 1.1% contraction logged in the prior quarter.
July 28, 2021
Austrian manufacturing operating conditions improved at a softer pace in July, with the UniCredit Bank Austria Manufacturing Purchasing Managers Index (PMI) falling to 63.9 in July from 67.0 in June.
July 9, 2021
Industrial output grew 0.1% in month-on-month seasonally-adjusted terms in May, which followed April's 0.2% increase.
June 28, 2021
Consumer confidence was stable at May’s minus 2 in June, the best print since August 2019.
June 28, 2021
Operating conditions in Austria manufacturing sector continued to improve at breakneck speed, with the UniCredit Bank Austria Manufacturing PMI jumping to 67.0 in June from 66.4 in May.