Austria Economic Forecast

Austria Economic Outlook

February 4, 2020

The economy grew at the softest pace in four years last year, amid a more challenging external environment; however, domestic demand remained a key pillar of growth in the year. In the final quarter of the year, growth in public expenditure and fixed investment accelerated. On the other hand, the external sector had a slightly negative contribution to economic growth as global trade remained weak. Moreover, the industrial sector should have had a weak showing the three months ending in December. Turing to this year, the manufacturing sector seemingly bottomed out as the PMI jumped to a nine-month high in January. Meanwhile, in the political arena, a new government comprised of the People’s Party and the Greens formed in the same month. The coalition’s agreement includes an ambitious green agenda as well as tax reductions that bode well for private consumption.

Austria Economic Growth

The economy should expand at a softer clip this year as waning investment outlays will likely weigh on domestic demand, while the external sector is expected to continue feeling the burden of external headwinds amid Brexit uncertainty and trade tensions. However, the strong labor market should keep private consumption robust. FocusEconomics panelists forecast GDP will grow 1.2% in 2020, which is unchanged from last month’s projection, and 1.4% in 2021.

Austria Economy Data

2014 2015 2016 2017 2018
Population (million)8.58.68.78.88.9
GDP per capita (EUR)38,99239,89140,76041,96343,451
GDP (EUR bn)333344356370386
Economic Growth (GDP, annual variation in %)0.71.12.02.62.7
Consumption (annual variation in %)-  -  -  -  -  
Investment (annual variation in %)-0.42.34.33.93.4
Exports (G&S, annual variation in %)2.93.52.74.74.4
Imports (G&S, annual variation in %)3.03.63.45.13.0
Industrial Production (annual variation in %)-0.42.02.65.34.7
Retail Sales (annual variation in %)0.31.21.10.6-  
Unemployment Rate5.65.86.05.54.8
Fiscal Balance (% of GDP)-2.7-1.0-1.6-0.80.1
Public Debt (% of GDP)84.084.783.078.273.8
Inflation Rate (HICP, annual variation in %, eop)0.81.11.62.31.7
Inflation Rate (HICP, annual variation in %)1.50.81.02.22.1
Inflation (WPI, annual variation in %)-  -  -  -  -  
Policy Interest Rate (%)-  -  -  -  -  
Stock Market (annual variation in %)-15.211.09.230.6-19.7
Exchange Rate (vs USD)1.001.001.001.001.00
Exchange Rate (vs USD, aop)1.001.001.001.001.00
Current Account (% of GDP)2.51.72.51.92.3
Current Account Balance (EUR bn)8.25.98.87.29.0
Trade Balance (EUR billion)0.82.31.90.94.5
External Debt (% of GDP)20.521.5-  -  -  

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Austria Facts

Value Change Date
Bond Yield0.030.40 %Jan 01
Exchange Rate1.120.65 %Dec 31

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