Austria Economic Forecast

Austria Economic Outlook

October 27, 2020

The 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 Growth

After 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

2015 2016 2017 2018 2019
Population (million)8.68.78.88.99.0
GDP per capita (EUR)39,89240,88142,00843,41144,545
GDP (EUR bn)344357370386399
Economic Growth (GDP, annual variation in %)1.02.12.52.41.6
Consumption (annual variation in %)-  -  -  -  -  
Investment (annual variation in %)2.34.14.03.92.7
Exports (G&S, annual variation in %)3.03.15.05.92.9
Imports (G&S, annual variation in %)3.63.75.04.62.7
Industrial Production (annual variation in %)10.82.53.9-1.81.7
Retail Sales (annual variation in %)1.21.10.6-  -  
Unemployment Rate5.86.05.54.94.5
Fiscal Balance (% of GDP)-1.0-1.5-0.80.20.7
Public Debt (% of GDP)84.982.978.374.070.4
Inflation Rate (HICP, annual variation in %, eop)1.11.62.31.71.8
Inflation Rate (HICP, annual variation in %)0.80.92.22.11.5
Inflation (WPI, annual variation in %)-  -  -  -  -  
Policy Interest Rate (%)-  -  -  -  -  
Stock Market (annual variation in %)11.09.230.6-19.716.1
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)1.72.71.62.32.6
Current Account Balance (EUR bn)5.99.75.79.010.5
Trade Balance (EUR billion)2.32.61.53.63.7
External Debt (% of GDP)21.5-  -  -  -  

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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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