Austria: Consumer confidence picks up in October

Consumer confidence came in at minus 31.0 in October, up from September's minus 32.0. Consequently, the index continued to highlight persistent pessimism among Austrian consumers.

The uptick in the headline was driven by less downbeat views regarding the financial situation of households and the general economic climate over the past 12 months. Views on the economic climate in the year ahead also tuned less sour, while consumers are less inclined to save at present and in the next 12 months. Attitudes towards the financial situation of households in the next 12 months were unchanged.

FocusEconomics Consensus Forecast panelists foresee private consumption contracting 0.2% in 2023, which is down 0.6 percentage points from last month’s forecast. For 2024, panelists see private consumption rising 1.5%.