Austria Economic Forecast

Austria Economic Outlook

August 28, 2018

Although the pace of growth moderated in the second quarter, the Austrian economy continued to perform strongly and above the EU-average. Economic growth was driven by robust domestic demand, with both private and public consumption expanding at a solid clip. Household consumption benefited from a declining unemployment rate and still-high consumer sentiment. In addition, the external sector contributed positively to growth on a solid expansion in exports. Looking at Q3, consumer confidence was elevated in July and suggests that private consumption will remain an important driver of growth, while the manufacturing PMI increased. On a less positive note, business confidence continued to ease in the same month, likely on swirling global trade war fears.

Austria Economic Growth

Domestic demand, supported by a tightening labor market pushing up wages, should continue to support the economy in the remainder of this year and next. Private consumption could be boosted further from 2020 onwards by tax reforms proposed by the government. The reform proposals lack clear funding plans, however, and could pose a risk to the long-term outlook. Our panel forecasts GDP will grow 2.8% in 2018, which is unchanged from last month’s estimate. For 2019, the panel expects growth of 1.9%.

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Austria Facts

ValueChangeDate
Bond Yield0.670.11 %Sep 20
Exchange Rate1.180.65 %Sep 20
Stock Market3,381-1.00 %Sep 20

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