Austria Economic Forecast

Austria Economic Outlook

May 28, 2019

The economy kept pace in Q1 thanks to resilient domestic demand benefiting from stronger fixed investment and private consumption growth. Household spending was supported by easing inflation and came despite upward-trending unemployment. Data on the second quarter, however, revealed a rocky start to the quarter: Consumer confidence, business sentiment and the manufacturing PMI all deteriorated in April. Meanwhile, the country is headed for early elections after Parliament passed a vote of no confidence in Chancellor Sebastian Kurz’s government on 27 May. This followed a leaked video which seemed to implicate Heinz-Christian Strache, then vice-chancellor and leader of the Freedom Party, the former junior coalition partner of Kurz’s conservative Austrian People’s Party. Despite the scandal, Kurz’s party were the clear winner in recent European elections, highlighting his popularity among the electorate.

Austria Economic Growth

The Austrian economy should continue growing resiliently this year on steady household expenditure growth. However, while the immediate economic impact should be relatively limited, political uncertainty has spiked. Lingering global trade tensions and moderating European growth further cloud the economic outlook. The Met the why particular panel forecasts GDP will grow 1.6% in 2019, which is down 0.1 percentage points from last month’s estimate, and again 1.6% in 2020.

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Austria Facts

Bond Yield0.040.11 %Jun 13
Exchange Rate1.130.65 %Jun 13
Stock Market2,949-1.00 %Jun 13

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