Economic upturn fueled by investment and consumer spending – Economic outlook for Austria from 2016 to 2019 (December 2016)

Gerhard Fenz () and Martin Schneider ()
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Gerhard Fenz: Oesterreichische Nationalbank, Economic Analysis Divison, http://www.oenb.at

Monetary Policy & the Economy, 2017, issue 1, 6-32

Abstract: The Austrian economy is currently experiencing an upturn driven by domestic demand. Real GDP growth will accelerate to 1.4% in 2016 after expanding by less than 1% for four years in a row. This expansion is being fueled by private consumption, which has benefited from the income tax reform that entered into force in January 2016, as well as by investment in equipment. The Oesterreichische Nationalbank (OeNB) projects annual GDP growth of 1.5% for Austria in the period from 2017 to 2019. Notwithstanding robust employment growth, the unemployment rate (Eurostat definition) will climb from 5.7% in 2015 to 6.3% in both 2017 and 2018 and is expected to drop slightly to 6.2% only in 2019. While continuing to remain low at 0.9% in 2016, inflation will accelerate to 1.8% by 2019.

Date: 2017
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