Economic Crisis Unleashes Deep Recession in Austria – Stabilization Expected at Year-End

Christian Ragacs and Klaus Vondra ()
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Klaus Vondra: Oesterreichische Nationalbank, Economic Analysis Division

Monetary Policy & the Economy, 2009, issue 2, 6–40

Abstract: According to the June 2009 economic outlook of the Oesterreichische Nationalbank (OeNB), the Austrian economy is projected to enter a deep recession in 2009 owing to the global slump in growth, with real GDP set to shrink by 4.2%. After further declining by a modest 0.4% in 2010, positive real annual GDP growth of 1.2% will reemerge only in 2011. Compared with the OeNB December 2008 economic outlook, growth expectations for 2009 and 2010 were downgraded by 3.9 and 1.2 percentage points respectively. This major revision reflects the steep slump in the demand for exports and investment – unparalleled in the post-war period. The current downturn is so pronounced that GDP levels seen in 2007 will not return until 2011. HICP inflation will ease from 3.2% in 2008 to a mere 0.4% in 2009 and rise modestly to 1.1% and 1.2% in 2010 and 2011 respectively.

Keywords: economic outlook; austria (search for similar items in EconPapers)
JEL-codes: C5 E17 (search for similar items in EconPapers)
Date: 2009
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