Austrian economy to slow down after strong first half

Friedrich Fritzer (), Martin Schneider (), Richard Sellner, Alfred Stiglbauer () and Klaus Vondra ()
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Friedrich Fritzer: Oesterreichische Nationalbank, Economic Analysis Division, http://www.oenb.at
Martin Schneider: Oesterreichische Nationalbank, Economic Analysis Divison, http://www.oenb.at
Alfred Stiglbauer: Oesterreichische Nationalbank, Economic Analysis Division, http://www.oenb.at
Klaus Vondra: Oesterreichische Nationalbank, Economic Analysis Division

Monetary Policy & the Economy, 2022, issue Q3/22, 5-13

Abstract: In the second half of 2022, the war in Ukraine and ensuing high inflation are set to deal a major blow to Austria’s economy. In the first half, robust economic growth was still carried by consumers’ pent-up demand and strong exports. As a result, economic growth will still come to about 5% in 2022 as a whole. Yet, in the summer, first signs of a trend reversal became evident in the Austrian labor market. Unemployment rates are already edging up, starting from lower levels than before the COVID-19 pandemic, and the number of people in employment and vacancies are edging down. HICP inflation had increased sharply since the beginning of the year, but in August lower fuel prices caused it to move sideways. For the rest of the year, inflation is, however, expected to remain high.

Date: 2022
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