Austria flag Austria: Economic outline

Economic Outline

Economic Indicators

For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19.

The Austrian economy is deemed one of the most stable in Europe. The country relies on a very strong network of export-focused SMEs, excellent academic standards and significant spending for research and development. Public and private consumption are likely to buttress the domestic economy with households benefiting from a tight labour market and higher wages. Following the setback caused by the COVID-19 pandemic, Austria’s economy registered a strong rebound in 2021, with a GDP growth estimated at 3.9% by the IMF. Private consumption and considerable increases in investment were the main drivers, together with the partial recovery of the tourism sector. According to the IMF's forecasts, the economic expansion should accelerate to 4.5% this year before setting around 2.1% in 2023 (4.9% and 1.9%, respectively, as per the EU Commission projections).

Due to the economic crisis triggered by the COVID-19 pandemic, Austria's public debt has increased, jumping to 84.2% of GDP in 2021 from a pre-pandemic level of 70.5%. Robust nominal growth and further reduction in the headline budget deficit should pave the way for a progressive decrease of the debt, forecasted at 81.1% in 2022 and 79.8% the following year (IMF). The fiscal measures taken to mitigate the socioeconomic consequences of the pandemic and the decline in government revenues prompted a budget deficit of 4.8% in 2021. Nevertheless, the headline deficit is forecast to fall well below the 3% threshold over the forecast horizon (2.7% this year and 1.6% in 2023 – IMF). Rising energy prices drove headline inflation to 2.5% in 2021. The index should gradually decrease to 2.4% in 2022 and 2% in 2023.

Austria has a low percentage of unemployment compared to other countries in the Eurozone and the EU, as well as global comparison. Despite the recession triggered by the COVID-19 pandemic, the unemployment rate increased only marginally: at 6.4% in 2021, it is expected to follow a downward path this year (6%) and the next (5.5% - IMF). In the long term, labour shortages could limit economic growth, and persistent global trade tensions represent a further downside risk. Overall, Austrians enjoy one of the highest GDP per capita (PPP) in Europe, estimated by the IMF at USD 59,410 in 2021.

 
Main Indicators 201920202021 (e)2022 (e)2023 (e)
GDP (billions USD) 445.13e432.52e481.21520.34545.76
GDP (Constant Prices, Annual % Change) 1.4e-6.2e3.94.52.1
GDP per Capita (USD) 50,247e48,593e53,79357,87960,404
General Government Balance (in % of GDP) -1.2-6.2e-4.8-2.7-1.6
General Government Gross Debt (in % of GDP) 70.583.2e84.281.179.8
Inflation Rate (%) 1.51.4e2.85.62.2
Unemployment Rate (% of the Labour Force) 4.85.4e6.46.05.5
Current Account (billions USD) 12.6510.81e7.7410.419.73
Current Account (in % of GDP) 2.82.5e1.62.01.8

Source: IMF – World Economic Outlook Database, 2016

Note: (e) Estimated Data

 
Monetary Indicators 20162017201820192020
Euro (EUR) - Average Annual Exchange Rate For 1 ZAR 0.060.070.060.060.05

Source: World Bank, 2015

 

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Latest Update: June 2022