Panorama econòmic

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. Following the setback caused by the COVID-19 pandemic, Austria’s economy registered a strong rebound in 2021. The country’s output expanded strongly in the first half of 2022, driven by robust private consumption, and despite the negative affect of the energy price shock (which caused a contraction in the second half of the year) the overall growth was estimated at 4.7%. Economic activity is set to slow down in 2023 due to lower household consumption and business investment, with the IMF forecasting growth at 1% before increasing to 1.9% the following year; whereas the European Commission’s projections are more conservative (at 0.3% and 1.1%, respectively).

Thanks to the phasing out of support measures taken in the context of the COVID-19 pandemic (including short-time work, fixed cost subsidies, as well as other transfers), the government headline deficit decreased to 2.6% in 2022 from 4.5% one year earlier (IMF). Despite sluggish growth, it should follow a downward trend in 2023 and 2024 (at 1.2% and 1.1%, respectively – 2.8% and 1.9% as per the EU Commission projections). Similarly, the debt-to-GDP ratio decreased to 78.5% in 2022 on the back of strong nominal GDP growth and is forecasted at 77.3% this year and 75.6% in 2024. Inflation spiked at 7.7% in 2022 driven by electricity and gas prices, but is expected to gradually decrease to 5.1% in 2023 and 2.5% in 2024. In order to mitigate the consequences of high energy prices, an electricity cap for households came into effect by the end of 2022 and should be in force until mid-2024.

Austria has a low percentage of unemployment compared to other countries in the Eurozone and the EU, as well as global comparison. After picking in 2021, unemployment decreased to 4.5% last year. The participation of women and older workers in the labour market is expected to increase over the forecast horizon outpacing employment growth, thus unemployment rate should remain stable. Nominal wages are expected to increase, however, due to the effects of inflation there will be real wage growth only in 2024. Overall, Austrians enjoy one of the highest GDP per capita (PPP) in Europe, estimated by the IMF at USD 66,680 in 2022.

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