Press Releases

The UniCredit Bank Austria Purchasing Managers' Index fell to 49.3 points in December, returning to below the neutral threshold 

There were significant differences in the economic development of the federal states in 2025.

The Supervisory Board of UniCredit Bank Austria today resolved to appoint Albert Angersbach, currently Head of Credit Risk Operations at HypoVereinsbank (HVB), as CRO of UniCredit Bank Austria as of April 1, 2026.

UniCredit has been awarded Bank of the Year in Italy, Austria, Croatia, Bulgaria, Romania, and Bosnia and Herzegovina at The Banker’s prestigious Bank of the Year Awards.

The purchase of the building on the Austria Campus from asset manager PGIM was finalised with the closing of the contract after all regulatory approvals had been obtained

Global economic momentum expected to increase by 3 per cent in 2026/27.

The transaction referred to as "Project ARTS Belvedere 2025" represents the return of UniCredit Bank Austria as issuer in the significant risk transfer (SRT) market, further reinforcing UniCredit’s position as one of Europe’s most active and innovative SRT players.

The UniCredit Bank Austria Purchasing Managers' Index rose to 50.4 points in November, exceeding the neutral threshold for the first time since July 2022 

Two branches of UniCredit Bank Austria in Vienna and Graz will be lit up in orange for 16 days as a sign against violence, and orange LED strips will be lit up in numerous other branches

New €250 Million EIF Guarantee to unlock Financing for over 200 Austrian Businesses.

The UniCredit Bank Austria Business Indicator rose to minus 1.3 points in October, its highest level since early 2023.

The Prof. Horst Knapp Prize, which commemorates the doyen of Austrian business journalism who died in 1996, goes to Jakob Zirm, head of the business section of the daily newspaper “Die Presse”, for the year 2024.

The UniCredit Bank Austria Purchasing Managers' Index rose to 48.8 points in October, the second-best value in the past three years.

Saving remains the most popular form of investment, but interest in securities has risen sharply, according to UniCredit Bank Austria's latest Financial Monitor 2025.

The latest information on the UniCredit 3Q25 & 9M25 results can be found on the UniCredit website.

The UniCredit Bank Austria Business Indicator fell to minus 2.2 points in September, the lowest value since spring.

Interest in securities has risen sharply compared to the previous year, reaching a total of 42 per cent (2024: 35 per cent). 37 per cent of bank customers surveyed actually own securities (2024: 28 per cent), with securities savings being particularly popular

The Austrian tourism industry achieved a record result in 2024 with 154.3 million overnight stays. The tourism sector is on track to break another record in 2025.

UniCredit has once again been recognised by Euromoney with a total of 12 wins in its prestigious annual FX Awards

The UniCredit Bank Austria Purchasing Managers' Index fell to 47.6 points in September. The upward trend seen over the summer stalled.

UniCredit Foundation announces the winning projects of the “Edu-Fund” platform.

The sale of the shares held by UniCredit Bank Austria AG and Raiffeisen Bank International AG in card complete Service Bank AG, which was announced in February, has been completed today following the fulfillment of all conditions and the receipt of all regulatory approvals.

The UniCredit Bank Austria Business Indicator rose to minus 1.4 points in August, its best value in two and a half years.

UniCredit Bank Austria has presented the Bank Austria Social Award for the sixteenth time this year, supporting local charitable initiatives with a total of 90,000 euros.

On 3 September 2025, the European Commission initiated the ratification process for the free trade agreement with the Mercosur countries. 

Welcome voucher of 70 euros when opening a student account for the first time until 30 November 2025, either from H&M, Zalando, Google Play, MediaMarkt and many more 

The UniCredit Bank Austria Purchasing Managers' Index rose to 49.1 points in August, its highest level in three years 

Property prices have fallen by 3.5 per cent since 2022 - the 23.5 per cent increase in disposable household income over the same period has led to a significant improvement in the affordability of residential property  

Economic sentiment improved in all sectors of the economy, but remains below the long-term average 

The UniCredit Bank Austria Business Indicator rose to minus 1.5 points in July, its best result in two and a half years

The UniCredit Bank Austria Purchasing Managers' Index rose to 48.2 points in July

The latest information on the UniCredit 2Q25 & 1H25 results .

UniCredit Bank Austria received the award for “Best Bank for Large Corporates” in Austria 

Minimal decline in the UniCredit Bank Austria Business Indicator in June to minus 2.1 points.

UniCredit was named as the Best Sub-Custodian Bank in Central and Eastern Europe (CEE) as well as in Austria, Bosnia & Herzegovina, Bulgaria and Hungary.

UniCredit, the pan-European bank, and Rise Europe, the alliance of leading European innovation hubs.

The UniCredit Bank Austria Purchasing Managers' Index fell to 47.0 points in June.

50 percent more value in Hungary in 2025, 30 percent more in Portugal and Spain compared to Austria.

As part of the cooperation with Teach for Austria, a special day for schoolgirls from socio-economically disadvantaged schools was held for the third time at the UniCredit Center at Kaiserwasser

The latest GDP revision by Statistics Austria increases the chance of slightly positive GDP growth in 2025 as a whole.

The prize, which has been awarded by the Bank Austria Sponsoring Foundation since 1999, will again be awarded this year to students of the bachelor's degree programme in Economics - Management and Economics at the University of Innsbruck.

Almost all federal states with a decline in economic output in 2024 - only Vienna grew slightly, the industrial regions weakened the most.

UniCredit presents new proprietary research to explore the economic, social and cultural impact of longevity, with the first two Observatories unveiled at the inaugural Forum and more to follow

The UniCredit Bank Austria Purchasing Managers' Index rose to 48.4 points in May, the highest value for 28 months 

UniCredit Bank Austria Business Indicator fell to minus 2.9 points in April.

The latest information on the UniCredit 1Q25 results can be found on the UniCredit website.

Agreement will help UniCredit transform its Group-wide operations for a new era of banking at scale, gradually migrating key applications to the cloud

Strategic milestone: UniCredit Bank Austria strengthens its payment business and enters the credit card business with Issuing & Acquiring.

The improvement trend that had begun in Austrian industry came to an end at the start of the second quarter. 

The Bank Austria Social Prize will be awarded for the 16th time in 2025.

The loss of purchasing power of up to 10 per cent due to the sharp rise in inflation in recent years has already been largely offset by wage increases by the first quarter of 2025.

Robert Zadrazil, Country Manager of UniCredit in Austria, has decided to pursue new opportunities outside UniCredit and will leave the Group in August 2025.

UniCredit Bank Austria Business Indicator fell by 0.1 points to minus 2.3 points in March.

The new import tariffs planned by US President Trump would represent a considerable burden for the Austrian export industry. 

He succeeds Irene Fuchs, who is taking over as Head of Digital Services in order to further digitalise and accelerate the corporate customer business. 

Global Finance named UniCredit Bank Austria “Best Bank in Austria”.

The positive trend in Austrian industry slowed significantly in March. 

UniCredit Bank Austria Business Indicator rose for the second month in a row in February, but remains in recessionary territory at minus 2.2 points.

Unchanged difficult business situation and gloomy mood in most sectors in Austria.

Burgenland Energie has developed a wind and photovoltaic project portfolio in Burgenland that includes PV and wind generation capacities of around 2,000 megawatts by 2030.

Austrian industry has overcome the particularly weak economic phase in the second half of 2024. 

Second consecutive year of decline in economic output in most federal states.

Mastercard and UniCredit Bank Austria revolutionise card payments for visually impaired and blind people with the innovative Touch Card^TM

Although the low in sentiment at the end of the year was overcome, the UniCredit Bank Austria Business Indicator remained in negative territory at minus 2.6 points despite a slight increase in January 2025.

The latest information on the UniCredit 4Q24 & FY24 results.

The UniCredit Bank Austria Purchasing Managers' Index rose to 45.7 points in January, the highest value for six months.

UniCredit has been officially certified as a Top Employer in Europe for the ninth consecutive year.

The UniCredit Bank Austria Business Indicator deteriorated significantly in December 2024 to minus 3.3 points, the lowest value in the past.

UniCredit research shows that SMEs play an important role in CEE economies: they contribute more to turnover, employment, and GDP than their peers do in the EU. At the same time, they have lower productivity, compared to larger companies.

The UniCredit Bank Austria Purchasing Managers' Index fell to 43.3 points in December.

Changed economic conditions do not allow a forward-looking continuation of the Kunstforum.

For the second consecutive year, FT's The Banker named UniCredit Global Bank of the Year 2024, Bank of the Year in Europe, Bank of the Year in Italy.

Global economic momentum expected to stabilise at just over 3 per cent in 2025/26.

Janit Daszenies succeeds Reinhard Madlencnik in this role, who is taking on new challenges after 25 years of supporting commercial property clients and 18 years as Head of Commercial Real Estate

In November, there were cautious signs of stabilisation in the industrial economy for the first time in months. 

Two branches of UniCredit Bank Austria in Vienna and Graz will be lit up in orange for 16 days as a sign against violence, and orange LED strips will be lit up in numerous other branches

The UniCredit Bank Austria Business Indicator deteriorated slightly to minus 2.5 points in October.

Persistently gloomy climate across almost all sectors in Austria.

The latest information on the UniCredit 3Q24 & 9M24 results can be found on the UniCredit website.

The UniCredit Bank Austria Purchasing Managers' Index fell to 42.0 points in October. Weakness in Austrian industry continues in the fourth quarter of 2024.

Joint commitment to more equal opportunities: more learning support for children and young people from families affected by poverty.

78 per cent of respondents are worried about inflation, with the significant rise in interest rates triggering a veritable boom in savings that will continue into 2024 

The UniCredit Bank Austria Business Indicator improved slightly in September to minus 2.4 points.

UniCredit economists expect the economies of EU-CEE to grow by around 2.3% in 2024 and 2.8% 2025, with the Western Balkans growing above 3%.

Continued weak development of the global economy with below-average growth of 3.2 per cent expected in 2024 and 2025, burdened by the slump in manufacturing.

With the help of over 1,600 supporters and a total amount of over 322,000 euros, the tenth year of UniCredit Bank Austria’s reward-based crowdfunding initiative is getting 31 Austrian art and cultural projects off the ground.

The fall in the UniCredit Bank Austria Purchasing Managers' Index in September to 42.8 points signals a deepening of the recession in the domestic industry, which has been ongoing for two years 

The Prof. Horst Knapp Prize 2023, which commemorates the doyen of Austrian business journalism who died in 1996, was awarded to Manfred Neuper, head of the business section for Styria at “Kleine Zeitung”, and Uwe Sommersguter, head of the business section and deputy editor-in-chief for Carinthia and East Tyrol at “Kleine Zeitung”.

Instant financing with up to 50,000 euros overdraft facility with 2 per cent fixed debit interest p.a. and a maximum term of 24 months for private customers and companies

The UniCredit Bank Austria Business Indicator improved slightly in August to minus 2.5 points 

Free donations now possible online, mobile and in all branches

With the GoGreen student account, environmentally friendly projects are financed with every euro in the account.

Despite a slight increase in the UniCredit Bank Austria Purchasing Managers' Index in August to 44.4 points, the industry has now been in recession for exactly two years.

After stabilising at the beginning of the year, the climate deteriorated again in the middle of the year across almost all sectors - signs of an incipient improvement have evaporated.

The UniCredit Bank Austria Business Indicator fell to minus 2.7 points in July.

Bumpy start for industry in the second half of the year: UniCredit Bank Austria Purchasing Managers' Index fell to 43.1 points in July 

Over the past 25 years, globalisation has led to a significant decline in the global market share of industrialised nations in favour of the emerging markets 

The latest information on the UniCredit 2Q24 & 1H24 results .

Triggered by high inflation in Austria, unit labour costs also rose at an above-average rate of 23%, five percentage points more than in the eurozone

UniCredit was recognised in a total of 18 categories at the Euromoney Awards for Excellence 2024.

UniCredit Bank Austria Business Indicator fell to minus 2.4 points in June.

“Treberei” from Austria was honoured as “Junior Achievement Europe Company of the Year” at Gen-E 2024 in Catania, Italy

UniCredit economists foresee the economies in EU-CEE to grow by around 2.7 percent in 2024.

Upward trend halted: UniCredit Bank Austria Purchasing Managers' Index falls to 43.6 points in June.

The initiative "Bank Austria for Austria" is rolling out the offer in Austria

UniCredit was named as the Best Sub-Custodian Bank in Central and Eastern Europe (CEE) as well as in Austria, Bosnia & Herzegovina, Bulgaria, Hungary, Serbia and Slovenia.

As part of the cooperation with Teach For Austria, a special day for schoolgirls from socio-economically disadvantaged schools took place for the second time at the UniCredit Centre at Kaiserwasser.

UniCredit Bank Austria Business Indicator rises to highest level in a year in May at -2.0 points.

The prize, which has been awarded by the Bank Austria Sponsoring Foundation since 1999, will again be awarded this year to students on the bachelor's programme in Economics -Management and Economics at the University of Innsbruck

The purchasing power of the euro, i.e. the holiday euro, has once again become an important indicator for summer holidays in 2024.

UniCredit Bank Austria Purchasing Managers' Index rose to highest level in 15 months in May at 46.3 points 

Women in Austria still earn less than men. Gender pay gap and part-time work mean that women are more affected by poverty in old age

CAPE 10, a social and health facility in Favoriten, Vienna's tenth district, opens its Education Academy, a low-threshold free learning and education programme for children and young people

UniCredit is thrilled to announce an exclusive offer for its clients, a 20% discount on tickets for the 2024 season of the Arena di Verona Opera Festival, excluding June 7th and 8th. 

The latest information on the UniCredit 1Q24 results can be found on the UniCredit website.

The Austrian tourism sector recovered again very quickly after the pandemic, achieving a remarkable comeback in 2022 and 2023.

The Austrian industrial sector has yet to emerge from recession and slow progress is being made with the ongoing regrouping of the economy.

Robert Zadrazil becomes Country Manager in Austria - with Ivan Vlaho, former CEO of Zagrebacka Banka to become new CEO

Pan-European bank is the first banking group to launch the card at scale in 12 markets and across all products

Bank Austria Social Prize will be awarded for the 15th time in 2024

Economic sentiment in Austria is slowly recovering, but the prevailing mood is still one of pessimism.

UniCredit Bank Austria has been offering charitable and non-profit organisations accounts with special conditions for years: the so-called “NGO account” with free account management.

UniCredit foresees the EU-CEE¹ economies to grow by around 2.6% in 2024 and 3.0% 2025, with the Western Balkans growing marginally faster. 

From 15 May 2024, Austrian creatives will once again have the opportunity to present their projects to a wide audience and receive up to 5,000 euros in funding.

Property prices in Austria fell for the first time in almost 20 years in 2023

Favourable fixed-interest loans for up to 500 families in Austria

The hesitant improvement in the industrial economy that began last autumn suffered a setback in the first quarter of 2024. 

Tomorrow, Saturday 23 March at 20.30 local time, the “WWF Earth Hour” will be celebrated for the 18th time

The economic situation in Austria has continued to improve at a very modest pace. 

Stefan Wenzel-Hirsch (48) has been appointed Head of Corporate Communications at UniCredit Bank Austria, strengthening the Identity & Communication team.

He succeeds Franz Weisz, who is moving to Schoellerbank and will assume the newly created position of Head of Sales at Schoellerbank on 1 March.

The results of this year's Euromoney Trade Finance Survey have once again confirmed UniCredit as one of Europe's leading banks for trade finance. 

The domestic industrial sector has now been in recession for a year and a half. Although now past the lowest point, improvement in the economic situation continues to be very slow. 

UniCredit is the Official Partner of the Roma 2024 European Athletics Championships, which will take place in Rome from 7 to 12 June at the Olympic Stadium.

The Austrian economy is beginning to rise up from its low and show gradual signs of improvement.

The UniCredit Youth America’s Cup will take place from 17th – 26th September in Barcelona and is open to young people aged between 18 and 25.

The latest information on the UniCredit 4Q23 & FY23 results can be found on the UniCredit website.

Slight improvement in UniCredit Bank Austria Purchasing Managers' Index at 43.0 points in January, which nevertheless continues to signal a recession in the industrial sector

Further deterioration of climate across almost all sectors in H2 2023 but cause for cautious optimism in coming months

UniCredit economists expect the economies in EU-CEE to grow by around 3.0% in 2024 and 2025, with similar growth rates in the Western Balkans. 

The Austrian economy was not able to climb out of recession before 2023 came to an end. 

Svetlana Pancenko will be newly appointed as Member of the Management Board of UniCredit Bank Austria for People & Culture as of 1 February 2024.
Hélène Buffin will become the new Chief Financial Officer (CFO) of UniCredit Bank Austria as of 1 March 2024.
 

UniCredit Bank Austria has successfully placed another Green Covered Bond on the capital market, thereby continuing its sustainability strategy. 

Jochen Hauser was appointed Data Protection Officer of UniCredit Bank Austria.

Following two consecutive increases, UniCredit Bank Austria Purchasing Managers' Index falls again slightly to 42.0 points in December

Marking significant progress in gender equity, the banks in Hungary, Bulgaria, Czech Republic, Slovakia, Romania, Croatia, and Serbia received EDGE Certifications

After strong growth in all federal states the year before, regional economic output improved very little or even declined in most states

Bottoming out but no recovery as year ends

18 non-profit programs combating educational inequalities across 10 UniCredit countries announced as winners

UniCredit was hailed ‘Global Bank of the Year’ for 2023 at The Banker’s annual ceremony in London, in a first for the bank, as well as being named ‘Bank of the Year in Western Europe’, ‘Bank of the Year in Italy’ and ‘Bank of the Year in Bulgaria’.

The global economy is expected to lose further momentum at the beginning of 2024

Two branches of UniCredit Bank Austria in Vienna and Graz are lit up in orange for 16 days, as the bank sets a visible sign on the occasion of the “International Day for the Elimination of Violence against Women”

In line with UniCredit's motto “Empowering Communities to Progress”, UniCredit Bank Austria promotes the financial literacy of young people and young adults as well as company founders. 

The economic situation in Austria remains very tense

This partnership with the global education network Teach For All aims at helping teachers at underserved schools across Europe

UniCredit wins nine further awards at Euromoney Awards for Excellence

After deterioration in previous month, UniCredit Bank Austria Purchasing Managers' Index roses slightly in October

The latest information on the UniCredit 3Q23 & 9M23 results can be found on the UniCredit website

The bank remains committed to deliver best-in-class products and services to our clients in Slovenia

UniCredit Bank Austria Business Indicator falls to minus 4.0 points in September

80 percent of those surveyed are worried about inflation

Revenue for 2023 is set to nominally exceed the pre-crisis level of EUR 30 billion due to significant price increases

Felix Haar assumed overall responsibility for UniCredit Bank Austria's corporate banking business in Salzburg as of 1 October 2023. 

The downturn in Austrian industry accelerated again at the beginning of autumn. 

MSCI, a leading international ESG rating company that assesses over 8,500 companies globally, has upgraded UniCredit to “AA” (leader), from “A” (average) previously

UniCredit Bank Austria has awarded the Bank Austria Social Prize for the fourteenth time this year and is supporting charitable initiatives in Austria with a total of EUR 90,000

UniCredit Bank Austria Business Indicator falls to minus 3.4 points in August 

Unicredit as Global Partner and exclusive Global Banking Partner of the 37th America’s Cup 2024

With the help of 1,677 supporters and a total of 324,262 euros, 27 Austrian art and cultural projects were funded

With the GoGreen student account, environmentally friendly projects are financed with every euro in the account

Investment in construction has increased by a price-adjusted 14% over the last 30 years

UniCredit Bank Austria Purchasing Managers' Index up in August for first time this year – at 40.6 points

Residential property price increases in the eurozone have significantly outpaced average net earnings increases in recent years. 

UniCredit Bank Austria Business Indicator stabilises in July at -2.9 points 

Industrial economy particularly impacted by losses in construction-related sectors 

UniCredit Bank Austria Purchasing Manager's Index falls to 38.8 points in July, undershooting growth threshold of 50 points for twelfth successive month 

The latest information on the UniCredit 2Q23 & 1H23 results . 

A 6.5 million euro program to empower youth across 10 European countries

UniCredit Bank Austria Business Indicator falls to minus 2.9 points in June

UniCredit was named Best Bank in Central and Eastern Europe at the Euromoney Awards for Excellence, while UniCredit Bank Austria secured the title of Best Bank in Austria.

Decline likely in printing sector in 2023 following sharp increase in nominal revenue of 12.8% in 2022

UniCredit Research publishes new study on economic development in Central and Eastern Europe

UniCredit Bank Austria Purchasing Managers' Index falls to 39.0 points in June 

The initiative will support programs combating educational poverty

Daniel Mayr, student of International Economics, receives the “Student of the Year in Management and Economics” award of the Bank Austria Sponsoring Foundation, which is endowed with 1,500 euros.

As part of the cooperation with Teach for Austria, a special day for schoolgirls from socio-economically disadvantaged schools took place at the UniCredit Center at Kaiserwasser

Janine Wukovits, 32, will assume the role of Head of Regulatory Affairs at UniCredit Bank Austria as of 1 July 2023, in addition to her current role as Head of Legal Governance & Digitalization.

While the number of people in employment in the eurozone has increased by around 30% since 1995, the number of working hours has only increased by around 23%

UniCredit Bank Austria Business Indicator falls to minus 2.4 points in May 

UniCredit Bank Austria, in cooperation with the students’ organisation “AIESEC in Austria”, has held a case study competition on customers’ digital engagement. 

UniCredit has been named Best Sub-Custodian Bank in Central and Eastern Europe in Global Finance magazine’s annual awards, while also claiming six country awards for Best Sub-Custodian Bank in Austria, Bulgaria, Bulgaria, Bosnia & Herzegovina, Hungary, Serbia, and Slovenia. 

All federal states posted robust to very healthy growth in 2022

Slovenia is an important part of UniCredit Group’s growth plan in Central Europe and further developing the opportunities of this market is a key tenant in the delivery of our strategy UniCredit Unlocked. For 

UniCredit Bank Austria Purchasing Managers' Index falls to 39.7 points in May, reaching its lowest level since April 2020 

Both sectors of the Austrian electrical industry – electronics and electrical engineering – are growing faster over the long term than the industrial sector as a whole, and faster than the comparison sectors in the rest of Europe.

Value increase of holiday euro abroad compared to 2022 driven partly by appreciation of the euro and by Austria's higher inflation

The latest information on the UniCredit 1Q23 results can be found on the UniCredit website.

Materials shortage improves and labour shortage worsens in industrial sector 

UniCredit Bank Austria Business Indicator falls to minus 1.6 points in March

Bank Austria Social Prize to be awarded for the 14th time in 2023

The donations enable humanitarian aid for people in need after the earthquakes in Turkey and Syria in the form of heating material, food and emergency shelters

UniCredit Bank Austria Purchasing Managers' Index falls to 44.7 points in March, reaching its lowest level since May 2020 

Austria's automotive industry can expect growth in 2023, but is not expected to return to pre-crisis levels until 2024 

On Saturday 25 March at 20.30 CET, UniCredit will turn off the lights in 35 of its buildings across 12 Group countries for one hour 

The Austrian economy is slowly but steadily recovering from its low in sentiment. 

Forty UniCredit experts from 11 countries proudly graduated this week from the first multinational ESG Academy.

The emporiaSMART.5 smartphone has a large display, simple menu navigation and pre-installed apps such as the UniCredit Bank Austria MobileBanking app.

The third party financing business of Bank Austria Finanzservice with its sales partner cooperations will be integrated into UniCredit Bank Austria as of 1 April 2023 and will be continued unchanged

On 24 February, the Zero Project Conference, together with UniCredit Bank Austria, hosted the first ever Zero Project Technology Forum at UniCredit Center am Kaiserwasser. 

Difficult conditions and weak global demand are continuing to pose major challenges for Austrian industrial companies. 

By international comparison, Austria's mechanical engineering sector is highly competitive and posting strong growth. 

The results of this year’s Euromoney Trade Finance Survey have again confirmed UniCredit as a leading trade finance player across Europe, with the bank picking up 22 awards across various categories and geographies.

UniCredit Bank Austria has successfully placed a second Green Covered Bond on the capital market, thereby continuing its sustainability strategy. 

The UniCredit Bank Austria Business Indicator rose to minus 1.4 points in January

UniCredit Bank Austria supports Caritas' call for donations to help earthquake victims in Turkey and Syria

The latest information on the UniCredit 4Q22 & FY22 results.

Competitive metal goods production industry consolidates international growth advantage over three year period.

UniCredit Bank Austria Purchasing Managers' Index rises for third consecutive month in January, 
to 48.4 points, but remains below growth threshold as in previous six months.

UniCredit Group Top Employer Europe for seventh consecutive year in 2023

UniCredit Bank Austria Business Indicator increased to minus 2.5 points in December 

UniCredit economists expect a recovery in the CEE region after a winter of an atypical recession due to falling purchasing power and foreign demand, tighter financial conditions, and lower fiscal spending “A rebound is likely from 2H23 onwards if the eurozone economy recovers as well.