After the recession – Economic outlook for 2024 and beyond

Austria Up-to-date

The information provided by Bank Austria in our publication “Austria Up-to-date” includes current economic forecasts and the most recent data for key indicators, in some cases in the form of charts. The key indicators are supplemented by regular comments, and their impact on the forecast is analysed in this report.

After the recession, prospect of recovery from 2024

  • Only slow pace of recovery in sight
  • Unemployment rises in 2024, slight easing in 2025
  • Inflation continues to fall, but at a slower pace than in the eurozone
  • Interest rate turnaround expected in 2024

As of December 2023.

Focus Austria

"Focus Austria" - Review and outlook 2023/2024 offers a comprehensive analysis of the economic trends in Austria with special consideration of structural conditions. The publication provides an overview of the past year and offers an outlook on the developments expected in the current year and the following year. In addition to the current economic situation, the Austrian business location is assessed.

Growth prospects slowly improving, but patience is needed

  • Austria's economy weakened in the first half of 2023 – economic slump still persists 
  • Stagnation until the turn of the year 2023/24 – moderate recovery ex-pected from 2024 based on consumption 
  • Unemployment rate fell to 6.4 percent in 1H 2023 – upward trend since spring, but only moderate increase expected overall 
  • Second-round-effects slowed energy price-driven inflation decline in 1H23 – slowdown continues 
  • Interest rate peak should be reached – easing of monetary policy in the euro area expected in the second half of 2024 
  • Fiscal policy has switched to inflation compensation – budget policy more cautious 
  • Interest rate hike dampened loan demand, weak economy dampened deposit growth - headwinds persist

You can find the current issue on the right under Downloads.

As of October 2023.