The UniCredit Bank Austria Business Indicator provides an overview of the current economic situation in Austria.
Recovery off to flying start in Austria
- The UniCredit Bank Austria Business Indicator climbs to 5.9 points in June, reaching another all-time high
- Strong rebound from opening up of retail and hospitality set to tail off after summer, with pace of recovery slowing throughout rest of year
- Sustained recovery of Austrian economy likely, despite further obstacles during summer owing to higher infection rates: GDP expected to increase by 3.2 percent in 2021 and by as much as 5.5 percent in 2022
- Unemployment rate expected to return to pre-crisis levels by end of 2022, but progress on labor market slowing
- Inflation forecasts for 2021 and 2022 increase slightly to average of 2.4 percent and 2.1 percent respectively: Oil prices in particular temporarily driving up inflation rose to new record of 4.9 points in May
as of 15 July 2021.