The UniCredit Bank Austria Business Indicator provides an overview of the current economic situation in Austria.
Economic growth of 1.5 percent expected for 2019, new forecast for 2020 lowered to 1.1 percent; inflation below ECB target at 1.6 percent and 1.8 percent respectively
- In September, the UniCredit Bank Austria Business Indicator reached 1.5 points once more, signalling a continuation of the moderate pace of growth in the autumn
- Sustained high levels of consumption drove estimated economic growth of 1.5 percent in Q3 2019
- GDP also looks set to increase by 1.5 percent for 2019 as a whole
- Domestic demand suppressed by the weakness of the global economy: downgrade of GDP forecast for 2020 from 1.3 percent to 1.1 percent
- After dropping to 7.4 percent in 2019, the unemployment rate is expected to increase to 7.5 percent in 2020
- Low oil prices and a weaker economy are likely to see inflation drop to an average of 1.6 percent for 2019. With a forecast of 1.8 percent, inflation is also expected to fall short of the ECB target in 2020
- Favourable interest rates create fiscal leeway
as of 15 October 2019.