The UniCredit Bank Austria Business Indicator provides an overview of the current economic situation in Austria.

High inflation and attempts to tackle it delay economic recovery in Austria 

  • UniCredit Bank Austria Business Indicator stabilized in April at -1.7 points 
  • Two-tier economic mood: Deterioration in production sector offset by upturn for services 
  • Return to growth expected from Q2 2023; monetary tightening slowing pace of recovery 
  • GDP forecast remains unchanged for Austria at 0.7% for 2023 as a whole and 1.2% for 2024 – just bringing it on a par with improved eurozone growth prospects 
  • Strong second-round effects of energy price increase prolonging inflation in Austria: Inflation forecasts increased to 7.6% for 2023 and 3.5% for 2024 
  • Interest rate peak of 4.25% expected for refinancing rate in summer

as of May 15th, 2023