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

Economic slowdown expected after strong start to year 

  • UniCredit Bank Austria Business Indicator falls to lowest level in a year in April at 0.7 points 
  • Sanctions against Russia and high energy prices set to put brakes on economy in Austria in coming months
  • Slowdown evident in industrial and construction sectors but services economy set to benefit from removal of pandemic measures, despite burden of inflation 
  • Strong growth at start of year drives GDP increase of 3.6% for 2022. Lower economic growth of 2.6% expected for 2023 
  • Reduction of unemployment rate to average of 6.3% in 2022 and 6.1% in 2023 despite burdens of Ukraine war 
  • Inflation expected to fall to annual average of 2.3% in 2023 from 5.9% in 2022
  • Early ECB interest rate hike on horizon in wake of rise in inflation expectations

as of 16 Mai 2022