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

Signs of slow bottoming out in the Austrian economy 

  • UniCredit Bank Austria Business Indicator rises to minus 3.7 points in October, signaling end to decline but no turnaround yet
  • Austrian economy expected to emerge from recession towards end of 2023, but GDP forecast down to minus 0.5% for year as a whole
  • Real wage increases boosting consumption to offer hopes of recovery in 2024, but not without hindrance by restrictive monetary policy
  • Economic slowdown fueling unemployment: average unemployment rate expected to be at least 6.4% in 2023/24
  • Inflation expected to fall from average of 7.8% in 2023 to 3.6% in 2024, placing it above eurozone level for 16th consecutive year
  • No further interest rate hikes expected in eurozone. Significant drop in inflation making cycle of interest rate cuts increasingly likely from mid-2024 onwards

as of November, 2023