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The UniCredit Bank Austria Business Indicator provides an overview of the current economic situation in Austria.
Second lockdown stalls recovery of Austrian economy
- UniCredit Bank Austria Business Indicator falls to minus 2.5 points in November in biggest monthly decline since April
- Economic dichotomy continues: Industrial and construction sectors largely stable; significant slump in services sector
- Renewed drop in GDP in Q4 caused by lockdown triggers slight recession in Austria as winter approaches: Economic output declines by more than 7% in 2020
- Rebound in Q2 2021 would herald possibility of strong recovery from H2 onwards
- GDP growth of 3.1% expected in 2021; 5.2% percent in 2022
- Slow labour market recovery expected from H2 2021 onwards following deterioration over winter
- ECB continues monetary easing due to low inflation expectations
as of 15 December 2020.