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