Slight economic upturn in very small increments

The Austrian economy is beginning to rise up from its low and show gradual signs of improvement. "The UniCredit Bank Austria Business Indicator increased to minus 3.2 points at the start of the year. This marked the fourth consecutive increase and the best performance since May of last year", says UniCredit Bank Austria Chief Economist Stefan Bruckbauer, adding: "Although the recession appears to have bottomed out just before the end of 2023, the latest indicator is still well below the long-term average — suggesting only limited improvement in the economic situation. There is no sign of the kind of momentum that would herald an imminent and meaningful recovery of the Austrian economy."

  • UniCredit Bank Austria Business Indicator rises to minus 3.2 points at start of 2024
  • Austrian economy appears to have ridden out recession but is unlikely to pick up momentum until summer
  • Sentiment improving somewhat in industrial sector and certain service sectors but mood remains pessimistic overall
  • Mood in construction sector deteriorated further, however
  • Muted economic growth of 0.3% expected for 2024 due to upturn in consumption and trend reversal for warehouse cycle
  • Unemployment rate set to increase to 6.7% in 2024 before declining to 6.5% in 2025 due to stronger growth
  • Inflation expected to drop to 3.6% on average for 2024 and 2.3% in 2025, underpinning economic recovery via significant real wage increases

chart UniCredit Bank Austria Business Indicator and GDP real

UniCredit Bank Austria Business Indicator (PDF)
UniCredit Bank Austria Business Indicator – Computation method (PDF)

as of February, 2024


About UniCredit Bank Austria Business Indicator

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

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