The UniCredit Bank Austria Business Indicator provides an overview of the current economic situation in Austria.
Austria's economy heading for mild recession
- UniCredit Bank Austria Business Indicator drops to minus 2.5 points, its lowest level since mid-2020
- Despite marked economic slowdown in the coming months, strong growth in H1 will lead to increase in GDP forecast for 2022 from 4.4 to 5.3 percent
- Burden of high energy prices set to trigger mild recession in Austria over winter months: growth forecast for 2023 down to 0.4 percent
- Improvement trend in labor market come to an end: unemployment rate of 6.3 percent expected for 2022 and 2023
- Inflation forecast increased to average of 8.3 percent in 2022 and 5.5 percent in 2023
- More rapid ECB rate hikes set to bring refinancing rate up to 2.5 percent and deposit rate up to 2.0 percent by March 2023
as of 15 September 2022