Austria Economy

Economic growth

The economy recorded average annual growth of 1.2% in the decade to 2022. To read more about GDP growth in Austria, go to our dedicated page.

Fiscal policy

Austria's fiscal deficit averaged 2.4% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment

The unemployment rate averaged 5.7% in the decade to 2022. For more information on Austria's unemployment click here.

Inflation

Inflation averaged 2.4% in the decade to 2022. Go to our Austria inflation page for extra insight.

Monetary Policy

Euro Area monetary policy rate ended 2022 at 2.50%, up from 0.75% a decade earlier. See our Austria monetary policy page for additional details.

Exchange Rate

From end-2012 to end-2022 the euro weakened by 18.2% vs the U.S. dollar. For more info on the euro, click here.

The economy ramped up from Q2’s flat reading in Q3, rising 0.3% in sequential terms. Private spending led the upturn, posting its sharpest increase in nearly two years. Moreover, public spending and exports returned to growth and fixed investment fell at a softer clip. Our panel expects the economy to be expanding at a similar clip to Q3 in Q4. Inflation remained below the ECB’s 2.0% target in October, likely aiding household budgets. That said, economic sentiment remained deeply pessimistic, and PMI data hints at deteriorating manufacturing output in the same month. In politics, on 22 October, President Van der Bellen asked Chancellor Karl Nehammer of the center-right Austrian People’s Party (ÖVP) to form a government; the ÖVP will likely pair off with the Social Democrats and the liberal Neos, though differences on key economic policies could fuel political instability.

Projections out to 2034.

50 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 22 expert analysts.

Want to get insight on the economic outlook for Austria in the coming years? FocusEconomics collects projections out to 2034 on 50 economic indicators for Austria from a panel of 22 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Austria economy. To download a sample report on the Austria's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.