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Austria Economic Snapshot

Economic Forecast Summary (May 2021)

The recovery of the Austrian economy will gain pace with output expanding by 3.4% in 2021 and 4.2% in 2022. A rebound in global trade and generous government support underpin strong investment growth. Consumption will improve as households reduce their saving. Worldwide progress with the deployment of vaccines will allow the easing of travel restrictions and thus foster activity in hospitality sectors and employment in the second half of 2021. The increase in commodity prices will result in a moderate and temporary uptick in consumer price inflation. The fiscal deficit is planned to decline in 2021 and 2022.

Reform Priorities (April 2021)

Going for Growth 2021 - Austria

COVID-19 risks reinforcing long-standing vulnerabilities in the labour market such as digital skill gaps, diverging career trajectories between men and women, an elevated rate of long-term unemployed and subpar integration of migrants. Addressing these issues is crucial for a more inclusive recovery, facing demographic change and the sustainability of social security systems.

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2021 Structural Reform Priorities

  • Education: Improve digital skills across all layers of education and boost access to digital infrastructure
  • Labour market: Facilitate full-time labour force participation of both parents throughout the country
  • Labour market: Reduce incentives to early exit from the labour force
  • Education: Make educational outcomes less dependent on socio-economic background
  • Competition and regulation: Streamline regulations in professional and business services to boost productivity growth

 

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Economic Survey of Austria 2019 (November 2019)

The Austrian economy has performed well over the recent decades. Real GDP per capita was the 11th highest in the OECD and 6th highest in the EU in 2018, slightly ahead of Germany, Finland and Belgium. It fell however behind the most rapidly growing OECD countries in the 2010s and the gap has widened more rapidly than in comparable countries. Available indicators of well-being remain nonetheless well above OECD averages, with limited discrepancy between population groups and regions, witnessing a high degree of social cohesion. 

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Executive Summary