Austria Economic Snapshot

Economic Forecast Summary (November 2022)

Economic Outlook Note - Austria

Growth is expected to be 4.5% in 2022, but slow sharply to 0.1% in 2023 and 1.2% in 2024. Headline inflation is broad-based and expected to peak towards the end of 2022, before easing over 2023 and 2024. Real disposable incomes are falling in 2022, depressing private consumption, but should recover as wages catch up with inflation. Low external demand and a deterioration in business confidence will weigh on private investment.


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OECD-Wirtschaftsausblick - Österreich

Das Wachstum dürfte 2022 bei 4,5 % liegen, bevor es 2023 auf nur noch 0,1 % einbricht. Für 2024 werden 1,2 % erwartet. Die Inflation ist breit basiert und wird voraussichtlich gegen Ende 2022 ihren Scheitelpunkt erreichen, bevor sie 2023 und 2024 allmählich nachlässt. Die verfügbaren Realeinkommen verringern sich 2022, was den privaten Konsum hemmt. Sie dürften sich jedoch wieder erholen, wenn mit der Inflation auch die Löhne steigen.


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Economic Survey of Austria (December 2021)

Austria is set to overcome the COVID-19 shock and its economic scars with the help of genuine sanitary, health and economic support policies. The country faces the opportunities and the challenges of two major structural transformations: transition to a net zero emission economy, and the generalisation of more advanced forms of digitalisation. New entries and exits in the business sector, more capital and labour re-allocations, and greater geographic mobility of labour invite new policy measures to boost social cohesion by improving the adaptation of skills to jobs, improving the social protection of free-lance workers, and accelerating the social, economic and educational integration of groups of migrant origin.  

Executive Summary


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.

©Shutterstock/Anton Petrus

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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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