Economic Recovery Delayed. Economic Outlook for 2023 to 2025

The Austrian economy will contract by 0.8 percent in 2023. Lower real incomes as a result of high inflation and global weakness in industry are weighing on economic development. The recovery of industrial production in Austria will be delayed, so that GDP will only grow by 0.9 percent in 2024. GDP g...

Ausführliche Beschreibung

Bibliographische Detailangaben
Link(s) zu Dokument(en):WIFO Publikation
Veröffentlicht in:WIFO Reports on Austria
Hauptverfasser: Stefan Ederer, Stefan Schiman-Vukan
Format: article
Sprache:Englisch
Veröffentlicht: 2024
Schlagworte:
Beschreibung
Zusammenfassung:The Austrian economy will contract by 0.8 percent in 2023. Lower real incomes as a result of high inflation and global weakness in industry are weighing on economic development. The recovery of industrial production in Austria will be delayed, so that GDP will only grow by 0.9 percent in 2024. GDP growth is expected to reach 2 percent in 2025. Inflation will fall to 4 percent in 2024 and to around 3 percent in 2025. The labour market will deteriorate only temporarily.