Forecast of the Austrian Economy 2022–2026

High inflation and the turmoil resulting from the war against Ukraine are slowing down the global economic recovery after the COVID-19 pandemic.

Subdued growth overshadowed by energy transition and inflation

For the forecast period 2022 to 2026, IHS expects real GDP in Austria to increase by an average of 1 ¾ % per year. In 2022, inflation is expected to climb to an average rate of 7 ½ %, which has been primarily driven by rising energy prices. By 2026, inflationary pressures should ease noticeably, so that inflation should fall to 2 ¼ %. The unemployment rate is expected to be 6 ¼ % over the entire forecast period. Having had to focus on immediate crisis management in recent years, economic policy should now return to strengthening the Austrian economy's potential output and supporting the energy transition.

IHS economic forecast