Forecast of the Austrian Economy June 2021

Strong economic upswing in Austria

With the successful fight against the coronavirus pandemic, the Austrian economy gained strong momentum in spring.

The Institute has therefore raised its forecast for economic growth in the current year to 3.4 %. For 2022, a growth rate of 4.5 % is expected. With the economic recovery, the unemployment rate is expected to fall to 8.4 % this year and 7.9 % next year, respectively, thus remaining above the pre-crisis level. In line with the international developments, inflation is expected to climb to 2.2 % on average in 2021 and should reach 2.0 % next year. With the improved economic situation and the discontinuation of the COVID-19 support measures, the budget deficit should decline significantly, especially in the coming year. Economic policy strategies to strengthen the competitiveness of the Austrian economy and to achieve the climate targets should be developed and implemented.

Link to the short version in English

IHS Economic Forecast