Austrian Economy Noticeably Improved in 2021, Experts Say

Bank Austria economists have adjusted the expectations for the economic growth of the Austrian economy in 2021 and 2022. For this year, they expect stronger GDP growth of 4% instead of 3.2%.

For next year, the expectation was lowered to 5.1% from previously 5.5%. The pace of the recovery slowed slightly after an all-time high in July.

 “With the end of the summer, the Austrian economy lost some of its dynamics,” said Bank Austria head economist Stefan Bruckbauer in a statement on Wednesday. Economic growth was expected to be slightly weaker in the third quarter compared with the spring this
year. Two percent more growth was forecast compared with the previous quarter.

Catch-up effects leveling off, production bottlenecks, and the additional pressures from coronavirus infections all contributed to this slight slowdown.

Reported in cooperation with the Austrian Press Agency / APA.