Macro - Country Economic Forecasts - Austria
We have cut our near-term growth forecast for Austria due to impact of Russia's invasion of Ukraine. Supply chains were just beginning to recover prior to the attack but headwinds are now intensifying. We expect a large hit to trade, a direct hit from trade with Russia and Ukraine, amplified by closely integrated European value-chains and the impact of sanctions. And we also expect softer private consumption as households face higher inflation and sentiment turns more cautious. Overall, we now expect GDP growth of 2.7% in 2022, down from 3.2% seen last month.
- Untitled Chapter
- Forecast overview
- Recent developments
- Short-term growth outlook
- Key drivers of our short-term forecast
- Economic risk
- Economic risk evaluation
- Risk warnings
- What to watch out for
- Exposure to key global risks
- Long-term prospects
- Background
- Economic development
- Structure of the economy
- Balance of payments and structure of trade
- Policy
- Politics
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