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OECD issues favourable figures for Austria

Going up step by step © ADVANTAGE AUSTRIA


7 June 2010

2010 GDP forecast raised from 0.9% to 1.4%. Exports are set to rise by 4% in 2010 and by 7.7% in 2011.

Following on from the global economic crisis year 2010, Austria's economy is set to recover more quickly than expected. This is the conclusion of the Organisation for Economic Co-operation and Development (OECD) in its most recent forecast, the "Economic Outlook" .  According to the OECD, gross domestic product (GDP) is set to rise by 1.4% this year, rather than the 0.9% growth that was previously forecast.

For 2011 the OECD has predicted economic growth of 2.3% for Austria. The faster recovery is mainly accounted for by a global rebound in demand leading to stronger growth in Austrian exports. According to the Economic Outlook, exports are set to increase by 4% this year and by 7.7% in 2011.

Another key driver in the economic upsurge is the increase in private consumer spending, which even rose by 0.8% in the crisis year 2009. Austrian domestic consumption is forecast to rise by 1.1% in 2010 and by 1.6% in 2011.