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EU Autumn Forecast Export continues to be Austria's growth generator

Engine © ADVANTAGE AUSTRIA

© ADVANTAGE AUSTRIA

19. November 2007

Austria's GDP growth will be higher than expected in 2008 and 2009, despite a slowdown. The debt burden is set to fall to the target level of 60% of GDP for the first time.

According to the EU Commission's Autumn Forecast, Austria will achieve a household deficit of 0.8% this year. By 2009 Austria is set to cut new debt to 0.4% of GDP. However, government debt is set to reduce significantly even this year. For the first time since 1992, debt looks likely to fall to the Maastricht target levels of 60% of GDP. For 2008 and 2009 the debt burden should continue to fall to 58.4% und 57.2%. The EU Commission predicts that that GDP growth in Austria will slow slightly in the next two years. With growth rates of 2.7% for 2008 and 2.4% for 2009, the Austrian economy will continue to grow - and faster than previously predicted. For this year a plus of 3.3% is expected by the EU Commission. Investment and export remain the most important growth generators for the Austrian economy. Along with Finland, Slovenia and Greece, Austria is one of the few countries in the Euro zone for which the EU Commission has increased their growth forecasts.

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