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Growth forecast for Austrian economy in 2013

20 January 2013

Austria's economic research institutes predict an economic rebound from 2013. Consulting firm Ernst & Young has also forecast slight growth for Austria in 2013.

The Austrian Institute of Economic Research (Wifo) and the Institute for Advanced Studies (IHS) have recently presented their economic forecasts for 2013. Both institutes agree that the economy reached its low point in the fourth quarter 2012; from 2013 Austria’s economy should bounce back slightly and grow by 0.8% (IHS) or 1% (Wifo). GDP growth for 2012 is around 0.6 or 0.7%.

Consulting firm Ernst & Young has reached a similar conclusion in their so-called winter forecast and predicts 2013 economic growth for Austria of 0.9%. According to Helmut Maukner of E&Y Austria, we must prepare for more moderate economic growth in the coming year. However, in contrast to many other eurozone countries (2013 GDP forecast: minus 0.2%), Austria can build on a solid economic basis. Ernest & Young has forecast a slight economic recovery in Europe for 2014, which should translate to a plus of 1.1% in Austria’s economy.

The weak international economy leading to muted commodity and energy prices in 2013 is likely to trigger falls in inflation, down to 2.1% (Wifo) and 1.8% (IHS)(2012: 2.4 to 2.5%). This is in contrast to unemployment, which is set to rise slightly in 2013 despite the moderate recovery and will remain high in 2014 – Eurostat forecasts unemployment rates of 4.6% (2012: 4.3%).