The Austrian economy was showing signs of cautious optimism as 2022 began. After a significant gross domestic product increase of almost 5% in 2021, analysts from UniCredit Bank Austria also anticipate a similar strong economic growth in 2022. Private consumption in particular is set to become a powerful growth driver this year, fueled by the marked improvement in the situation on the labour market and greater certainty about health policy. However, the continued high rate of inflation could increasingly prove to be a sticking point. Also, supply bottlenecks might continue to last over the next months. The economists at UniCredit Bank Austria expect economic growth in Austria to be above average in 2023 too, with a GDP increase of 3%. For more details read their latest Business Indicator.
For another area very important to Austria’s economy, Central- East and Southeast Europe, The Vienna Institute for International Economic Studies analysis in their January 2022 especially high political risks for the region, actually the highest since the 1990s The Russia Ukraine conflict, the crisis in Bosnia & Herzegovina and upcoming elections in Hungary and Slovenia threaten the political and economic stability in the region.
