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Growth forecast for Austrian economy in 2013

28 December 2012

Austria's economic research institutes predict modest growth in 2013. Ernst & Young agree.

The Austrian Institute of Economic Research (Wifo) and the Institute for Advanced Studies (IHS) 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 was around 0.6 or 0.7%. 
Professional services provider Ernst & Young reached a similar conclusion in their so-called winter forecast and predicts economic growth for Austria of 0.9% in 2013. According to Helmut Maukner of E&Y Austria, we must contend with more moderate economic growth in the coming year. This stands in contrast to many other eurozone countries where total GDP is forecast to contract by 0.2%. Ernest & Young has forecast a slight economic recovery in Europe for 2014, which should translate into a plus of 1.1% in Austria.

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). The equivalent figures for 2012 were 2.4% and 2.5% respectively. 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%).