Austria: Inflation contained

Driven by strong investment and exports, GDP growth is expected to pick up to above 3% in 2006 before slowing to 2.5% in 2007. With the economy still operating somewhat below potential, inflationary pressures are likely to be contained, particularly in light of continued wage restraint.

The fiscal deficit is likely to be below 1.5% of GDP in 2006. However, the projected impact of the recent tax cuts imply that avoiding a future deterioration of the general government balance will require additional efforts at fiscal consolidation, notably through expenditure cuts.

Population (000s), 20058 233
Area (000 sq km)84
GDP (Billion USD), 2005276.4
Life expectancy at birth (Women, Men), 2004 82.1, 76.4
Total labour force (000s), 20054 032
Government typeFederal Republic

Indicators% change unless otherwise indicated
GDP growth3.22.52.4
Household savings ratio9.79.79.6
Consumer price index1.71.82.0
Unemployment rate (%)
General government financial balance
(% GDP)
Current account balance (% GDP)

Source: OECD

©OECD Observer No. 258/259, December 2006

Economic data

GDP growth: -1.8% Q1 2020/Q4 2019
Consumer price inflation: 0.9% Apr 2020 annual
Trade (G20): -4.3% exp, -3.9% imp, Q1 2020/Q4 2019
Unemployment: 8.4% Apr 2020
Last update: 9 July 2020

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