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Financial Outlook

The economy is expected to recover over 2014 and 2015, according to a forecast by the prestigious Austrian Institute of Economic Research in December 2013. The Institute predicted that the economy would expand by 0.3% in 2014 and by 1.7% in 2015 as a result of a pickup in investment and export demand from countries such as Germany and the United States. However, domestic demand would remain weak due to moderate wage growth, sluggish labor market conditions, and constraints on public spending. Austria has weathered the Eurozone crisis relatively well and unemployment is the lowest in the European Union. Austria also appears less threatened by deflation than other eurozone members. Inflation rose to an annual 1.4% in November 2013, in contrast to falls in inflation rates in other member states. Following a general election in September 2013, the grand coalition, composed of the Social Democratic Party and the Austrian People’s Party, agreed to intensify spending cuts and austerity measures. The coalition’s primary goal is the achievement of a “zero structural deficit” by 2016, as well as the implementation of measures to stimulate economic growth and employment.

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Further reading on Austria


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