Austria: Stabilising policies

Owing to the global crisis, Austria has entered the most severe recession in decades. GDP is set to contract in 2009, resulting in an increase in unemployment and low inflation. The unemployment rate increased to 4.2% in April 2009, from 3.7% a year before.

Activity is expected to pick up gradually in the course of 2010.

The policy measures taken since last September are mitigating the downturn and stabilising financial markets. Further financial-sector support might be needed to deal with downside risks should they materialise. The deterioration in the fiscal position calls for spelling out soon a credible medium-term consolidation strategy. Fiscal reforms should be continued to facilitate consolidation efforts.

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©OECD Observer No 274, July 2009

Economic data

GDP growth: -9.8% Q2/Q1 2020 2020
Consumer price inflation: 1.3% Sep 2020 annual
Trade (G20): -17.7% exp, -16.7% imp, Q2/Q1 2020
Unemployment: 7.3% Sep 2020
Last update: 10 Nov 2020

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