WIFO Reports on Austria

Die WIFO Reports on Austria sind englischsprachige Kurzanalysen zu ökonomischen Entwicklungen in Österreich. Es werden regelmäßig Beiträge zu den Themen Konjunktur, Wettbewerbsfähigkeit, Makroökonomie, Arbeitsmarkt, Digitalisierung, Cash-Flow und Lohnstückkosten veröffentlicht, die die wesentlichen Entwicklungen in diesen Bereichen in Österreich zusammenfassen.

Die Artikel der Vorgänger "WIFO Bulletin" und "Austrian Economic Quarterly" finden Sie hier: WIFO Bulletin, Austrian Economic Quarterly  

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Aktuelle Ausgaben (21 Treffer)

The COVID-19 pandemic and its consequences continued to shape the development of the global economy in 2021. Regionally, economic activity was heterogeneous, although the rapid recovery in industrial production resulted in supply bottlenecks and sharp price increases in many areas. The domestic economy expanded again, although economic activity fluctuated once more strongly over the year and was largely influenced by the COVID-19 health care policy measures. With the economic recovery, average hours worked also increased, which had a positive effect on per capita incomes. Together with improved consumer confidence and savings reserves from the previous year, this increased households' willingness to spend. Rising raw material prices had an inflationary effect, causing the Consumer Price Index to rise significantly, particularly at the end of 2021.
WIFO Reports on Austria, 2022, (6), 17 Seiten
Online seit: 13.04.2022 0:00
The Ukraine war leads to renewed significant negative supply shocks that do not allow domestic industry to grow. Inflation remains high for longer and dampens the growth of private consumption. The large catch-up potential in tourism makes it a pillar of growth this year. Overall, more than half of the expected 3.9 percent growth rate for 2022 is due to accommodation and food services. The labour market trend remains favourable.
WIFO Reports on Austria, 2022, (5), 12 Seiten
Online seit: 13.04.2022 0:00
The results of the December 2021 WIFO-Konjunkturtest (business cycle survey) show that Austrian companies expanded their innovation spending in 2021. However, the still unfavourable economic environment has led to restraint in the introduction of new products. The persistence of the COVID-19 crisis is likely to have hit the innovation activity of small and medium-sized enterprises in particular.
The results of the January WIFO-Konjunkturtest (business cycle survey) show a decline in economic momentum on a quarterly basis. However, in all sectors except retail trade, economic indicators remained at confident levels. Due to the easing of health policy restrictions in January, the WIFO-Konjunkturampel (economic traffic light) jumped to green. Business uncertainty remains high. Capacity utilisation fell in the service sectors but remained high overall. As in the previous quarter, the "shortage of labour force" was mentioned as the most important obstacle to business activity. In manufacturing, construction and retailing, shortages of materials and inputs continue to hamper business activity.
WIFO Reports on Austria, 2022, (3), 12 Seiten
Online seit: 25.02.2022 0:00
In the last two years, economic policy in Austria has been dominated by the COVID-19 crisis. Concerning its pandemic re-sponse, compared to its international peers, Austria ranks only average, both in terms of excess mortality and economic loss-es. While the pandemic situation is still acute, economic policy must nonetheless refocus on structural issues that are decisive for long-term prosperity. This article highlights some aspects of the COVID-19 crisis and offers some thoughts on the transfor-mation of the energy system and the reform of labour market institutions. The proactive design of both policy areas will be crucial for the country's successful economic future.
The WIFO radar of competitiveness measures the performance of Austria using 24 selected indicators related to economic, social and ecological goals: taking the average across all indicators, Austria has improved somewhat relative to the previous year's ranks and is now directly behind the top third of the European countries compared. Austria achieves high percentile ranks in terms of per capita income, regional distribution and foreign trade. In the dimensions "social living conditions" and "use of natural resources", however, it is only in the European midfield.
WIFO Reports on Austria, 2022, (1), 15 Seiten
Online seit: 24.01.2022 0:00
The strong economic recovery in Austria in spring and summer 2021 is slowing down in the second half due to the renewed lockdown, persistent supply bottlenecks and high commodity prices. In 2022, the economy should recover quickly after the restrictions are lifted. Strong growth is expected for 2022 as a whole due to the gradual unwinding of the barriers. In 2023, the Austrian economy then swings to a moderate growth path. The labour market develops favourably in the forecast period. Inflation will remain high in 2022.
The business cycle assessments of Austrian companies show a stable development of the economy across almost all sectors in October, except in the retail trade sector. Nevertheless, the WIFO-Konjunkturampel (economic traffic light) shows red and thus signals that the peak of the economic upturn has probably been reached. Capacity utilisation fell slightly in manufacturing but remained above average in all sectors. As in the previous quarter, the "shortage of labour force" was cited as the most important obstacle to business activity. In addition, shortages of materials and inputs caused by supply bottlenecks hampered business activity in manufacturing, construction and retailing.
The Austrian economy is set to recover significantly after the COVID-19 recession. This development will be driven by a strong international economic expansion (2022) and fiscal policy measures such as the investment premium and the tax reform. Hence, domestic demand becomes more pronounced over the forecast horizon. In 2022, GDP is expected to rise by 5.0 percent. Influenced by the presumed cool-down in the international economy, domestic growth is set to ease to 1.8 percent by 2026 (Ø 2022-2026 +2.6 percent p.a.). In comparison to the euro area, annual GDP growth in Austria is on average 0.2 percentage points higher. Trend output will grow by an average of 1.5 percent p.a. over the forecast period (WIFO method). Due to "forced savings" formed in 2020-21 as a result of COVID 19 restrictions and the relief provided to private households by the tax reform, private consumption will grow at an above-average rate of 3.1 percent p.a. (volume terms; 2022 +6.4 percent). In 2022, investment still benefits from frontloading effects triggered by the investment premium but loses momentum in 2023. From 2024, the investment allowance and the reductions in the corporate tax rate will stimulate investment. Foreign trade evolves in a particularly dynamic manner in 2022, which is due to the postponed rebound effect in international travel. The rapid economic expansion results in a strong decline in unemployment: in 2022, the unemployment rate (7.3 percent) will fall below the pre-crisis level. By the end of the forecast period, the unemployment rate is expected to drop to 6.1 percent. Strong international demand, supply shortages, the return of VAT rates to pre-crisis levels in some sectors and CO2 pricing, will push inflation to 3.1 percent in 2022 (Ø 2023-2026 +2.1 percent p.a.). The budget deficit declines from 6.3 percent in 2021 to 2.4 percent in 2022 (2026 +0.4 percent). The tax reform increases the budget deficit ratio on average by 0.6 percentage points p.a.
WIFO Reports on Austria, 2021, (12), 15 Seiten
Online seit: 02.12.2021 0:00
In 2020, there was a marked year-on-year increase in unit labour costs in the manufacturing sector of 6.0 percent. Austria's unit labour cost position deteriorated both relative to the weighted average of all its trading partners (+1.7 percentage points) and relative to its EU trading partners (+1.5 percentage points). Despite this overall development, the unit labour cost position relative to Germany, Austria's most important trading partner (+0.1 percentage point) is largely unaltered. Due to differences in policy design and implementation of the COVID-19 aid measures (especially with regard to short-time work) across countries as well as the statistical treatment of these measures in the Quarterly National Accounts, the data underlying our calculations for 2020 are distorted and comparability across countries is limited.
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Ihre Ansprechpersonen

 

apl. Prof. Dr. Hans Pitlik

Funktion: Ökonom (Senior Economist), Chefredaktion WIFO-Monatsberichte und WIFO Reports on Austria

Tamara Fellinger

Tätigkeitsbereiche: Redaktion, Website, Publikationen, Abonnentenbetreuung

Tatjana Weber

Tätigkeitsbereiche: Redaktion, Website, Publikationen, Abonnentenbetreuung