Economic Outlook for Austria until 2024

OrganizationsOther ♦ Published: February 2, 2022; 10:06 ♦ (Vindobona)

Strong economic rebound amid high uncertainty about impact of Covid-Omicron variant. Find out what the economic future holds for Austria until 2024.

The Austrian economy is expected to recover quickly and expand by 4.3% in 2022. / Picture: © Wikimedia Commons [CC0 1.0] / Pixabay [CC0 Creative Commons]

According to the latest issue of the quarterly publication "Monetary Policy & the Economy" of the OeNB Austrian National Bank, Austria's central bank expects the Austrian economy to recover quickly and expand by 4.3% in 2022.

In the course of 2021, the Austrian economy recovered more strongly than expected from the sharp contraction recorded in 2020.

With the onset of the fourth wave of COVID-19 infections, however, this rebound has slowed down again in late 2021 and early 2022.

GDP growth for 2021 as a whole has come to 4.9% and will only be affected slightly by the recent slowdown.

In early 2022, growth will still be driven by the negative effects of the fourth wave on domestic tourism and by persistent global supply disruptions.