The EU Commission published its winter 2022 economic forecast on Thursday, 10th February. The forecast for Austria is the growth by 4,3%, what is in comparision with the Union a prognosis of above average expansion.
The Commission expects for this year a growth by 4% for countries of the euro area , for 2023 the growth is supposed to be by 2,7%. The estimation of the Commission is that in 2022 all member countries are able to reach the economic level as it was before the Corona crisis.
While the GDP in the euro area and the whole EU is to grow by 4%, the forecast for Austrian economy is by 4,3%. Positive trends for this growth are especially caused by the stronger household consumption, recoveryof services and tourism and the growth of investments. Further support is expected due to the eco-social tax reform and the implementation of the Austria‘s recovery and resilience plan (RRP).
The opposite impulse can be caused by higher energy prices, which also have a significant influence on the inflationary pressure.