Austria grows below average | News.at
Austria’s economy will grow less strongly than the EU average this year. This is the result of the latest EU economic forecast. In general, the EU Commission expects growth of 4.3 percent in gross domestic product today, which is lower than last autumn. At that time she had assumed 4.9 percent. Private consumption and the recovery in services and tourism are having a positive effect today. The labor shortage is having a slowing effect.
Austria had to put up with a relatively strong downturn at the beginning of the pandemic, has recovered in the meantime, but received a strong damper with the lockdown last autumn, says economist Marcell Gttert from the liberal think tank Agenda Austria. In 2021, Austria was sixth from last in the EU in terms of growth.
The lockdown in autumn caused a decline of 2.2 percent in the past quarter. Göttert considers the corona management in Austria to be expandable. The fragile supply chains would announce themselves more strongly in Germany. The labor shortage would only take effect with a delay. But the fact that growth of only 2.3 percent is expected for 2023 is a consequence, according to Gttert.