The Organization for Economic Cooperation and Development expects Austria’s economy to begin to recover
VIENNA, December 7, 2020 – The Organization for Economic Co-operation and Development (OECD) expects Austria’s economy to recover slightly next year, with real GDP growing by 1.1% in 2025, followed by an increase of 1.4% in 2026, with the budget deficit continuing at 1.1% in 2025. Exceeding 3% of GDP.
The latest report forecasting the economic situation in Austria expected the inflation rate to decline to the European Central Bank’s target level of 2.0% next year, and household consumption was likely to rise slightly again in the medium term, attributing the reason for this to union negotiations to increase the wages of various working groups due to… Inflation.
The organization expected Austria’s economy to contract this year by 0.5%, before it begins to gradually recover and the gross domestic product will grow by 1.1% in 2025, followed by an increase of 1.4% in 2026, according to the latest estimates issued by the organization.
Regarding the energy file, the organization ruled out Austria being exposed to any problems that would jeopardize gas supplies, due to the imminent end of Russian gas transit through Ukraine, in reference to the Austrian government’s assurances that it is well prepared by securing sufficient reserves of natural gas, diversifying the supplier structure and relying on liquefied gas imports. From Norway, Germany and Croatia.
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