Signs of improvement in Austria’s economy with the beginning of the new year
Vienna, January 3, 2017 – The labor market in Austria is witnessing a gradual recovery, coinciding with the end of the recession and the emergence of signs of economic recovery, supported by GDP growth of 0.5% last year, and estimates by the National Bank of Austria expect a decrease in the number of unemployed by next spring, compared to the previous year.
Martin Kocher, Governor of the Austrian National Bank, said that the number of job seekers and participants in training and rehabilitation programs amounted to 434,572 people at the end of December, and he expected the number of unemployed to decline due to companies’ tendency to employ larger numbers of workers as the economic recovery continues to grow. He said, “The indicators that economic recovery is occurring are becoming clearer.”
He expected the inflation rate in Austria to decline to about 2.4% during the current year 2026, gradually approaching the targeted and expected level of 2% next year 2027, bringing it closer again to the average inflation rate in the European Union.
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