While politicians are busy dealing with the numerous crises, the EU is now tempering the economic outlook for the coming year. While Austria is still experiencing economic growth – albeit minimal – it is significantly lower than initially assumed. In any case, inflation should slowly level off.
The European Commission is updating its growth forecast for Austria. For 2023, she expects only an increase of 0.3 percent. For the current year 2022, the EU authority predicts an increase of 4.6 percent in its autumn forecast published Friday.
Inflation will fall from 8.7 percent this year to 6.7 percent in 2023 and 3.3 percent in 2024, the committee expects.
Forecast in the summer even more optimistic
In its summer forecast for July, the European Commission had expected an increase of 1.5 percent in Austria for 2023. For 2022, she had forecast a growth of 3.7 percent. In July, the commission estimated inflation even lower at 7.4 percent (2022) and 4.4 percent (2023).
Economy is not moving
In its autumn forecast, the European Commission also forecasts growth of only 0.3% for the entire eurozone in the coming year. In 2024, the economy in the eurozone is expected to grow again by 1.5 percent.
For 2022, the EU authority still expects an increase of 3.2 percent in the euro area. The expected inflation for the entire eurozone is 8.5 percent this year, 6.1 percent in 2023 and 2.6 percent in 2024.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
