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Austria: amazing consolidation of the national budget

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  • Oscar-Erich Kuntze

Abstract

The Austrian economy also experienced a hard landing in 2001. The real gross domestic product grew by 1.1% in 2000. Average annual unemployment was 3.9%. The cost of living rose by 2.3%, which was about the level of the previous year. In 2002 real GDP should grow by about 1½%. The labour market reaction will not occur until the end of the year, and the unemployment rate will increase to an average of 4%. Inflation at 1½% will be moderate. In 2003 economic activity will gain momentum. Real GDP should increase by 2¾%, and on the labour market the situation will improve. Consumer prices will increase by almost 1¾% over the previous year.

Suggested Citation

  • Oscar-Erich Kuntze, 2002. "Austria: amazing consolidation of the national budget," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 55(04), pages 37-43, February.
    • Handle: RePEc:ces:ifosdt:v:55:y:2002:i:04:p:37-43
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    More about this item

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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