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Domestic Demand and Strong Exports Stimulate the Economy

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According to the June 2006 economic outlook of the Oesterreichische Nationalbank (OeNB), Austria’s real gross domestic product (GDP) is expected to grow 2.5% in 2006 and 2.2% in both 2007 and 2008. The OeNB’s growth forecast for 2006 has been revised upward by 0.2 percentage point since the December outlook. Inflation will drop to 1.7% in 2006 (2005: 2.1%) and will fall further to 1.6% in 2007 and 2008. Employment will continue to increase substantially, but so will the labor supply. As a result, the unemployment rate will dip only slightly, to 5.1%.

Suggested Citation

  • Christian Ragacs & Johann Scharler, 2006. "Domestic Demand and Strong Exports Stimulate the Economy," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 6-23.
  • Handle: RePEc:onb:oenbmp:y:2006:i:2:b:1
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    Keywords

    Economic Forecast; Austria.;

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