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Decline in National Product Albeit by a Smaller Margin than in the Euro Area. Sharp Drop in Inflation

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Author Info
Christian Ragacs () (Oesterreichische Nationalbank)
Klaus Vondra () (Oesterreichische Nationalbank)

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Abstract

According to the December 2008 outlook of the Oesterreichische Nationalbank (OeNB), the Austrian economy is expected to enter into recession in 2009 as a result of the financial crisis and the global economic slump. On the strength of the buoyant first half of 2008, real GDP is projected to grow by 1.6% in 2008; in 2009, however, it will shrink by 0.3%. In 2010, the Austrian economy is expected to bounce back modestly, posting GDP growth of 0.8%. Compared with the OeNB June 2008 outlook, growth expectations for 2009 and 2010 were slashed by 2.0 and 1.6 percentage points, respectively. Owing to both commodity and oil price rises, inflation will reach a record annual high (since 1992) of 3.3% in 2008. In 2009 and 2010, however, it is expected to drop sharply to 1.4% and 1.6%, respectively. JEL classification: C5, E17

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Publisher Info
Article provided by Oesterreichische Nationalbank (Austrian Central Bank) in its journal Monetary Policy and the Economy.

Volume (Year): (2008)
Issue (Month): 4 (January 2009)
Pages: 10-37
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Handle: RePEc:onb:oenbmp:y:2008:i:4:b:2

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Related research
Keywords: forecast; Austria;

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This page was last updated on 2009-11-16.

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