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Temporary Slowdown of Economic Activity in Austria Expected to Be Overcome Fast, but Downside Risks Increased — Economic Outlook for Austria from 2005 to 2007 (June 2005)

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Abstract

According to the June 2005 economic outlook of the Oesterreichische Nationalbank (OeNB), Austria's real gross domestic product (GDP) is projected to grow 2.0% in 2005 and to advance to 2.2% both in 2006 and 2007. Fueled by the oil price surge, inflation as measured by the Harmonised Index of Consumer Prices (HICP) will rise to 2.3% in 2005 before dropping noticeably below the 2 percent mark in subsequent years. The second stage of the tax reformwill result in the budget deficit (Maastricht definition) declining temporarily to 1.8% and 1.7% of GDP in 2005 and 2006, respectively. In 2007, the budget balance will improve to —1.3% of GDP.

Suggested Citation

  • Gerhard Fenz & Johann Scharler, 2005. "Temporary Slowdown of Economic Activity in Austria Expected to Be Overcome Fast, but Downside Risks Increased — Economic Outlook for Austria from 2005 to 2007 (June 2005)," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 8-26.
    • Handle: RePEc:onb:oenbmp:y:2005:i:2:b:1
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    Keywords

    Economic Forecast;

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