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Solid Domestic Demand Set to Last Awhile. Economic Outlook for 2017 and 2018

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  • Stefan Schiman

Abstract

Domestic demand is rising swiftly, fuelled by the income tax cuts, which should drive purchases of durable consumer goods well until the middle of 2017. Investment in 2016 was largely concentrated on motor cars, benefitting domestic production to a lesser extent. As the effects of the tax reform taper off and inflation picks up, growth is set to lose some momentum, with high unemployment weighing on consumption and foreign demand rising only moderately. In spite of robust employment growth, job creation cannot keep pace with the access of new labour, keeping the jobless rate on the rise.

Suggested Citation

  • Stefan Schiman, 2016. "Solid Domestic Demand Set to Last Awhile. Economic Outlook for 2017 and 2018," WIFO Economic Outlook, WIFO, number 59224, November.
    • Handle: RePEc:wfo:wkprog:59224
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