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Economy and Banking Sector of Austria

National Currency

Euro (EUR)

Austria joined the Euro Area on 1 January 1999.

GDP

Nominal GDP (2018)
386.1 bln EUR  (+0.04%)
Nominal GDP per Capita (2018)
43,700 EUR  (+0.04%)
Real GDP Growth (2018)
2.7 %  (2017: 2.9 %)

According to Eurostat, nominal GDP of Austria in 2018 was 386.1 bln EUR.

Austria underperforms the European Union in terms of real GDP growth with the average annual differential coming to 0.0% over the past 10 years (2008 - 2018). In 2018 real GDP growth was 2.7% which was above the Euro Area average (1.9%) and above the European Union average (2.0%). Real GDP growth in 2019 - 2024 are IMF's estimates.

Real GDP Growth in Austria.

Chart 1. Real GDP Growth in Austria. Source: Eurostat, International Monetary Fund.

In 2018, nominal GDP per capita in Austria was 43,700 EUR.

Austria has an above-average level of wealth in terms of per-capita GDP at purchasing power parity (PPP); this economic welfare indicator has, on average, exceeded that of the European Union by 19.7% over the past 10 years (2007 - 2017). GDP per capita at PPP in 2018 - 2024 are IMF's estimates.

GDP Per Capita at Purchasing Power Parity in  Austria; European Union = 100.

Chart 2. GDP Per Capita at Purchasing Power Parity in Austria; European Union = 100.

Inflation Rate

CPI, MoM (Mar 2019)
1.1 %  (Feb 2019: 0.0 %)
CPI, YoY (Mar 2019)
1.7 %  (Feb 2019: 1.4 %)
CPI, Year Average (2018)
2.1 %  (2017: 2.2 %)

According to Eurostat, inflation rate in Austria in 2018 expressed as annual percentages of average consumer prices was 2.1% which was above the Euro Area average (1.8%) and above the European Union average (1.9%). Inflation rates in 2019 - 2024 are IMF's estimates.

Inflation Rate in Austria.

Chart 3. Inflation Rate in Austria. Source: Eurostat, International Monetary Fund.

Unemployment Rate

Unemployment Rate (2018)
4.9 %  (2017: 5.5 %)

According to Eurostat, unemployment rate in Austria in 2018 was 4.9% which was below the Euro Area average (8.2%) and below the European Union average (6.8%). Unemployment rates in 2019 - 2024 are IMF's estimates.

Unemployment Rate in Austria.

Chart 4. Unemployment Rate in Austria. Source: Eurostat, International Monetary Fund.

Government Bond Yield

Government Bond Yield (Mar 2019)
0.38 %  (Feb 2019: 0.45 %)

According to Eurostat, government bond yield in Austria in March 2019 was 0.38%, compared to 0.45% in February 2019.

Government bond yield of Austria.

Chart 5. Government bond yield of Austria. Source: Eurostat.

Credit Ratings (as of May 2018)

Fitch
AA+ (very high credit quality), outlook stable
Moody's
Aa1 (high grade), outlook stable

Austria has sovereign credit ratings assigned by Fitch and Moody's: the rating set by Fitch is AA+ (very high credit quality), outlook stable; the rating set by Moody's is Aa1 (high grade), outlook stable.