Country Report Austria

Country report

  • Østrig
  • Landbrug,
  • Biler/Transport,

01 Jun 2015

After modest growth in 2013 (up 0.3%) and 2014 (up 0.4%) the Austrian economy is expected to see a modest 0.8% surge in 2015.

 

 

 

 

CR_Austria_June_2015_overview

 

 

 

 

 

 

 

 

 

CR_Austria_industries_performance_forecast

 

 

 

 

 

The insolvency environment

Corporate insolvencies decrease slowed down in 2014

Austrian business insolvencies decreased by more than 9% in 2013, however this positive trend slowed down in 2014, to just 0.7%. In 2015 it is expected that the number of business failures will decrease further, by 9% year-on-year.

 

 

 

 

 

CR_Austria_business_insolvencies

 

 

 

 

 

Economic situation

 

 

 

 

CR_Austria_real_GDP_growth

 

 

 

 

 

Higher growth in 2015 expected

After modest growth in 2013 (up 0.3%) and 2014 (up 0.4%) the Austrian economy is expected to see a modest 0.8% surge in 2015. Private consumption is expected to increase only modestly, given that unemployment will remain at an (for Austrian standards) elevated level of 8.7% and real wages are still impacted by the general decrease seen in previous years.

 

 

 

 

CR_Austria_fiscal_balance

 

 

The fiscal deficit increased by 3.0% in 2014, mainly due to large increases in capital transfers to banks in the course of the reorganization of Hypo Group Alpe Adria (the bank was nationalized in 2009 after overextending itself in Southeastern Europe). With these capital transfers decreasing after 2015, the budget balance is set to improve to -2.0% and -1.5% of GDP in 2015 and 2016, respectively. Government debt is expected to rise to 87.1% and to decrease thereafter.

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