Economic Outlook for 2021 to 2023: New Lockdown Delays Economic Recovery in Austria

The strong economic recovery in Austria in spring and summer 2021 is slowing down in the second half due to the renewed lockdown, persistent supply bottlenecks and high commodity prices. In 2022, the economy should recover quickly after the restrictions are lifted. Strong growth is expected for 2022 as a whole due to the gradual unwinding of the barriers. In 2023, the Austrian economy then swings to a moderate growth path. The labour market develops favourably in the forecast period. Inflation will remain high in 2022.