Economic Recovery in Austria Delayed

The Austrian economy continued to recover strongly in the third quarter, and for the first time GDP was higher again than before the COVID-19 pandemic. The slowdown in the growth of the global economy due to supply bottlenecks and regional restrictions on economic activity also dampened exports and industrial production in Austria. However, the mood of domestic companies continues to be extremely optimistic, although the shortage of materials and labour is hampering business activity in many areas. The labour market continues to develop favourably, but employment momentum has flattened recently. High energy and commodity prices are driving inflation: consumer prices were 4.3 percent higher in November than in the previous year.