Austria: 2022 Article IV Consultation-Press Release; Staff Report
IMF Staff Country Reports, September 2, 2022
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- Austria: 2022 Article IV Consultation-Press Release; Staff Report
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Bibliographic details
- Published: September 2, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400219337.002
Summary and key findings
- Austria is highly vulnerable to spillovers from the war in Ukraine given its high dependence on energy imports from Russia, deep integration into global value chains, and large banking exposures.
- After high growth in the first half of 2022, growth is projected to fall sharply through 2023 due to impact of the war and the related energy crisis.
- Over the medium term, annual growth is projected to stabilize around 1¾ percent.
- Output will remain below the pre-crisis trend.
- Uncertainty is extraordinarily high with significant downside risks.
Projections and outlook
- Short term: sharp fall in growth through 2023 driven by the war in Ukraine and the related energy crisis.
- Medium term: annual growth projected to stabilize around 1¾ percent.
- Overall outlook: output remains below the pre-crisis trend and faces extraordinarily high uncertainty with significant downside risks.
Vulnerabilities and transmission channels
- High dependence on energy imports from Russia.
- Deep integration into global value chains.
- Large banking exposures that increase susceptibility to external shocks.
- Energy crisis as a central channel amplifying negative spillovers from the war in Ukraine.
Thematic scope and subject coverage
- Economic and financial statistics
- Energy prices
- External sector statistics
- Inflation
- Labor and labor markets
- Monetary policy
- Personal income tax
- Prices
- Taxes
- International organization (IMF staff appraisal and projection)
International Monetary Fund; September 2, 2022.
Content in this bundle
- 1autea2022001