Austria’s economy, like Germany’s, is not keeping up with the upswing in other industrialized countries this year. The Organization for Economic Cooperation and Development (OECD) expects gross domestic product (GDP) to grow slightly by 0.2 percent in both countries. She announced this on Thursday.
It is only expected to increase more strongly next year with 1.5 percent in Austria and 1.1 percent in Germany. In the OECD with 38 member states, growth is expected to be 1.7 percent this year and 1.8 percent in 2025, 0.7 and 1.5 percent in the euro zone, and 3.1 and 3.2 percent worldwide.
30 percent of Austria’s exports depend on the German market. Slower trade in goods and economic weakness in Europe slowed export growth, the OECD report said.
Finance Minister Magnus Brunner assumes that growth will pick up “with rising real incomes and an improved economic environment.” The OECD expects a budget deficit of 2.8 percent of GDP for Austria this year.
