According to the EU forecast, Austria’s economy will shrink by 0.5 percent in real terms in 2023 – economic policy

2023-11-15 10:07:59

Brussels – The EU Commission is revising its growth forecast for Austria significantly downwards. According to the EU autumn forecast presented in Brussels on Wednesday, the domestic economy will shrink by 0.5 percent this year following adjusting for prices. High energy prices, rising unit labor costs and weak export growth are responsible for this. In the spring, the EU Commission predicted a growth increase of 0.4 percent for Austria’s gross domestic product (GDP) in 2023.

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