Austria: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Austria

Austria: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Austria
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Volume/Issue: Volume 2024 Issue 107
Publication date: May 2024
ISBN: 9798400276033
$20.00
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Topics covered in this book

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Inflation , Economics- Macroeconomics , Money and Monetary Policy , International - Economics , Environmental Conservation and Protection , HICP inflation rate , article IV consultation discussion , gas consumption , gas storage capacities , inflation effect , Inflation , Energy prices , Fiscal stance , Global

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Summary

Strong policy responses have helped to mitigate the impact of the recent shocks. Output recovered rapidly from the pandemic and, in response to the energy price shock, the authorities made use of available fiscal room to mitigate its impact while preserving price signals to encourage lower gas consumption and taking steps to secure access to additional gas supplies. Despite these efforts, the economy slipped into recession over the last few quarters, with high energy prices, elevated inflation, and higher interest rates weighing on output and demand. Inflation still persists above the euro-area average even as it has steadily declined since January 2023, in particular as services inflation has proved to be sticky amid high wage growth. Over the medium term, demographic headwinds pose significant fiscal and growth challenges.