The Central Bank expects Austria’s economy to improve next year
Vienna, May 5 / WAM / The latest economic report issued by the Austrian Central Bank “OeNB” expects the gross domestic product to grow by about 0.9% in the current year, and that Austria’s economy will improve significantly in the next year 2025, achieving a greater economic growth rate of about 2.0%. .
The report highlighted a significant improvement and positive development in the income of the tourism, hotels and restaurant services sector in the past year 2023, and the success of the sector in supporting the Austrian economy and increasing the total value added by 3.5%.
The bank’s experts confirmed that the tourism sector continued to recover and benefited strongly from the fading effects of the Corona epidemic and the return of the flow of tourists to Austria.
The bank’s report revealed a positive development in the financial and insurance services sector, and the sector’s success in achieving an increase in Austria’s gross value added by 3.0% in the past year 2023, and the bank expects the financial and insurance services sector to continue to recover in the current year 2024.
The bank’s experts attributed the most important reasons for the recovery of Austria’s economy this year to expectations of an increase in the volume of private consumption and household spending, due to the increase in wages and the rise in the value of real income, and the growth of Austria’s exports by about 2.3%, which are factors that contribute to the growth of the gross domestic product by about 0.9% in the current year. 2024, which is approximately equivalent to the expected economic growth in the euro area of one percent.
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