Austria will nevertheless remain below the EU average in 2021. The EU Commission is assuming average GDP growth of 5.0 percent in both the euro zone and the EU as a whole.
The upswing is likely to continue in 2022. For the next year, the EU Commission expects 5 percent growth in Austria. That is 0.5 percent more than expected in the summer. With a 5 percent growth in 2022, Austria is just above the forecast EU average of 4.3 percent.
“These forecasts are highly dependent on two factors,” emphasized the EU Commission in a broadcast. The EU noted developments in the coronavirus pandemic and the pace at which supply is adapting to increasing demand for the “resurrection” of the economy. However, the corona crisis worsened drastically in some EU countries, including Austria, at the beginning of autumn.