Business Activity Gathering Pace Only Gradually. Economic Outlook for 2014 and 2015

Towards the end of 2013, activity rebounded in Austria as well as in Europe overall. However, the momentum promises to remain subdued: many countries are still struggling with the repercussions of the financial market crisis, and the need for consolidation of government households is restraining the growth of demand. The Austrian economy is projected to grow by 1.7 percent each in 2014 and 2015 – a pace too slow to rein back unemployment. Inflation is receding, though remaining high when compared with other EU member countries.