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2024/03/04 / Erste Group Research

Economy shrank in 2023, inflation declined in February

Last week, Statistics Austria published an estimate of Austrian GDP growth in 2023 and GDP components of 4Q23. According to this estimate, the Austrian economy contracted by -0.8% y/y in 2023, which is in line with our expectations. The decline in economic output amounted to -1.7% y/y in 4Q, as the development stagnated compared to the previous quarter and thus after two quarters was no longer negative.

According to a flash estimate by Statistics Austria, the inflation rate of the Harmonized Index of Consumer Prices (HICP) in Austria fell from 4.3% in January to 4.2% in February. According to preliminary data, this fall in inflation is attributable to energy prices for households and food prices.

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General information

AuthorErste Group Research
Product nameShort Notes Major Markets
Topic in focusMacro/ Fixed income
Economy in focusAustria
Currency in focusEuro
Sector in focus-


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