Austria: Staff Report for the 2016 Article IV Consultation—Informational Annex
Author: International Monetary Fund. European Dept.
Publication Date:
02 Feb 2017
eISBN:
9781475573169
ISBN:
9781475573169
Language:
English
Keywords:
ISCR; CR; GDP; consultation discussion; Austria; economy; macroeconomic statistics; social security fund; fund's Special Data Dissemination Standard; Reserve assets; Special Data Dissemination Standard (SDDS)
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Austria is prosperous and stable. Nevertheless, it can still improve its economic performance to ensure a continuing rise in incomes and employment within a stable macroeconomic environment. To this end, a comprehensive package of structural and fiscal reforms can raise low GDP growth and ensure the steady decline of public debt. Financial system stability needs to be maintained in a challenging environment.

Abstract

Austria is prosperous and stable. Nevertheless, it can still improve its economic performance to ensure a continuing rise in incomes and employment within a stable macroeconomic environment. To this end, a comprehensive package of structural and fiscal reforms can raise low GDP growth and ensure the steady decline of public debt. Financial system stability needs to be maintained in a challenging environment.

Fund Relations

(As of November 30, 2016)

Mission: Consultation discussions were held in Vienna from December 2–13, 2016. The authorities released the mission’s concluding statement, which is available at: http://www.imf.org/en/News/Articles/2016/12/13/MCS12-13-2016-Austria-Staff-Concluding-Statement-of-the-2016-Article-IV-Mission

Staff team: Messrs. Gueorguiev (head), Pitt, Yehoue (all EUR), and Andrle (RES). Ms. Erbenova and Mr. Just (OED) participated in the discussions.

Country interlocutors: Minister of Finance Schelling, OeNB Governor Nowotny, Labor and Social Affairs Minister Stöger, other senior officials, parliamentarians, and representatives of the social partners, the banking sector, and think tanks.

Fund relations: Austria is on a 12-month consultation cycle. The last consultations were held from December 3–14, 2015 and the staff report is available at: http://www.imf.org/external/pubs/ft/scr/2016/cr1650.pdf

Membership Status: Joined: August 27, 1948; Article VIII, as of August 1, 1962

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Outstanding Purchases and Loans: None

Latest Financial Arrangements: None

Projected Payments to Fund:

(SDR Million; based on existing use of resources and present holdings of SDRs):

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Implementation of HIPC Initiative: Not Applicable

Exchange System:

As of January 1, 1999, the currency of Austria is the euro, which floats freely and independently against other currencies. Austria’s exchange system is free of restrictions on the making of payments and transfers for current international transactions, with the exception of restrictions notified to the Fund in accordance with decision No.144-(52/51) resulting from UN Security Council Resolutions and EU Council Regulations.

Statistical Issues

1. Macroeconomic statistics are adequate for surveillance. Austria subscribed to the Fund’s Special Data Dissemination Standard (SDDS) in 1996, and its metadata are available on the Fund’s electronic Dissemination Standards Bulletin Board. Austria is availing itself of the SDDS flexibility option on the timeliness of the industrial production index and the merchandise trade data. Austria is currently preparing for SDDS Plus adherence.

2. The ECB reporting framework is used for monetary statistics and data are reported to the IMF through a “gateway” arrangement with the ECB. The arrangement provides an efficient transmission of monetary statistics to the IMF and for publication in the IFS and IFS Supplement.

Austria: Table of Common Indicators

(as of December 31, 2016)

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Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra-budgetary funds, and social security funds) and state and local governments).

Including currency and maturity composition.

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Cover IMF Staff Country Reports
Austria: 2016 Article IV Consultation-Press Release; and Staff Report for Austria
Author: International Monetary Fund. European Dept.
Volume/Issue:
Volume 2017: Issue 026
Publisher:
International Monetary Fund
ISBN:
9781475573169
ISSN:
1934-7685
Pages:
51
DOI:
https://doi.org/10.5089/9781475573169.002