Abstract
AUSTRIA
Title page
AUSTRIA
STAFF REPORT FOR THE 2022 ARTICLE IV CONSULTATION—INFORMATIONAL ANNEX
August 23, 2022
Prepared by
European Department
Contents
FUND RELATIONS
STATISTICAL ISSUES
Fund Relations
(As of July 3, 2022)
Mission: May 31–June 13, 2022. The concluding statement of the mission is available at: https://www.imf.org/en/News/Articles/2022/06/10/austria-staff-concluding-statement-of-the-2022-article-iv-mission
Staff team: Mr. Franks (head), Ms. Hassine, Ms. Jarin, Ms. Patnam, Ms. Ritzy, and Ms. Suphaphiphat (all EUR), and Ms. Claver (LEG). Mr. Just participated in the discussions.
Country interlocutors: Minister of Finance Brunner, Central Bank Governor Holzmann, and officials from the Chancellery, Ministries of Finance, Labor, Economy and Digitalization, and Climate Change, E-Control, and with the Financial Market Authority, the banking Deposit Guarantee Fund, private sector representatives, major banks, and think tanks.
Fund relations: Austria is on a 12-month consultation cycle. The staff report is available at: https://www.imf.org/en/Publications/CR/Issues/2021/09/07/Austria-2021-Article-IV-Consultation-Press-Release-Staff-Report-Staff-Supplementary-465350
Membership Status: Joined August 27, 1948; Article VIII, as of August 1, 1962.
| General Resources Account: | ||
| SDR Million | Percent of Quota | |
| Quota | 3,932.00 | 100 |
| Fund holdings of currency | 2,953.77 | 75.12 |
| Reserve position | 978.25 | 24.88 |
| Lending to the Fund | ||
| New Arrangements to Borrow | 24.27 | |
| SDR Department: | ||
| SDR Million | Percent of Allocation | |
| Net cumulative allocation | 5,504.96 | 100.00 |
| Holdings | 5,567.18 | 101.13 |
| Outstanding Purchases and Loans: None | ||
| Latest Financial Commitments: None |
| General Resources Account: | ||
| SDR Million | Percent of Quota | |
| Quota | 3,932.00 | 100 |
| Fund holdings of currency | 2,953.77 | 75.12 |
| Reserve position | 978.25 | 24.88 |
| Lending to the Fund | ||
| New Arrangements to Borrow | 24.27 | |
| SDR Department: | ||
| SDR Million | Percent of Allocation | |
| Net cumulative allocation | 5,504.96 | 100.00 |
| Holdings | 5,567.18 | 101.13 |
| Outstanding Purchases and Loans: None | ||
| Latest Financial Commitments: None |
Projected Payments to Fund:
(SDR Million; based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
| 2022 | 2023 | 2024 | 2025 | 2026 | |
| Principal | |||||
| Charges/Interest | 0.07 | 0.07 | 0.07 | 0.07 | |
| Total | 0.07 | 0.07 | 0.07 | 0.07 | |
| Forthcoming | |||||
| 2022 | 2023 | 2024 | 2025 | 2026 | |
| Principal | |||||
| Charges/Interest | 0.07 | 0.07 | 0.07 | 0.07 | |
| Total | 0.07 | 0.07 | 0.07 | 0.07 | |
Implementation of HIPC Initiative: Not applicable
Implementation of Multilateral Debt Relief Initiative (MDRI): Not applicable
Implementation of Catastrophe Containment and Relief (CCR): Not applicable
As of February 4, 2015, the Post-Catastrophe Debt Relief Trust has been transformed to the Catastrophe Containment and Relief (CCR) Trust.p
Exchange Rate Arrangements:
The currency of Austria is the euro. The exchange rate arrangement of the euro area is free floating. Austria participates in a currency union (EMU) with 18 other members of the EU and has no separate legal tender. The euro, the common currency which floats freely and independently against other currencies.
Austria’s has accepted the obligations under Article VIII, Section 2(a), 3 and 4, and maintains an exchange system free of multiple currency practices and 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.
FSAP Participation and Reports on Standards and Codes (ROSCs):
An FSAP mission took place during May and September 2019. The FSSA report was available at: https://www.imf.org/en/Publications/CR/Issues/2020/01/31/Austria-Financial-Stability-Assessment-Press-Release-Staff-Report-and-Statement-by-the-49010
Technical Assistance: None.
Resident Representative Post: None.
Statistical Issues
(As of July 12, 2022)
I. Assessment of Data Adequacy for Surveillance
General: Data provision is adequate for surveillance purposes.
Real Sector Statistics: Austria's national accounts framework is set up according to the European System of Accounts (ESA 2010) definitions which are consistent with System of National Accounts (SNA 2008) definitions. Quarterly data are broken down according to the stipulations of the European Union laid down by council regulation (EU) 549/2013 of May 21, 2013 (L174/1) and its amendments. Advance estimates of GDP done by WIFO are published within 30 days after the close of the reference quarter, while regular estimates done by Statistics Austria are published within 60 days after the close of the reference quarter. Data are published at current and chained 2015 (reference year) Euro as well as seasonally and working day adjusted series.
The Harmonized Index of Consumer Prices (HICP) is compiled for monitoring compliance with the Maastricht inflation criterion, in addition to the national consumer price index. The Austrian CPI (VPI) and the HICP are Laspeyres-type indices relating to household final monetary consumption expenditure in the economic territory. From 2021 on, the Austrian CPI is a chain-based index with 2020=100. The Austrian HICP is a chain index with weights relating to the previous year and index reference base 2020=100. It follows the HICP regulations published by the European Commission and is fully compliant with these standards. CPI and HICP cover all private household expenditures in the entire economic territory. Special estimates are done for non-residents’ expenditure in the economic territory of the country (only in HICP) and for institutional households (HICP and CPI).
Government Finance Statistics: Austria follows the ESA 2010 guidelines in the compilation of data on the fiscal sector. Both nonfinancial and financial accounts of the general government are recorded according to ESA 2010 principles. General government operations data cover the four general government subsectors: central government, state government, local government, and social security funds. These subsectors consist of main units and extra-budgetary units. Fiscal statistics are timely and of high quality.
Monetary and Financial Statistics: 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 reports data on some indicators of the Financial Access Survey, including two indicators (commercial bank branches per 100,000 adults and ATMs per 100,000 adults) adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs). Financial Sector Surveillance: The Oesterreichische Nationalbank (OeNB) compiles and reports to STA quarterly data on Financial Soundness Indicators, which include 13 core and 8 additional indicators for deposit takers.
Balance of Payments Statistics: Balance of payments (BOP) and international investment position (IIP) data are comprehensive and of high quality. They are compiled in accordance with the guidelines published by the sixth edition of the IMF's Balance of Payments and International Investment Position Manual (BPM6) and the ESA 2010). Data have been published in the Balance of Payments Statistics Yearbook since 1993 (with estimates of IIP published since 1994). Data are posted within three months after the end of the reference quarter.
External Debt Statistics: External debt statistics are in line with the guidelines of the BMP6 as well as with the External Debt Statistics: Guide for Compilers and Users (2013).
II. Data Standards and Quality
Austria subscribed to the Special Data Dissemination Standard (SDDS) in 1996 and adhered to the SDDS Plus in January 2017. Austria’s latest SDDS Plus Annual Observance Report is available on the Dissemination Standards Bulletin Board.
Austria: Table of Common Indicators Required for Surveillance
(As of July 20, 2022)
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 four general government subsectors: central government, state government, local government, and social security funds. These subsectors consist of main units and extra-budgetary units.
Including currency and maturity composition.
Austria: Table of Common Indicators Required for Surveillance
(As of July 20, 2022)
| Date of Latest Observation | Date Received | Frequency of Data | Frequency of Reporting | Frequency of Publication | |
| Exchange Rates | 7/12/2021 | 7/12/2022 | Daily | Daily | Daily |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | June 2022 | 7/7/2022 | Monthly | Monthly | Monthly |
| Reserve/Base Money | May 2022 | 6/29/2022 | Monthly | Monthly | Monthly |
| Broad Money | May 2022 | 6/29/2022 | Monthly | Monthly | Monthly |
| Central Bank Balance Sheet | May 2022 | 6/14/2022 | Monthly | Monthly | Monthly |
| Consolidated Balance Sheet of the Banking System | May 2022 | 7/12/2022 | Monthly | Monthly | Monthly |
| Interest Rates2 | 7/12/2022 | 7/12/2022 | Daily | Daily | Daily |
| Consumer Price Index | June 2022 | 7/20/2022 | Monthly | Monthly | Monthly |
| Revenue, Expenditure, Balance, and Composition of Financing3 – General Government4 | 2022: Q1 | 7/7/2022 | Quarterly | Quarterly | Quarterly |
| Revenue, Expenditure, Balance, and Composition of Financing3– Central Government | 2022: Q1 | 7/7/2022 | Quarterly | Quarterly | Quarterly |
| Stocks of Central Government and Central Government-Guaranteed Debt | 2022: Q1 | 6/30/2022 | Quarterly | Quarterly | Quarterly |
| External Current Account Balance | 2022: Q1 | 6/30/2022 | Quarterly | Quarterly | Quarterly |
| Merchandise Trade | April 2022 | 7/8/2022 | Monthly | Monthly | Monthly |
| GDP/GNP | 2022: Q1 | 6/7 2022 | Quarterly | Quarterly | Quarterly |
| Gross External Debt5 | 2022: Q1 | 6/30/2022 | Quarterly | Quarterly | Quarterly |
| International Investment Position | 2022: Q1 | 6/30/2022 | Quarterly | Quarterly | Quarterly |
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 four general government subsectors: central government, state government, local government, and social security funds. These subsectors consist of main units and extra-budgetary units.
Including currency and maturity composition.
Austria: Table of Common Indicators Required for Surveillance
(As of July 20, 2022)
| Date of Latest Observation | Date Received | Frequency of Data | Frequency of Reporting | Frequency of Publication | |
| Exchange Rates | 7/12/2021 | 7/12/2022 | Daily | Daily | Daily |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | June 2022 | 7/7/2022 | Monthly | Monthly | Monthly |
| Reserve/Base Money | May 2022 | 6/29/2022 | Monthly | Monthly | Monthly |
| Broad Money | May 2022 | 6/29/2022 | Monthly | Monthly | Monthly |
| Central Bank Balance Sheet | May 2022 | 6/14/2022 | Monthly | Monthly | Monthly |
| Consolidated Balance Sheet of the Banking System | May 2022 | 7/12/2022 | Monthly | Monthly | Monthly |
| Interest Rates2 | 7/12/2022 | 7/12/2022 | Daily | Daily | Daily |
| Consumer Price Index | June 2022 | 7/20/2022 | Monthly | Monthly | Monthly |
| Revenue, Expenditure, Balance, and Composition of Financing3 – General Government4 | 2022: Q1 | 7/7/2022 | Quarterly | Quarterly | Quarterly |
| Revenue, Expenditure, Balance, and Composition of Financing3– Central Government | 2022: Q1 | 7/7/2022 | Quarterly | Quarterly | Quarterly |
| Stocks of Central Government and Central Government-Guaranteed Debt | 2022: Q1 | 6/30/2022 | Quarterly | Quarterly | Quarterly |
| External Current Account Balance | 2022: Q1 | 6/30/2022 | Quarterly | Quarterly | Quarterly |
| Merchandise Trade | April 2022 | 7/8/2022 | Monthly | Monthly | Monthly |
| GDP/GNP | 2022: Q1 | 6/7 2022 | Quarterly | Quarterly | Quarterly |
| Gross External Debt5 | 2022: Q1 | 6/30/2022 | Quarterly | Quarterly | Quarterly |
| International Investment Position | 2022: Q1 | 6/30/2022 | Quarterly | Quarterly | Quarterly |
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 four general government subsectors: central government, state government, local government, and social security funds. These subsectors consist of main units and extra-budgetary units.
Including currency and maturity composition.