Abstract
AUSTRIA
Title page
AUSTRIA
STAFF REPORT FOR THE 2022 ARTICLE IV CONSULTATION—SUPPLEMENTARY INFORMATION
August 23, 2022
Prepared By
European Department
This supplement provides information that became available after the staff report was issued to the Executive Board on August 4, 2022.
1. The preliminary estimate of real GDP growth in Q2:2022 for Austria is in line with staff projection. In the second quarter, seasonally adjusted real GDP grew at 0.5 percent (q-on-q). Inflation (HICP) in July reached 9.4 percent, up from 8.7 percent in June driven by energy and, to a lesser extent, food prices. The unemployment rate declined to 4.3 percent in June, compared to 4.8 percent in May.
2. The authorities are making progress in boosting short-term gas storage. Gas storage in Austria reached 60 percent of capacity in mid-August, up from 50 percent in mid-July. With this progress, the authorities expect that the target of 80 percent can be met before the heating season. Accumulation of the strategic gas reserve of 20 TWh equivalent of gas is also underway.
3. The plan to make binding macroprudential measures has entered into force on August 1, 2022. In response to risks from the residential real estate sector, tighter macroprudential measures adopted in April—including upper limits for loan-to-value ratios (LTV), debt-service-to-income ratios (DSTI), and loan maturities—became effective in August.
4. The thrust of the staff appraisal remains unchanged.