In the first half of 2022/2023 (1 October 2022 to 31 March 2023), weak global demand, high inflation and increased interest rates significantly slowed down economic growth.
Economic growth and inflation
YoY real change (in %)
Sources: IHS, WIFO, IMF
The Institute for Advanced Studies (IHS), the Institute of Economic Research (WIFO) and the International Monetary Fund (IMF) recorded economic growth of +3.5% for the euro zone in 2022, whereas growth had been +5.4% in 2021.
Economic output in Austria stagnated in the second half of 2022; this is, in particular, attributable to inflation driven by energy prices but also by high uncertainty and weak international demand. Despite this, Austria's gross domestic product (GDP) growth was +5.0% for the year 2022 (previous year: +4.6%). The rate of inflation was +8.6% (previous year: +2.8%). Following a minor decline in GDP in the first quarter of 2023 with stagnation expected in the second quarter, economic development is likely to slowly return to a more stable growth path as of the middle of calendar year 2023, with inflation gradually slowing. The biggest downside risk here comes from stubborn inflation, which could necessitate even stronger tightening of monetary policy.
An increase in the gross domestic product of +2.4% was noted for the Czech Republic market relevant to Energie AG Oberösterreich (Energie AG) in the 2022 calendar year (previous year: +3.6%).