Austria: 2010 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Austria
IMF Staff Country Reports, September 8, 2010
Source details
- Canonical URL
- Austria: 2010 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Austria
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Bibliographic details
- Published: September 8, 2010
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455205530.002
Key findings: macroeconomic performance
- "Austria’s recession had limited effects on unemployment."
- "Investment declined sharply but consumption helped cushion the recession, supported by tax cuts and various labor market measures together with large increases in real wages."
- "Austria’s fiscal position has weakened significantly in recent years, although to a lesser extent than the euro area average."
- The authorities "plan to embark on a decisive fiscal consolidation path" and this plan "is welcomed."
- Authorities "recognized, however, that reducing the share of foreign exchange loans, while providing continued financing to central and southeastern Europe, will be challenging."
Financial sector and external exposure
- Concern highlighted over the "share of foreign exchange loans" and the challenge of reducing that share while "providing continued financing to central and southeastern Europe."
Policy orientation and recommendations
- Endorsement of the authorities' plan for "decisive fiscal consolidation."
- Continued attention implied to:
- sustain consumption-supporting measures (tax cuts, labor market measures) that helped cushion the recession,
- address vulnerabilities from foreign exchange lending exposure in central and southeastern Europe.
Publication and metadata
- Publication title: Austria: 2010 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Austria
- Publication date: September 8, 2010
- Series: Country Report No. 2010/276
- Issue: 276
- Volume: 2010
- Pages: 49
- DOI: https://doi.org/10.5089/9781455205530.002
- Stock No: 1AUTEA2010001
- ISBN: 9781455205530
- ISSN: 1934-7685
- Related subject tags from source: Aging, Banking, Expenditure, Financial institutions, Income, Loans, National accounts, Population and demographics, Public debt
- Keywords listed in source: Aging, Austria's economic growth, CEBS stress tests, CR, Eastern Europe, Europe, Global, Income, ISCR, Loans, outturn, reported non performing loans, spending ministry, staff appraisal
- IMF eLibrary note in source: "Our eLibrary offers over 25,000 IMF publications in multiple formats."
International Monetary Fund. "Austria: 2010 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Austria", IMF Staff Country Reports 2010, 276 (2010).