No.-2 2008 Key Economic Indicators Bank Austria Economics and Market Analysis
Key Economic Indicators Issue -2/2008 Economic Forecasts for Austria Percentage change over previous year 2006 2007 2008 2 2009 2 GDP (real) 3.3 3.4 2.3.8 GDP (nominal) 5. 5.8 5.2 3.9 Private consumption (real) 2..4.4.8 Investment in machinery & equipment (real).5 6.3.7 2.7 Investment in construction (real) 5. 3.7 2.5.5 Exports of goods & services (real) 7.5 8. 5.2 3.0 Imports of goods & services (real) 5.6 6.6 3.9 3.3 Consumer prices.5 2.2 3.0 2.3 Public sector: Budget (in % of GDP).5 0.5 0.6 0.5 Debt (in % of GDP) 6.8 59. 57. 55.5 Unemployment rate in % (Eurostat) 4.7 4.3 4. 4.0 Unemployment rate in % (ÖSTAT) 3 6.8 6.2 5.9 5.8 Preliminary figures 2 Bank Austria forecast 3 National definition Growth of Real GDP in Austria Percentage change over previous year, 989-2009 5 4 3 2 0 989 99 993 995 997 999 200 2003 2005 2007 2009 Calculated in accordance with ESA 95. 2007 preliminary figures. 2008 and 2009 Bank Austria forecast 2 I Key Economoc Indicators, -2/2008
Austria s Gross Domestic Product (GDP) In EUR billion, gross value added (at current prices) 2003 2004 2005 2006 2007 2 Agriculture, forestry 4.0 3.9 3.5 3.9 4.8 Mining, manufacturing 40.5 4.9 43.7 47.4 50.8 Energy and water supply 4.8 5.0 5.2 6.0 6.3 Construction 5.8 6. 6.7 7.9 9.4 Wholesale/retail 26.4 27.6 28.2 29.2 30.2 Restaurants, hotels 9.3 9.7 0. 0.6. Transport, communication 4.9 5.0 4.9 5. 5. Finance, insurance 0.7.4.4 2.7 3.5 Real estate 34.8 37.5 40.3 4.6 44.9 Government services 2.2 2.3 2.8 3.3 3.7 Other services 30.4 3.6 33.4 34.8 36.0 Taxes minus subsidies on products 22.6 24. 25.3 25.4 27. GDP (nominal) 3 226.2 236. 245.3 257.9 272.8 Austria s Gross Domestic Product (GDP) In EUR billion, expenditures (at current prices) 2003 2004 2005 2006 2007 2 Private consumption 28. 32.8 37.8 42.9 47.8 Public consumption 4.4 42.8 44.5 46.5 48.4 Gross fixed capital formation 49.2 50.4 50.7 53.8 58. Statistical discrepancy 0.0 0. 0.3 0. 0.0 Total domestic demand 28.7 225.9 233.3 243.3 254.3 plus exports of goods & services 09.8 20.5 3. 44.7 59.0 less imports of goods & services 02.3 0.3 9. 30. 40.6 GDP (nominal) 3 226.2 236. 245.3 257.9 272.8 Economic data are computed in accordance with the European System of Integrated Economic Accounts (ESA 95) 2 Preliminary figures 3 Differences may result through rounding off figures Key Economic Indicators, -2/2008 I 3
Key Economic Indicators Issue -2/2008 Key Indicators for Austria Selected key economic indicators 2004 2005 2006 2007 in euros Per capita GDP (nominal) 28,886 29,796 3,38 32,797 GDP per employed person (nominal) 56,954 58,689 60,992 63,34 GDP per employed person (real), % change over previous year 2.2%.2% 2.%.2% Per capita income per employed person gross 2,580 2,640 2,70 net,750,800,830 Share in percent Employment rate 2 67.8 68.6 70.2 Consumption ratio 3 56.2 56.2 55.4 54.2 Investment ratio 4 2.4 20.7 20.9 2.3 Import ratio (narrower sense) 5 36.5 38.2 39.9 40.9 Import ratio (broader sense) 6 46.7 48.5 50.4 5.5 Export ratio (narrower sense) 7 37.5 39.2 4.2 43.0 Export ratio (broader sense) 8 5.0 53.4 56. 58.3 Current account balance ratio 9.7 2. 2.8 3.4 Health ratio 0 9.0 9.0 8.8 Tax ratio 43.0 42.2 42. Savings ratio 2 8.9 9.3 9.7 0.5 Wage ratio 3 6.3 60.9 59.8 59.2 Research ratio 4 2.2 2.4 2.5 2.6 Unemployment rate 5 4.8 5.2 4.7 4.3 Full-time equivalents, one-twelfth of annual income 2 Share of employed persons aged 5 to 64 in the total population of the same age group 3 Private consumption as a % of GDP 4 Gross fixed capital formation as a % of GDP 5 Imports of goods as a % of GDP 6 Imports of goods and services as a % of GDP 7 Exports of goods as a % of GDP 8 Exports of goods and services as a % of GDP 9 Current account balances as a % of GDP 0 Health expenditure pursuant to the System of Health Accounts (OECD) as a % of GDP Tax revenue as a % of GDP 2 Private household savings as a % of disposable income and the increase in claims to company pensions. According to ESA 79 before 995 3 Employee compensation as a % of gross value added in the economy 4 Expenditure on scientific research and experimental development as a % of GDP. 2006 estimate by Statistik Austria 5 Pursuant to the Eurostat method 4 I Key Economoc Indicators, -2/2008
Austria s Labour Market Annual average or quarterly figures, in thousands Employees,2 Vacant jobs 2 Unemployed 2,3 Jobless rate 2,3 200 3,066.9 29.7 203.9 6.% 2002 3,05.9 23.2 232.4 6.9% 2003 3,057.4 2.7 240. 7.0% 2004 3,078.5 23.8 243.9 7.% 2005 3,0.4 26.2 252.7 7.3% 2006 3,6.9 32.9 239.2 6.8% 2007 3,227.4 38.2 222.2 6.2% 2006 Q 2 3,54.0 3. 239.7 6.8% Q 3 3,73.7 34.9 234.0 6.6% Q 4 3,9.2 37. 228.2 6.5% 2007 Q 3,205.4 37. 225.6 6.4% Q 2 3,26.7 38.3 225. 6.3% Q 3 3,233.7 39.2 22. 6.2% Q 4 3,256.7 38. 26.8 6.% 2008 Q 3,296.4 38.6 202.2 5.7% Without maternity leave, education and military service 2 Seasonally adjusted on quarterly basis 3 Persuant to national criteria Austria Annual or quarterly averages, change over previous year Industrial production Construction output (nom.) Retail (nom.) 200 2. 2.9 0.4 2002 0..2 0.6 2003 2.3.0.5 2004 7.4 2.8 2.3 2005 4.4 4.5 2.2 2006 7.3 4.5 2.3 2007 5.7 6.7 3.0 2006 Q 2 6.6 8.4 2.9 Q 3 8.2 0. 2.3 Q 4 8.3 6.9.5 2007 Q 9. 2.8 3.6 Q 2 6.3 9.4 2.9 Q 3 4.7 3.9 2. Q 4 2.5 0.7 3.5 Key Economic Indicators, -2/2008 I 5
Key Economic Indicators Issue -2/2008 Austria s Foreign Trade Annual or quarterly averages Imports in Change over Exports in Change over EUR million previous year EUR million previous year 2000 74,935 4.7% 69,692 5.6% 200 78,692 5.0% 74,25 6.5% 2002 77,04 2.0% 77,400 4.2% 2003 80,993 5.0% 78,903.9% 2004 9,094 2.5% 89,848 3.9% 2005 96,499 5.9% 94,705 5.4% 2006 04,20 8.0% 03,742 9.5% 2007 3,798 9.2% 4,94 0.% 2006 Q 2 25,855 7.3% 25,60 6.7% Q 3 25,92 7.7% 25,299 8.4% Q 4 27,535 5.3% 28,040 9.8% 2007 Q 27,92 2.% 28,042 3.% Q 2 27,796 7.5% 28,580.6% Q 3 28,459 9.8% 27,824 0.0% Q 4 29,633 7.6% 29,748 6.% Tourism in Austria Overnight stays in million Change over thereof thereof Overnight stays previous year Austrians foreigners 2000 3,687 0.8% 3,53 82,534 200 5,.3% 3,442 83,669 2002 6,798.5% 3,008 85,790 2003 7,924.0% 3,604 86,320 2004 7,243 0.6% 3,326 85,97 2005 9,242.7% 3,50 87,74 2006 9,36 0.% 32,2 87,240 2007 2,47.7% 32,998 88,49 2006 Q 3 38,658 2.0% 0,998 27,660 Q 4 7,794 4.3% 5,520 2,274 2007 Q 40,346 2.5% 8,62 32,84 Q 2 22,097 2.6% 7,50 4,587 Q 3 39,889 3.2%,390 28,499 Q 4 9,078 7.2% 5,930 3,47 2008 Q 45,352 2.4% 8,567 36,785 6 I Key Economoc Indicators, -2/2008
Austria s Foreign Trade 2007 Imports: EUR 3.798 billion 60.6.6 4.8 0.5 4. 4.4 3.8 0.2 Africa, Australia & Oceania America Asia Eastern Europe without EU members EFTA & other European countries Other EU 27 countries (5) New EU member states (CEE) (9) Euro area (3) Austria s Foreign Trade 2007 Exports: EUR 4.94 billion 52.8 2. 7. 7.3 7.4 3.7 5.5 4.2 Africa, Australia & Oceania America Asia Eastern Europe without EU members EFTA & other European countries Other EU 27 countries (5) New EU member states (CEE) (9) Euro area (3) Key Economic Indicators, -2/2008 I 7
Key Economic Indicators Issue -2/2008 Real Gross Domestic Product Percentage change over previous year 4 USA OECD Euro 2/3/5 Austria 3 2 0 2002 2003 2004 2005 2006 2007 2 2008 3 2009 3.. 2007 enlarged by Slovenia,.. 2008 enlarged by Malta & Cyprus 2 Preliminary figures 3 Forecast 3-Month Money In percent, monthly averages 7 USA UK Euro 2/3/5 Japan Switzerland 6 5 4 3 2 0 2002 2003 2004 2005 2006 2007 2008 2009.. 2007 enlarged by Slovenia,.. 2008 enlarged by Malta & Cyprus 8 I Key Economoc Indicators, -2/2008
Consumer Prices Percentage change over previous year 5 USA Germany Austria Japan Euro 5,2 4 3 2 0 2 2002 2003 2004 2005 2006 2007 2008 2009.. 2007 enlarged by Slovenia,.. 2008 enlarged by Malta & Cyprus 2 Based on the HICP Secondary Market Yields In percent, 0-year government bonds 6 USA Germany Austria Japan Switzerland 5 4 3 2 0 2002 2003 2004 2005 2006 2007 2008 2009 Key Economic Indicators, -2/2008 I 9
Key Economic Indicators Issue -2/2008 Share Price Indices. January 2000 = 00 500 400 300 200 00 0 ATX CECE (EUR) 2002 2003 2004 2005 2006 2007 2008 2009 00 80 60 40 20 0 Euro Stoxx 50 Nikkei 225 2002 2003 2004 2005 2006 2007 2008 2009 40 20 00 80 60 40 20 0 Dow Jones Industrial NASDAQ 2002 2003 2004 2005 2006 2007 2008 2009 0 I Key Economoc Indicators, -2/2008
Overview 2007 GDP nom. GDP per Exports Imports Inhabitants in EUR capita in in EUR in EUR in million billion EUR billion billion EU 27 465.3 2,32.5 26,073 3,79.8 3,809.8 EU 5 39.3,403.4 29,226 3,385.7 3,48.2 Euro 3 34.6 8,448.2 25,38 2,84.6 2,86.3 EU-CEE 0 02. 839.8 8,230 393.6 398. Austria 8.2 272.8 32,80 4.2 3.8 Belgium 0.4 330.8 3,343 34.6 302.0 Bulgaria 7.6 28.9 3,780 3.5 20.8 Czech Republic 0.3 28.0 2,40 89. 84.8 Denmark 5.4 227.7 4,737 74.5 72. Finland 5.2 79.7 34,09 65.4 59.8 France 60.5,892. 30,34 399.6 450.2 Germany 82.7 2,423.8 29,380 972.6 773. Hungary 0. 0. 0,040 68.5 68.8 Ireland 4. 90.6 43,263 88.6 62.2 Italy 58.,535.5 26,350 365. 374. Netherlands 6.2 567. 33,876 345.7 30. Poland 38. 309.3 8,060 05.3 6.7 Romania 2.5 2.2 5,640 29.4 47.0 Russia 42.0 942.3 6,640 259.4 63.0 Slovakia 5.4 54.9 0,60 42. 42.7 Slovenia 2.0 33.5 6,690 9.7 2.4 Spain 43.,049.8 23,24 8.7 28.0 Sweden 9.0 33.9 36,234 23.5 0.2 Switzerland 7.3 309.9 40,825 20..7 Turkey 70.6 480.4 6,790 84.4 8.6 Ukraine 46.6 02.6 2,200 36.4 44. United Kingdom 59.7 2,08.9 33,75 322.2 450.2 Brazil 86.4 958.9 5,066 7.3 88.0 Canada 32.3,040.7 3,620 303.4 276.2 USA 298.2 0,03.2 33,445 849.0,425.8 China,35.8 2,366.2,788 889. 697.7 India,03.4 837. 752 09. 64.0 Japan 28. 3,97.3 25,066 52.3 454. South Korea 48.5 707.9 4,445 270.8 260.6 Key Economic Indicators, -2/2008 I
Key Economic Indicators Issue -2/2008 Real Gross Domestic Product Percentage change over previous year 2004 2005 2006 2007 2008 2 2009 2 EU 27 3 2.5.8 3.0 2.8 2.0.8 EU 5 2.3.7 2.9 2.6.7.5 Euro 2/3/5 4.9.7 2.9 2.6.7.5 EU-CEE 0 5.6 4.9 6.6 6.2 4.8 4.4 Austria 2.3 2.0 3.3 3.4 2.3.8 Belgium 2.8 2.0 2.6 2.4.8 2.0 Bulgaria 6.6 6.2 6.3 6.2 5.6 4.8 Czech Republic 4.5 6.4 6.4 6.5 4.0 4.5 Denmark 2.3 2.5 3..7.5.6 Finland 3.7 3. 4.7 3.7 3.0 2.8 France 2.0.7 2.2.9.7.4 Germany 0.6.0 3. 2.6 2.2. Hungary 4.8 4. 3.9.3 2.4 2.9 Ireland 4.3 5.9 5.3 4.7 2.9 3.0 Italy.0 0.2.9.6 0.4 0.5 Netherlands 2.2.5 2.9 3. 2.4.7 Poland 5.3 3.6 6.2 6.6 5.2 4.4 Romania 8.5 4.2 7.9 6.0 6.0 5.0 Russia 7.2 6.4 6.7 8. 7.0 6.2 Slovakia 5.2 6.6 8.5 0.4 6.9 6.0 Slovenia 4.4 4. 5.7 6. 4. 4.0 Spain 3.2 3.5 3.9 3.8 2.2.7 Sweden 3.3 3.3 4.4 2.8 2.5 2.4 Switzerland 2.5 2.4 3.2 3. 2.4.3 Turkey 9.4 8.4 6.9 4.5 4.2 5.0 Ukraine 2. 2.7 7. 7.6 5.4 4.6 United Kingdom 3.3.8 2.8 3.0.8.4 Brazil 5.7 3.2 3.8 5.4 4.8 3.7 Canada 3. 3. 2.8 2.6.4 2.3 USA 3.6 3. 2.9 2.2.2.6 China 0. 0.4..5 9.8 8. India 7.9 9. 9.7 9.2 7.9 8.0 Japan 2.7.9 2.4 2..5.6 South Korea 4.7 4.2 5.0 4.9 4.5 4.8 Preliminary figures 2 Forecast 3 Since. 5. 2004 EU 25, since.. 2007 EU 27 4.. 2007 enlarged by Slovenia,.. 2008 enlarged by Malta & Cyprus 2 I Key Economoc Indicators, -2/2008
Consumer Prices Percentage change over previous year 2004 2005 2006 2007 2008 2 2009 2 EU 27 3 2.0 2.2 2.2 2.2 3.0 2.2 EU 5.9 2.0 2. 2. 2.8 2. Euro 2/3/5 4 2. 2.2 2.2 2.0 2.8 2. EU-CEE 0 5. 3.4 3. 4.2 6.3 3.8 Austria 2. 2.3.5 2.2 3.0 2.3 Belgium 2. 2.8 2.2.8 2.7.8 Bulgaria 6.2 5.0 7.3 8.4 9.2 5.8 Czech Republic 2.8.9 2.5 2.8 6.7 3.5 Denmark..8 2.0.6 2.8 2.2 Finland 0.2 0.8.5 2.2 3. 2.3 France 2..7.7.5 2.8.8 Germany.7.6.6 2.3 2.8.8 Hungary 6.8 3.6 3.9 8.0 6.0 3.6 Ireland 2.2 2.4 3.9 4. 3.4 2.6 Italy 2.2.9 2..8 3.2 2.3 Netherlands.2.7.3.7 2.4 2.5 Poland 3.5 2..0 2.5 4.6 2.6 Romania.9 9.0 6.6 4.8 7.4 4.6 Russia 0.9 2.7 9.7 9.0 3.5 0.8 Slovakia 7.5 2.7 4.5 2.8 4.3 4.4 Slovenia 3.6 2.5 2.5 3.6 6.4 3.8 Spain 3.0 3.4 3.6 2.8 4. 2.8 Sweden 0.4 0.5.4 2.2 3.4 2.3 Switzerland 0.8.2. 0.7 2.4.4 Turkey 0.6 8.2 9.6 8.8 0.5 8.4 Ukraine 9.0 3.5 9. 2.8 22.0 0.0 United Kingdom.3 2.0 2.3 2.3 2.5 2.0 Brazil 6.6 6.9 3. 4.2 4.6 4.3 Canada.9 2.2 2.0 2.2.7 2.0 USA 2.7 3.4 3.2 2.9 3.9 2.7 China 3.8.8.5 4.6 6.0 3.7 India 3.8 4.2 6.0 6.0 6.0 5.4 Japan 0.0 0.3 0.2 0. 0.6 0.7 South Korea 3.6 2.7 2.5 2.5 3.5 3.0 Preliminary figures 2 Forecast 3 Since. 5. 2004 EU 25, since.. 2007 EU 27 4.. 2007 enlarged by Slovenia,.. 2008 enlarged by Malta & Cyprus Key Economic Indicators, -2/2008 I 3
Key Economic Indicators Issue -2/2008 Budget Deficit/Surplus In percent of GDP 2004 2005 2006 2007 2008 2 2009 2 Austria.2.5.5 0.5 0.6 0.5 Germany 3.8 0.0 2.2 0. 0.3 0.3 France 3.6 3.0 2.6 2.7 2.9 2.7 United Kingdom 3.3 3.5 2.8 2.9 3.2 3.2 Italy 3.5 4.2 3.4.9 2.6 2.8 Russia 4.5 7.7 8.4 8.0 7.5 7.2 USA 3.6 0.0.9.2 2.8 2.4 Japan 6.2 6.4 4.3 3.3 2.9 2.4 Current Account Balances In percent of GDP 2004 2005 2006 2007 2008 2 2009 2 Austria.7 2. 2.8 3.4 2.6 2.9 Germany 4.4 0.0 3.9 6.0 6.7 6.5 France 0.5 0.9.3.2.5.4 United Kingdom.6 2.5 3.8 4. 4.0 3.7 Italy.0.7 2.5 2.4 2.5 2.5 Russia 0.0.0 9.6 6. 5.2 4.3 USA 5.5 0.0 6.6 5.5 4.8 4.2 Japan 3.7 3.6 3.7 4.8 4.6 4.7 Unemployment Rates In percent, annual averages 2004 2005 2006 2007 2008 2 2009 2 Austria 4.8 5.2 4.7 4.3 4. 4.0 Germany 0.6.7 0.8 9. 8.4 7.9 France 0.0 9.8 9.0 8.0 7.6 7.5 United Kingdom 4.7 4.8 5.3 5.2 5.2 5.0 Italy 8.0 7.7 6.8 6.2 6.2 5.9 Russia 7.9 7. 6.7 6. 5.6 5. USA 5.5 5. 4.6 4.6 5.2 5.2 Japan 4.7 4.4 4. 3.8 3.5 3.3 Preliminary figures 2 Forecast 4 I Key Economoc Indicators, -2/2008
Mean Exchange Rate of the Euro In currency units for one euro, annual or quarterly averages USD JPY GBP CHF SEK RUB 2002 0.94 8. 0.629.47 9.6 29.70 2003.3 3.0 0.692.52 9.3 34.67 2004.24 34.4 0.679.54 9.3 35.82 2005.24 36.9 0.684.55 9.28 35.9 2006.26 46.0 0.682.57 9.25 34. 2007.37 6.3 0.684.64 9.25 35.02 2007 Q 2.35 62.8 0.679.65 9.26 34.86 Q 3.37 6.9 0.680.65 9.26 35.04 Q 4.45 63.8 0.709.66 9.30 35.70 2008 Q.50 57.7 0.758.60 9.40 36.33 PLN CZK SKK HUF SIT HRK 2002 3.85 30.82 42.68 242.9 226.0 7.4 2003 4.40 3.84 4.49 253.5 233.8 7.57 2004 4.53 3.9 40.03 25.8 239. 7.50 2005 4.02 29.78 38.60 248. 239.6 7.40 2006 3.90 28.34 37.23 264.3 239.6 7.32 2007 3.78 27.77 33.78 25.4 2 7.34 2007 Q 2 3.80 28.26 33.74 248.2 2 7.35 Q 3 3.79 27.93 33.59 25.8 2 7.3 Q 4 3.66 26.80 33.42 252.9 2 7.33 2008 Q 3.57 25.55 33.04 259.4 2 7.28 Reference rates of the ECB, national statistics 2 Euro since.. 2007 Holiday Euro On holiday, 00 euros are worth (June 2008) 60 40 20 00 80 60 TR US CRO H SLO CAN GB GR P E D F A I CH Key Economic Indicators, -2/2008 I 5
Key Economic Indicators provides information on the most recent developments of selected economic indicators. Economic analyses and forecasts are available on Bank Austria s website: www.bankaustria.at under Analyses & Research in the section Economic Research Österreich or directly at http://economicresearch-e.bankaustria.at Published by: Bank Austria Creditanstalt AG, 00 Wien, Am Hof 2 Edited by Economics and Market Analysis Kurt Fesselhofer, tel. +43 (0)5 05 05/4953 Petra Jellen, tel. +43 (0)5 05 05/4952 (e-mail: economic.research@unicreditgroup.at) Production: Communications Austria, Editorial Desk Printed by Holzhausen Graphics: Hans Ljung Photo: Mauritius Sources: Bank Austria, Datastream, Eurostat, EZB, OECD, OeNB, Statistik Austria, WIFO Closing date: 6. June 2008 Despite careful research and the use of reliable sources, Bank Austria cannot assume liability for the completeness or accuracy of the information given herein. 6 I Key Economoc Indicators, -2/2008