We've revised our 2025 GDP growth forecast for Austria to 0.5% from 0.9% following still inauspicious sentiment data and lacklustre economic activity from end-2024. This indicates no impending turnaround. Industrial production remains dismal and we don't expect an imminent pickup in activity. But recent monthly retail sales data suggest improved consumer spending in Q4 2024 and we maintain consumption will be the main driver of growth over the near term. Meanwhile, investment will also be supportive as the restrictiveness of monetary policy fades.
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