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Title page 1

Contents 5

Foreword 4

Basic statistics of AUSTRIA, 2024 10

Executive summary 11

1. Rekindling growth while strengthening the public finances 20

1.1. Economic activity is weak but starting to recover 21

1.1.1. The economy has experienced a prolonged recession 21

1.1.2. Demand remains weak and savings are rising, despite a strong labour market 23

1.1.3. Growth is projected to pick up gradually 27

1.1.4. Long-term growth prospects are modest, but could be raised by reforms 29

1.2. Maintaining financial stability 37

1.3. Advancing fiscal consolidation without undermining growth 40

1.3.1. Debt and medium to long-term fiscal challenges 40

1.3.2. Achieving fiscal adjustment to put the public finances on a more prudent path 43

1.3.3. Beyond short-term consolidation, structural fiscal reforms are needed 46

1.3.4. Rebalancing taxes from labour to more growth-friendly revenues 56

References 64

2. Building economic resilience through higher business dynamism 68

2.1. Business dynamism and productivity growth have declined 69

2.2. Reducing vulnerabilities and diversifying sources of intermediate inputs 75

2.3. Boosting innovation and digitalisation to strengthen competitiveness 77

2.3.1. Innovation is key for diversification and competitiveness 77

2.3.2. Expanding digital enablers and fostering the digitalisation of businesses 82

2.4. Reducing the regulatory burden and boosting competition 87

2.4.1. Access to many activities and professions is still highly regulated 87

2.4.2. Fostering competition in key markets 88

2.5. Promoting transparency and fighting corruption 89

References 92

3. Restoring the affordability and improving the functioning of the housing market 96

3.1. Austria's housing model has performed well, but mounting affordability challenges have emerged in recent years 97

3.2. Helping limited-profit housing supply to keep pace with rising demand 99

3.3. Better-designed property taxation would raise revenues, help moderate prices and improve efficiency 104

3.4/3.3. Improving housing supply and land use 107

3.4.1/3.3.1. Enhancing land use 107

3.4.2/3.3.2. Streamlining building permit procedures 108

3.5/3.4. Enhancing the energy efficiency of the building stock 109

References 112

4. Addressing demographic challenges requires a bold set of reforms 114

4.1. The ageing of Austria's population will intensify 115

4.2. Addressing the decrease in the labour force as the population ages 117

4.2.1. There is room to raise the employment of female and older workers 117

4.2.2. Enhancing the employment of older workers 118

4.2.3. Tackling unvoluntary part-time work among women 122

4.2.4. Increasing the labour force and skills pool through tailored migration 124

4.3/4.2. Improving the sustainability and fairness of the pension system 126

4.4. Adjusting health and long-term care systems to new challenges 129

4.4.1. Population ageing intensifies pressures on the health and long-term care systems 129

4.4.2. Promoting healthier lifestyles 131

4.4.3. Continuing to enhance the efficiency of the health system 135

4.4.4. Further strengthening primary care to reduce high reliance on hospitals 137

4.4.5. Enhancing digitalisation and effective data collection and usage 139

4.4.6. Strengthening formal long-term care 140

References 146

Tables 8

Table 1. Growth is projected to recover 12

Table 1.1. Expenditure developments in 2024 27

Table 1.2. Macroeconomic indicators and projections 28

Table 1.3. Events that could entail major changes to the outlook 29

Table 1.4. Illustrative impact of structural reforms on GDP level 30

Table 1.5. Illustrative impact of recommendations on the government balance 44

Table 1.6. Evolution of government spending 45

Table 1.7. The impact of consolidation measures on the budget 46

Table 1.8. Past recommendations and actions on fiscal 62

Table 1.9. Recommendations to improve fiscal sustainability and boost growth 63

Table 2.1. Past OECD recommendations on increasing productivity and business dynamism 86

Table 2.2. Policy recommendations 91

Table 3.1. Past OECD recommendations on housing 106

Table 3.2. Policy Recommendations to enhance housing affordability and sustainability 111

Table 4.1. Early retirement pension schemes as of end 2024 119

Table 4.2. Qualifying conditions for retirement as of end 2024 128

Table 4.3. Policy Recommendations to address demographic challenges 144

Figures 6

Figure 1. Austria has gone through a prolonged recession 13

Figure 2. Housing affordability has deteriorated 15

Figure 3. Ageing will impact public finances 17

Figure 1.1. A prolonged recession 21

Figure 1.2. Exports are largely to European markets, but remain exposed to US tariffs 22

Figure 1.3. Inflation has fallen but remains elevated 23

Figure 1.4. Household savings increased and construction declined 24

Figure 1.5. A resilient labour market 25

Figure 1.6. Fiscal policy contributed to maintain demand 26

Figure 1.7. Austria is highly integrated in trade value chains 28

Figure 1.8. Potential GDP per capita growth is low 29

Figure 1.9. Education spending is high 31

Figure 1.10. Educational outcomes are generally good, but somewhat uneven 32

Figure 1.11. Dropout rates could be improved 32

Figure 1.12. Completion rates of students in general tertiary education are low 33

Figure 1.13. Energy costs of production remain high 35

Figure 1.14. Increasing domestic sources of energy would reduce vulnerabilities and emissions 36

Figure 1.15. Indicators of financial stability remain solid 39

Figure 1.16. Rising non-performing loans contrast with easing bank funding cost 40

Figure 1.17. The debt level is rising again 41

Figure 1.18. There are risks that the impact of ageing on public finances is higher than projected 42

Figure 1.19. Spending pressures call for structural fiscal reforms 42

Figure 1.20. Structural reforms would put the debt-to-GDP ratio on a downward path 43

Figure 1.21. Social spending is high 47

Figure 1.22. Support levels for families with minors are universal 49

Figure 1.23. A progressive unified family benefit would generate important savings 50

Figure 1.24. Increasing progressivity by reducing the Family Tax Credit gradually 51

Figure 1.25. Increasing family transfers for low-income families 52

Figure 1.26. Reforms would redistribute resources towards low-income households 52

Figure 1.27. Government production costs are relatively stable and dominated by intermediate inputs 53

Figure 1.28. A large share of government employees will retire in the coming years 54

Figure 1.29. A high share of government spending is through procurement and outsourcing 55

Figure 1.30. Government revenues rely heavily on levies on labour income 57

Figure 1.31. Taxes on wages are high 58

Figure 1.32. Personal income tax starts at low levels of revenue 59

Figure 1.33. Middle income earners are exposed to high marginal tax rates 59

Figure 1.34. There is scope to increase VAT collections 60

Figure 1.35. Corporate income tax collections could be increased 61

Figure 1.36. Austria's wealth and inheritance are highly concentrated 61

Figure 2.1. Labour productivity has been sluggish across many sectors 69

Figure 2.2. Production costs have increased substantially 70

Figure 2.3. Industry's share in total value added remains high 71

Figure 2.4. New firm creation has declined rapidly 73

Figure 2.5. Capital and job reallocations have slowed 73

Figure 2.6. Post-entry employment growth of firms in Austria is weak 74

Figure 2.7. The sourcing of vulnerable intermediary inputs is relatively concentrated 76

Figure 2.8. Innovation support is strong 78

Figure 2.9. Innovation performance has room to improve 79

Figure 2.10. Bank instruments remain the main financing vehicles of firms 80

Figure 2.11. Enablers of digitalisation need to improve 83

Figure 2.12. Recruiting ICT specialists remains difficult 84

Figure 2.13. Digitalisation of businesses is progressing 85

Figure 2.14. AI technologies are used in core activities, but adoption barriers remain elevated 86

Figure 2.15. Regulatory burdens and barriers to entry remain elevated 88

Figure 2.16. Control of corruption is weak compared to immediate peer countries 90

Figure 3.1. The Austrian housing system has performed well 97

Figure 3.2. Affordability challenges have emerged 98

Figure 3.3. Housing cost pressures are widespread 99

Figure 3.4. Beyond regional imbalances, total dwelling supply kept pace with demand 100

Figure 3.5. Social housing provided by non-profit operators has played a key role 100

Figure 3.6. Limited-profit and social housing supply faces increasing difficulties 102

Figure 3.7. The for-profit segment has led the increase in rents 103

Figure 3.8. Tax on immovable property is low 105

Figure 3.9. Energy efficiency of building stock needs to be enhanced 110

Figure 4.1. Austria's population is projected to age quickly 115

Figure 4.2. Fertility is declining, and life expectancy is increasing 116

Figure 4.3. Older workers participation rate is low 117

Figure 4.4. Many women work part-time 118

Figure 4.5. The effective retirement age is low 119

Figure 4.6. Participation of older workers to training can be enhanced 121

Figure 4.7. The share of mothers with children working part time is very high 122

Figure 4.8. Pension expenditure is high but set to stabilise 127

Figure 4.9. The pension system is generous 129

Figure 4.10. Health expenditure is high 130

Figure 4.11. Health outcomes and efficiency can be improved 131

Figure 4.12. Preventive care performance is above average, but can be improved 132

Figure 4.13. Some behavioural risks factors remain high 133

Figure 4.14. Excise duties on alcohol can be increased to reduce consumption 134

Figure 4.15. The use of generic pharmaceuticals is low 137

Figure 4.16. The number of beds in the Austrian hospital sector is high 137

Figure 4.17. General practitioners are few and rapidly ageing 139

Figure 4.18. Digital readiness in healthcare may be improved 140

Figure 4.19. The number of long-term care workers in Austria is relatively low 141

Figure 4.20. Salaries of LTC workers are above the OECD average but lower than the Austrian average wage 142

Boxes 8

Box 1.1. Collective wage settlements in Austria and the impact of inflation 25

Box 1.2. Estimated impact of structural reforms recommended in the Economic Survey 29

Box 1.3. Strengthening career pathways for vocational tertiary level graduates 34

Box 1.4. A new method to analyse procyclical systemic risks 37

Box 1.5. Estimated impact of fiscal reforms recommended in the Economic Survey 44

Box 1.6. Policy priorities of the current government and consolidation plan 45

Box 1.7. Simulations of different reform scenarios for family benefits 49

Box 2.1. The OECD DynEmp project 71

Box 2.2. The EU Critical Raw Materials Act and Supply Chain Resilience 76

Box 2.3. Israel's model of venture capital funding 81

Box 2.4. Austria's industrial strategy 82

Box 3.1. The Austrian Model of Limited-Profit Housing Associations (LPHAs) 101

Box 3.2. The BRISE project in Vienna 109

Box 4.1. The semi-retirement scheme (Teilpension) 120

Box 4.2. Sweden's multipronged approach to eradicate gender bias in school education 124

Box 4.3. Germany's Job-Turbo initiative 126

Box 4.4. Effective sugar and alcohol taxes in Mexico, the UK and Lithuania 134

Box 4.5. The functioning of Austria's health system 135

Box 4.6. The success of Norwegian's "Menn I Helse" in increase male participation in LTC professions 143

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