We expect Austria's economy will rebound to 4.1% growth in 2022, before moderating to 1.7% on average during 2023-2025 on the back of robust domestic demand. The solid economic backdrop will in our view support a faster budgetary consolidation over 2022-2025, with the budget deficit at about 0.8% of GDP by 2025, and a corresponding improvement in the general government debt-to-GDP ratio. We therefore revised our outlook on Austria to positive from stable and affirmed our 'AA+/A-1+' ratings. On Feb. 25, 2022, S&P Global Ratings revised its outlook on Austria to positive from stable. At the same time, we affirmed our 'AA+/A-1+' long- and short-term foreign and local currency sovereign credit ratings on Austria. We also affirmed our 'AA+' long-term
