We expect Austria's real GDP to expand by 3.6% in 2021 and 4.0% in 2022, as vaccination levels increase at home and abroad. Economic recovery and an accommodative monetary policy should support the government's fiscal consolidation efforts through 2024, in our view. We are therefore affirming our 'AA+/A-1+' ratings on Austria. The outlook remains stable. On Sept. 10, 2021, S&P Global Ratings affirmed its 'AA+/A-1+' long- and short-term foreign and local currency sovereign credit ratings on Austria. The outlook remains stable. At the same time, we affirmed our 'AA+' long-term and 'A-1+' short-term issue ratings on the country's senior unsecured debt. The stable outlook balances our expectation that Austria's macroeconomic conditions will enable the government to substantially reduce currently sizable
