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In the last years expected GDP growth in CEE and Austria has been mostly overestimated. Now – for the first time for the last 2 to 3 years - we see that GDP growth is higher than expected by the national banks.

Let me give you one example: ONB (Austrian National Bank) expected a growth of 2,2% for 2017 and just recently revised to an expected growth of 2,75% for 2017.

This seems to have made a big impact on the market already: A year ago we had an unemployment rate of 8,1% that significantly dropped to 5,2% this year. At the same time we had 43.800 open jobs in Austria a year ago, while this year we have 65.000 open jobs on the Austrian market – a PLUS of 48% of new jobs!

P&P expects therefore that the market will be more driven by candidates and that salaries will start to rise.

Another example: in the Czech Republic the unemployment rate dropped to 2,9%, so the market completely turned around and candidates only changed their job for higher salaries. This means that professional HR Services are even more important than during the last years.

 unemployment august 2017

Source: EC - Spring 2017 Economic Forecast