Austrians less willing to spend due to Greek Crisis
Despite expecting a rise in their income due to recent tax cuts, Austrians are reluctant to spend money due to the extended crisis in Greece, according to the findings of a GfK poll in Austria.
The survey found that the crisis had curbed demand in the second trimester of 2015 in Austria and other European countries, especially those considered most exposed to Greek debt.
The index measuring expectations of recovery among the population fell to 19.9% from 23.2% last March and 34.9% the previous year.
In addition to the Greek crisis, which topped a list of causes for reducing willingness to consume, there were adverse effects from the Ukraine crisis, rising unemployment and economic stagnation.
Analysts predicted that willingness to consume will fall further over the summer months, chiefly in countries such as Germany, Italy, France and Spain.