The article describes an assessment of possible changes in constant fatigue life of a medium flow-coefficient centrifugal compressor impeller subject to operation at close-to-surge point. Some aspects of duct acoustics are additionally analyzed. The experimental measurements at partial load are presented and are primarily used for validation of unidirectionally coupled fluid-structural numerical model. The model is based on unsteady finite-volume fluid-flow simulations and on finite-element transient structural analysis. The validation is followed by the model implementation to replicate the industry-scale loads with reasonably higher rotational speed and suction pressure. The approach demonstrates satisfactory accuracy in prediction of stage performance and unsteady flow field in vaneless diffuser. The latter is deduced from signal analysis relying on continuous wavelet transformations. On the other hand, it is found that the aerodynamic incidence losses at close-to-surge point are underpredicted. The structural simulation generates considerable amounts of numerical noise, which has to be separated prior to evaluation of fluid-induced dynamic strain. The main source of disturbance is defined as a stationary region of static pressure drop caused by flow contraction at volute tongue and leading to first engine-order excitation in rotating frame of reference. Eventually, it is concluded that the amplitude of excitation is too low to lead to any additional fatigue.