Austria's gross domestic product retreated 1.1 percent on quarter in the three months to March of 2021, compared to a preliminary estimate of a 0.2 percent expansion and following an upwardly revised 3.1 percent drop in the previous quarter. Private consumption continued to contract (-2.1 percent vs 2.3 percent in 4Q 2020), namely household consumption (-3.6 percent vs -4.0 percent). Also, net trade contributed negatively to the GDP, as exports slumped 7.0 percent (vs 1.2 percent), while imports were down a slower 1.1 percent (vs 2.0 percent). On the other hand, gross fixed capital formation advanced sharply faster (13.2 percent vs 1.1 percent). Year-on-year, the economy shrank 5.5 percent, worse than a preliminary estimate of a 2.7 percent decline and following a downwardly revised 5.6 percent contraction in the previous three-month period. source: Oesterreichische Nationalbank

GDP Growth Rate in Austria averaged 0.36 percent from 1996 until 2021, reaching an all time high of 11.80 percent in the third quarter of 2020 and a record low of -10.70 percent in the second quarter of 2020. This page provides - Austria GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Austria GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2021.

GDP Growth Rate in Austria is expected to be 1.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Austria to stand at 0.60 in 12 months time. In the long-term, the Austria GDP Growth Rate is projected to trend around 0.70 percent in 2022 and 0.50 percent in 2023, according to our econometric models.

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Austria GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-1.10 -3.10 11.80 -10.70 1996 - 2021 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2021-01-29 08:00 AM QoQ Flash Q4 -4.3% 12% -2.5% -2%
2021-03-05 08:00 AM QoQ Final Q4 -2.7% 11.8% -4.3% -4.3%
2021-04-30 07:00 AM QoQ Flash Q1 0.2% -2.7% -1.2% -1.3%
2021-05-31 07:00 AM QoQ Final Q1 -1.1% -3.1% 0.2%
2021-07-30 07:00 AM QoQ Flash Q2 -1.1% 1.5%
2021-08-27 07:00 AM QoQ Final Q2 -1.1%
2021-10-29 08:00 AM QoQ Flash Q3 2.7%
2021-11-26 08:00 AM QoQ Final Q3


News Stream
Austria GDP Unexpectedly Drops in Q1
Austria's gross domestic product retreated 1.1 percent on quarter in the three months to March of 2021, compared to a preliminary estimate of a 0.2 percent expansion and following an upwardly revised 3.1 percent drop in the previous quarter. Private consumption continued to contract (-2.1 percent vs 2.3 percent in 4Q 2020), namely household consumption (-3.6 percent vs -4.0 percent). Also, net trade contributed negatively to the GDP, as exports slumped 7.0 percent (vs 1.2 percent), while imports were down a slower 1.1 percent (vs 2.0 percent). On the other hand, gross fixed capital formation advanced sharply faster (13.2 percent vs 1.1 percent). Year-on-year, the economy shrank 5.5 percent, worse than a preliminary estimate of a 2.7 percent decline and following a downwardly revised 5.6 percent contraction in the previous three-month period.
2021-05-31
Austria GDP Growth Beats Estimates in Q1
Austria's gross domestic product edged higher by 0.2% on quarter in the three months to March of 2021, following a 2.7% contraction in the previous period and beat market expectations of a 2.5% drop, a preliminary estimate showed. The expansion was mainly attributed to a consolidated growth in fixed investment (1.7% vs 0.4% in Q4) and an improvement in net external demand, as exports fell 1.0% (vs -0.2% in Q4) and imports decreased a faster 1.5% (vs 2.1% in Q4). Meantime, restrictive measures to contain the pandemic continued to weigh on household consumption (-0.2% vs -5.2%), while government spending also weighed down on GDP (-0.3% vs 1.6%). On the production scope, the most heavily affected sectors continue to be tourism, trade, transport, and other services, while industrial activities such as mining and construction have consolidated growth in output. Year-on-year, the economy retreated 2.7%, following an upwardly revised 5.9% contraction in the previous quarter.
2021-04-30
Austria Q4 GDP Shrinks Less than Initially Thought
Austria's gross domestic product declined by 2.7 percent on quarter in the three months to December of 2020, compared to a preliminary estimate of a 4.3 percent fall and following a revised record 11.8 percent growth in the previous period. Private consumption decreased (-3.3 percent vs 8.4 percent in Q3), namely household consumption (-5.5 percent vs 12.4 percent). Also, net trade contributed negatively to the GDP, as exports dropped (-0.2 percent vs 18 percent in Q3). At the same time, growth in fixed investment slowed markedly (0.4 percent vs 6.9 percent). Year-on-year, the economy shrank 5.7 percent, compared to a preliminary estimate of a 7.8 percent decline and following a downwardly revised 3.7 percent contraction in the previous three-month period. In 2020, the GDP plunged 6.6 percent due to the pandemic crisis which hit much harder the economy than the financial crisis of 2009 (-3.8 percent).
2021-03-05
Austria Economy Contracts More than Expected in Q4
Austria's gross domestic product shrank 4.3% on quarter in the three months to December of 2020, following a 12% growth in the previous period and compared to market expectations of a 2.5% fall, a preliminary estimate showed. The contraction was mainly attributed to renewed lockdown restrictions to curb a second wave of COVID-19 infections. Household consumption (-8.3% vs 12.9% in Q3) and government spending (-0.6% vs 0.5%) declined while fixed investment (0.1% vs 7.9%) decelerated sharply. In addition, net external demand contributed negatively to the GDP as exports fell 1.1% (vs 16.1% in Q3) and imports decreased 0.7% (vs 12.1% in Q3). On the other hand, the most heavily affected sectors were tourism, trade, transport, entertainment and leisure. Year-on-year, the economy plunged 7.8%, following an upwardly revised 4.2% contraction in the previous three-month period.
2021-01-29

Austria GDP Growth Rate
Austria's economy features a large service sector (63 percent of total GDP), a solid industrial sector (25 percent), and a small, but highly developed agricultural sector (1 percent). On the expenditure side, household consumption is the main component of GDP and accounts for 54 percent, followed by gross fixed capital formation (22 percent) and government expenditure (20 percent). Net exports of goods and services adds 3 percent to the GDP as exports accounts for 53 percent and imports for 50 percent. .