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). source: Oesterreichische Nationalbank
GDP Growth Rate in Austria averaged 0.37 percent from 1996 until 2020, reaching an all time high of 12 percent in the third quarter of 2020 and a record low of -11.60 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 April of 2021.
GDP Growth Rate in Austria is expected to be -1.30 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 1.10 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.