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.

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Austria GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-2.70 12.00 12.00 -11.60 1996 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-10-30 08:00 AM QoQ Flash Q3 11.1% -12.1% 11% 8%
2020-11-30 08:00 AM QoQ Final Q3 12% -11.6% 11.1% 11.1%
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 -2.7% -1.3%
2021-05-28 07:00 AM QoQ Final Q1 -2.7%
2021-07-30 07:00 AM QoQ Flash Q2 2.5%
2021-08-27 07:00 AM QoQ Final Q2
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
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 Grows More than Initially Thought
Austria's gross domestc product advanced by 12% on quarter in the three months to September of 2020, above a preliminary estimate of a 11.1% rise and following a downwardly revised 11.6% slump in the previous period. It was the strongest expansion since comparable data began in 1996, amid the gradual easing of coronavirus restrictions. Household consumption (13.3% vs -11.4% in Q2) and fixed investment (7.9% vs -7.2% in Q2) rebounded sharply. In addition, net external demand contributed positively to the GDP as exports advanced 16.1% (vs -18.4% in Q2) and imports increased 12.1% (vs -17.4% in Q2). Year-on-year, the economy shrank 4%, compared to a preliminary estimate of a 5.3% decline and following a downwardly revised 14.1% contraction in the previous three-month period.
2020-11-30
Austria Economy Returns to Growth in Q3
Austria's gross domestic product grew 11.1% on quarter in the three months to September 2020, following an upwardly revised 12.1% contraction in the previous period and slightly above market expectations of an 11% expansion, a preliminary estimate showed. It was the strongest pace of economic growth since comparable series began in 1996. Austria began to gradually lift lockdown restrictions at the end of April following weeks of business closures and people being forced to stay at home to curb the spread of the pandemic. Household consumption advanced 11.8%, rebounding sharply from a 12.8% decline in the previous period. Also, fixed investment rose 4.5%, recovering from a 7.5% slump in Q2. In addition, net external demand contributed positively to the GDP as exports rose 10.4% (vs -13.2% in Q2) and imports increased at a softer 6.2% (vs -13.2% in Q2). Year-on-year, the economy shrank 5.3%, following an upwardly revised 14.5% contraction in the previous three-month period.
2020-10-30

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. .