Austria's gross domestic product shrank by 10.4 percent on quarter in the three months to June 2020, the most since comparable series began in 1996 and compared to a preliminary estimate of a 10.7 percent contraction. 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 slumped 11.5 percent and fixed investment dropped 7.6 percent. In addition, net external demand contributed negatively to the GDP as exports fell 14.4 percent and imports declined at a slower 10.3 percent. Government spending, however, rebounded 1.0 percent, following two consecutive quarters of decreases.

GDP Growth Rate in Austria averaged 0.30 percent from 1996 until 2020, reaching an all time high of 1.70 percent in the second quarter of 2010 and a record low of -10.40 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 September of 2020.

GDP Growth Rate in Austria is expected to be 4.00 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 2021 and 0.50 percent in 2022, according to our econometric models.

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Austria GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-10.40 -2.40 1.70 -10.40 1996 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-04-30 07:00 AM QoQ Flash Q1 -2.5% 0.3% -2.5% -2.2%
2020-05-29 07:00 AM QoQ Final Q1 -2.6% 0.3% -2.5% -2.5%
2020-07-30 07:00 AM QoQ Flash Q2 -10.7% -2.4% -11.8% -9.2%
2020-08-28 07:00 AM QoQ Final Q2 -10.4% -2.4% -10.7% -10.7%
2020-10-30 08:00 AM QoQ Flash Q3 -10.4% 4%
2020-11-30 08:00 AM QoQ Final Q3 -10.4% 4%
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Austria Q2 GDP Contraction Revised
Austria's gross domestic product shrank by 10.4 percent on quarter in the three months to June 2020, the most since comparable series began in 1996 and compared to a preliminary estimate of a 10.7 percent contraction. 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 slumped 11.5 percent and fixed investment dropped 7.6 percent. In addition, net external demand contributed negatively to the GDP as exports fell 14.4 percent and imports declined at a slower 10.3 percent. Government spending, however, rebounded 1.0 percent, following two consecutive quarters of decreases.
2020-08-28
Austrian Economy Contracts at Record Pace
Austria's gross domestic product shrank by 10.7 percent on quarter in the three months to June 2020, the most since comparable series began in 1996 and compared to market expectations of 11.8 percent contraction. Austria began to gradually lift lockdown restrictions at the end of April following weeks of business closures and people being forced to stat at home to curb the pandemic.
2020-07-30
Austria GDP Contracts More than Initially Thought
Austria's GDP shrank 2.6 percent on quarter in Q1 2020, compared to a preliminary estimate of a 2.5 percent contraction and following a 0.3 percent expansion in the previous. It was the steepest pace of contraction ever recorded, mainly attributable to the Covid-19 pandemic and related government measures to curb the spread of the virus. Private spending fell 3.3 percent, while public consumption rose 0.6 percent. Also, gross fixed capital formation declined 1.1 percent. On the external side, exports went down 1.9 percent and imports shrank 2.5 percent. Year-on-year, the economy contracted 2.9 percent, above a preliminary estimate of a 2.7 percent fall and compared to a 1 percent growth in the previous three-month period.
2020-05-29
Austria Q1 GDP Shrinks at Record Pace
Austria’s GDP shrank 2.5 percent on quarter in Q1 2020, following a 0.3 percent expansion in the previous period and in line with market expectations, a preliminary estimate showed. It was the steepest pace of contraction on record, as the economy was hurt by lockdown measures to contain the coronavirus from mid-March. Year-on-year, the economy contracted 2.7 percent, the most since the 2008 financial crisis and after a 1 percent advance in Q4 2019.
2020-04-30

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. .