The Austrian economy advanced 3.6 percent over a quarter in the three months ending June 2021, slower than early estimates of a 4.3 percent expansion but marked a firm recovery from a downwardly revised 0.2 percent contraction in the first quarter. A key growth driver, final consumption expenditure rebounded solidly (3.1 percent vs -0.8 percent in Q1), particularly household consumption (3.3 percent vs -1.6 percent), as the vaccination drive facilitated the lifting of COVID-19 restrictions. In addition, net trade contributed positively to the GDP growth, underpinned by a sharp hike in exports (7.1 percent vs -2.9 percent) and falling imports (-2.1 percent vs 2.3 percent). Lastly, gains were capped by a steep drop in fixed investment (-6.4 percent vs 11.6 percent). On a yearly basis, Austria's economy rebounded by 12.0 percent in the second quarter, slightly faster than a preliminary estimate of 11.4 percent, following an upwardly revised 4.8 percent contraction. source: Oesterreichische Nationalbank

GDP Growth Rate in Austria averaged 0.40 percent from 1995 until 2021, reaching an all time high of 11.60 percent in the third quarter of 2020 and a record low of -10.60 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 October of 2021.

GDP Growth Rate in Austria is expected to be 2.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. 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


Calendar GMT Actual Previous Consensus TEForecast
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 4.3% -1.1% 3.5% 3.2%
2021-09-02 07:00 AM QoQ Final Q2 3.61% -0.18% 4.3% 4.3%
2021-10-29 07:00 AM QoQ Flash Q3 3.6% 2.7%
2021-11-26 08:00 AM QoQ Final Q3


News Stream
Austria Q2 GDP Rises Less than Estimated
The Austrian economy advanced 3.6 percent over a quarter in the three months ending June 2021, slower than early estimates of a 4.3 percent expansion but marked a firm recovery from a downwardly revised 0.2 percent contraction in the first quarter. A key growth driver, final consumption expenditure rebounded solidly (3.1 percent vs -0.8 percent in Q1), particularly household consumption (3.3 percent vs -1.6 percent), as the vaccination drive facilitated the lifting of COVID-19 restrictions. In addition, net trade contributed positively to the GDP growth, underpinned by a sharp hike in exports (7.1 percent vs -2.9 percent) and falling imports (-2.1 percent vs 2.3 percent). Lastly, gains were capped by a steep drop in fixed investment (-6.4 percent vs 11.6 percent). On a yearly basis, Austria's economy rebounded by 12.0 percent in the second quarter, slightly faster than a preliminary estimate of 11.4 percent, following an upwardly revised 4.8 percent contraction.
2021-09-02
Austria Q2 GDP Growth Beats Expectations
Austria's gross domestic product grew by 4.3 percent on quarter in the three months to June 2021, recovering from two consecutive periods of contraction and easily beating market expectations of a 3.5 percent expansion, a preliminary estimate showed. A sharp rebound in household consumption (3.8 percent vs -3.5 percent in Q1) following the easing of COVID-19 restrictions was offset by softer increases in fixed investment (2.1 percent vs 3.3 percent) and government spending (0.2 percent vs 1.0 percent). In addition, net trade contributed positively to the GDP growth as exports rose more than imports. On a yearly basis, Austria's economy rebounded 11.4 percent in the second quarter, following five straight quarters of contraction.
2021-07-30
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 Last Unit Reference Previous Highest Lowest
GDP Growth Rate 3.60 percent Jun/21 -0.20 11.00 -10.90
GDP Annual Growth Rate 12.00 percent Jun/21 -4.80 12.00 -12.80


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. .