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.