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. source: Oesterreichische Nationalbank
GDP Growth Rate in Austria averaged 0.39 percent from 1996 until 2020, reaching an all time high of 11.10 percent in the third quarter of 2020 and a record low of -12.10 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 November of 2020.
GDP Growth Rate in Austria is expected to be -2.20 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 0.90 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.