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.

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Austria GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
11.10 -12.10 11.10 -12.10 1996 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
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 11.1% -12.1% 11% 8%
2020-11-27 08:00 AM QoQ Final Q3 -12.1% 11.1% 11.1%
2021-01-29 08:00 AM QoQ Flash Q4
2021-03-01 08:00 AM QoQ Final Q4
2021-04-30 07:00 AM QoQ Flash Q1


News Stream
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 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 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. .