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. source: Oesterreichische Nationalbank
GDP Growth Rate in Austria averaged 0.37 percent from 1996 until 2021, reaching an all time high of 12 percent in the third quarter of 2020 and a record low of -11.60 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 May of 2021.
GDP Growth Rate in Austria is expected to be 2.50 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 0.60 in 12 months time. 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.