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. source: Oesterreichische Nationalbank
GDP Growth Rate in Austria averaged 0.36 percent from 1996 until 2021, reaching an all time high of 11.80 percent in the third quarter of 2020 and a record low of -10.70 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 July of 2021.
GDP Growth Rate in Austria is expected to be 1.50 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.