The Austrian economy rose by 0.1% on quarter in the first three months of 2024, slightly down from a preliminary estimate of a 0.2% increase and after growing by a revised similar rate in the previous quarter. Yearly, the GDP fell by 1.1% in Q1, compared to an earlier estimate of a 1.3% decline and following a revised 1.6% drop in the previous three-month period. This contraction mainly comes from manufacturing (-5.9%), trade activities (-4.8%) and other economic services (-2.1%). Accommodation and food service activities recorded slight growth (+0.7%) for the first time since the strong post-COVID-catch-up effects. source: Statistics Austria
The Gross Domestic Product (GDP) in Austria expanded 0.10 percent in the first quarter of 2024 over the previous quarter. GDP Growth Rate in Austria averaged 0.41 percent from 1995 until 2024, reaching an all time high of 11.30 percent in the third quarter of 2020 and a record low of -11.20 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 2024.
The Gross Domestic Product (GDP) in Austria expanded 0.10 percent in the first quarter of 2024 over the previous quarter. GDP Growth Rate in Austria is expected to be 0.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Austria GDP Growth Rate is projected to trend around 0.40 percent in 2025 and 0.20 percent in 2026, according to our econometric models.
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.
| Actual | Previous | Highest | Lowest | Dates | Unit | Frequency | ||
|---|---|---|---|---|---|---|---|---|
| 0.10 | 0.10 | 11.30 | -11.20 | 1995 - 2024 | percent | Quarterly | SA |
News Stream
Austria GDP Grows Less than Initially Thought
The Austrian economy rose by 0.1% on quarter in the first three months of 2024, slightly down from a preliminary estimate of a 0.2% increase and after growing by a revised similar rate in the previous quarter. Yearly, the GDP fell by 1.1% in Q1, compared to an earlier estimate of a 1.3% decline and following a revised 1.6% drop in the previous three-month period. This contraction mainly comes from manufacturing (-5.9%), trade activities (-4.8%) and other economic services (-2.1%). Accommodation and food service activities recorded slight growth (+0.7%) for the first time since the strong post-COVID-catch-up effects.
2024-06-03
Austrian Economy Expands in Q1
The Austrian economy expanded 0.2% on quarter in the first three months of 2024, after showing no growth in the preceding quarter, preliminary estimates showed. The growth was mainly supported by a rebound in household consumption (1.3% vs -0.2% in Q4 of 2023). Government spending fell at a slower pace (-1.2% vs -1.4%). On the other hand, gross fixed capital declined (-2.7% vs 0.9%), and both exports (-0.3% vs 3.9%) and imports (-1.5% vs 3.5%) decreased. On the production side, renewed expansions were seen in information & communication, financial & insurance services, and real estate & housing (0.4% vs -0.4%) and in other services (1.5% vs -1.6%). On a yearly basis, the GDP shrank 1.3%, following a revised 1.4% contraction in the previous period.
2024-04-30
Austrian Economy Stagnates in Q4
The Austrian economy stalled on quarter in the three months ending December 2023, compared to market forecasts and the initial estimate of a 0.2% growth, following a revised 0.3% contraction in the previous quarter. Household consumption fell by 0.2% (vs -0.7% in Q3), and gross capital formation dropped by 1.6% (vs -1.8%) due to lower investments in other buildings and structures (-2.5% vs 0.4%) and dwellings (-2.2% vs -2.4%). Meanwhile, net external demand contributed positively to the GDP, with exports rising (3.9% vs -1.2%) more than imports (3.5% vs -1.5%). Yearly, the GDP shrank 1.7%, following a revised 2% fall in the preceding period. For the full of 2023, the Austrian economy contracted 0.8%, primarily due to the negative performance of the manufacturing, trade, and transportation sectors.
2024-02-29
