Austria GDP Q2 2016


Economic activity slows slightly in Q2

According to a flash estimate released by the Austrian Institute of Economic Research (WIFO) on 29 July, the economy lost steam in the second quarter of 2016. GDP increased a seasonally-adjusted 0.3% in Q2 compared to the previous quarter, inching down from Q1’s 0.4% expansion.

Q2’s mild expansion was supported by steady growth in private consumption and a stronger expansion in total investment. Domestic demand data showed that private consumption had increased 0.3% in Q2, which matched the pace of growth seen in Q1. Meanwhile, growth in government consumption inched down from Q1’s 0.3% to 0.2% in Q2. Total investment accelerated from a 0.2% increase in Q1 to a 0.6% expansion in Q2, due to a strong buildup of inventories and despite a mild deceleration in fixed investment (Q2: +0.8% quarter-on-quarter; Q1: +0.9% qoq)

On the external side of the economy, exports of goods and services rose 0.5% quarter-on-quarter, which followed the 0.3% increase registered in Q1. Imports grew 0.6% in Q2, accelerating from Q1’s 0.3% expansion. As a consequence, the contribution of the external sector was nil.

Compared to the same period last year, the economy grew 1.2% in Q2, which was below Q1’s revised 1.7% rise (previously reported: 1.3% year-on-year)

WIFO expects the economy to grow 1.7% both this year and next. FocusEconomics panelists project that the economy will grow 1.3% in 2016, which is unchanged from last month’s estimate. For 2017, panelists expect the economy to grow 1.5%.

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Austria GDP Chart

Austria GDP Q2 2016

Note: Quarter-on-quarter changes of seasonally- and working-day adjusted GDP and year-on-year variation in %.
Source: Austrian Institute of Economic Research (WIFO) and FocusEconomics Consensus Forecast.

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