Austria GDP


Economic growth remains stagnant in Q4

According to preliminary estimates released by the Austrian Institute of Economic Research (WIFO) on 30 January, the Austrian economy has stalled. GDP adjusted for seasonal and working-day factors posted flat growth in Q4 compared to the previous quarter. This mirrored the revised result tallied in Q3 (previously estimated: -0.1% quarter-on-quarter) and met market expectations.

According to WIFO, Q4’s flat reading reflected that a contraction in imports compensated for worse performance in fixed investment and exports. Gross fixed investment contracted 0.9% over the previous quarter in Q4, which followed the 0.7% contraction tallied in Q3. Meanwhile, private and government consumption remained lackluster in Q4, rising 0.1% and 0.2%, respectively over the previous quarter. Both readings maintained the pace observed in the previous quarter.

The external sector continued to deteriorate in the last quarter of 2014. Exports of goods and services contracted 1.0% over the previous quarter, which followed the 0.5% decrease registered in Q3. Imports declined 0.3%, which was down from the flat growth recorded in Q3.

In annual terms, GDP contracted 0.1% in Q4, which contrasted the 0.2% rise tallied in the previous quarter. In the full year 2014, the Austrian economy expanded a meager 0.3%, which was only slightly above the 0.2% expansion registered in 2013.

More detailed Q4 and full year 2014 data will be released on 27 February.

The Austrian National Bank (OeNB) expects the economy to grow 0.7% in 2015. For 2016, the Bank sees economic growth picking up to 1.6%. FocusEconomics panelists are less optimistic and project that the economy will grow 1.0% in 2015, which is unchanged from last month’s estimate. For 2016, panelists expect the economy to grow 1.6%.

Author:, Economist

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Austria GDP Chart

Austria GDP Q4 2014

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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