In the second quarter, GDP rose a seasonally adjusted 0.7% over the previous quarter, according to revised calculations by the Austrian Institute of Economic Research (WIFO). The reading was down from the previous 1.0% estimate reported in the 16 August release and followed a 0.8% expansion in the first quarter. The revision reflects a new methodology that also led to an adjustment of GDP figures for previous years (see data section on the following page). On a year-on-year basis, GDP slowed from 4.2% in the first quarter to 3.4% in the second quarter. On the domestic front, the second quarter reading reflected a deceleration in fixed investment, which grew 0.9% in Q2 (previously reported: +0.6% qoq), slower than growth of 1.3% in Q1. Meanwhile, private consumption swung from a 0.4% contraction in Q1 to a 0.4% expansion in Q2 (previously reported: +0.2% qoq). Exports of goods and services increased only 0.1% in the second quarter (initially reported: +1.8% quarter-on-quarter), well below the 3.1% expansion in the first quarter. Imports slowed from 3.6% in Q1 to 0.3% in Q2 (previously reported: +0.8% qoq). As a result, the net contribution from the external sector to overall economic growth deteriorated from a flat figure in Q1 to a 0.1 percentage-point detraction in Q2. The Austrian Institute of Economic Research (WIFO) expects GDP growth to rise 3.0% this year before slowing to 1.8% in 2012. The Central Bank expects the economy to expand 3.2% this year and 2.3% in 2012.
GDP expands less than previously estimated
October 16, 2011
Looking for forecasts related to GDP in Austria? Download a sample report now.
Austria Economic News
October 25, 2016
In August, industrial production expanded 1.6% over the previous month in seasonally-adjusted terms.
September 29, 2016
In September, the Bank Austria Manufacturing Purchasing Managers’ Index (PMI) came in at 53.5, which was up from August’s 52.1.
September 28, 2016
The consumer confidence index produced by Fessel-GfK deteriorated in September.
September 23, 2016
In July, industrial production fell 0.6% over the previous month in seasonally-adjusted terms.
August 31, 2016
The consumer confidence index elaborated by Fessel-GfK deteriorated slightly in August, ending three consecutive months of improvement.