In the final quarter of 2013, GDP expanded a seasonally- and calendar-adjusted 0.3% over the previous quarter according to revised data released by the Austrian Institute of Economic Research (WIFO) on 11 March. The reading matched the preliminary estimate and represented a slight improvement over the 0.2% expansion tallied in the third quarter. In annual terms, revised GDP growth figures showed that the economy expanded 1.1% over the same quarter of the previous year in Q4 (previous estimate: +0.9% year-on-year), marking an acceleration over the 0.5% increase observed in Q3. Q4's improvement in GDP reflected a pick-up in private consumption to 0.1% (Q3: +0.0% quarter-on-quarter); government spending kept the pace of expansion recorded in the previous quarter (Q3: +0.3% qoq). In addition, gross fixed investment increased 0.2% in Q4, which was up from the flat reading observed in Q3. Exports of goods and services increased 0.5% in the fourth quarter, which came in slightly above the 0.4% expansion observed in Q3. Imports growth accelerated from a 0.2% expansion in Q3 to a 0.6% increase in Q4. The external sector's net contribution to overall economic growth fell from 0.1 percentage points in Q3 to a flat reading in Q4. In the full year 2013, the economy expanded 0.4%, which was down from the 0.9% increase recorded in 2012. The Austrian National Bank (OeNB) expects the economy to grow 1.6% in 2014. For 2015, the OeNB sees economic growth picking up to 1.9%. FocusEconomics panelists are less optimistic and project the economy to grow 1.4% in 2014, which is unchanged from last month's estimate. For 2015, panelists expect the economy to grow 1.8%.
GDP expansion in fourth quarter confirmed
March 11, 2014
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Austria GDP Chart
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.
Austria Economic News
September 29, 2016
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August 31, 2016
The consumer confidence index elaborated by Fessel-GfK deteriorated slightly in August, ending three consecutive months of improvement.
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In August, the manufacturing Purchasing Managers’ Index (PMI) produced by Bank Austria came in at 52.1, which was down from July’s 53.4.
August 29, 2016
The economy lost steam in the second quarter of 2016, according to the revised data released by the Austrian Institute of Economic Research (WIFO) on 29 August.