Austria GDP Q2 2017

Austria

Austria:

July 27, 2017

According to a flash estimate released by the Austrian Institute of Economic Research (WIFO) on 27 July, the economy maintained a strong pace of growth in Q2. GDP increased a seasonally-adjusted 0.8% from the previous quarter, mirroring Q1’s upwardly-revised outturn (previously reported: +0.7% quarter-on-quarter). Compared to the same period last year, the economy grew 2.2% in Q2, which was below Q1’s 2.5% rise.

Q2’s reading was supported by still robust, if somewhat weaker, domestic demand growth and a strong net contribution from the external sector. Government consumption growth was stable (Q2: +0.1% qoq), while household consumption growth edged down a notch to +0.3% qoq (Q1: 0.4% qoq). Fixed investment slowed more substantially, albeit from a high level: Fixed investment growth was clocked at 1.2% qoq in Q2, down from 1.7% qoq in Q1.

On the external side of the economy, exports of goods and services rose 2.4% (Q1: 1.90.0% qoq), an over five-year high, though imports also accelerated (Q2: 2.1% qoq; Q1: 1.9% qoq). Nonetheless, the external sector once again made a positive contribution to GDP growth, evidence that Austria is taking full advantage of the upswing in the European economy that is currently underway.

WIFO expects the economy to grow 2.4% in 2017 and 2.0% in 2018. FocusEconomics panelists project that the economy will grow 2.1% in 2017, which is up 0.1 percentage points from last month’s estimate. For 2018, panelists expect the economy to grow 1.7%.


Author:, Economist

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Austria GDP Q2 2017

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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