Austria GDP


Austria: Austrian economy grows at steady pace in third quarter

November 27, 2015

The Austrian economy grew at a stable pace in the third quarter of the year, according to more detailed data released by the Austrian Institute of Economic Research (WIFO) on 27 November. GDP, adjusted for seasonal and working-day factors, grew 0.3% in Q3 compared to the previous quarter, matching Q2’s reading.

According to WIFO, Q3’s result mainly reflected that a slight acceleration of investment and public spending was compensated by a somewhat poorer performance of the external sector. Private consumption tallied a 0.1% rise over the previous period, mirroring Q2’s reading. Government consumption picked up slightly, rising to a 0.3% expansion in Q3 from a 0.2% increase in Q2. Fixed investment improved from Q2’s 1.1% rise to a 1.5% expansion in Q3.

In the external sector, exports of goods and services rose 1.5% over the previous quarter, which followed the 1.0% increase registered in Q2. Import growth accelerated from 1.0% in Q2 to 1.8% in Q3. As imports grew at a faster pace than exports, the external sector’s contribution to growth worsened slightly from zero percentage points in Q2 to minus 0.1 percentage points in Q3.

Compared to the same period of the previous year, the economy grew 1.0% in Q3, which was up from Q2’s 0.8%.

The Austrian National Bank (OeNB) expects the economy to grow 1.9% in 2016. For 2017, the Bank sees economic growth of 1.8%. FocusEconomics panelists are slightly less optimistic and project that the economy will grow 1.4% in 2016, which is unchanged from last month’s estimate. For 2017, panelists expect the economy to grow 1.5%.

Author: Teresa Kersting, Economist

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Austria GDP Chart

Austria GDP Q3 2015 0

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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