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Austria: Economic growth improves somewhat in Q2

August 14, 2014

In the second quarter, GDP increased a seasonally and working-day adjusted 0.2% over the previous quarter, according to preliminary estimates released by the Austrian Institute of Economic Research (WIFO) on 14 August. The reading was a notch up from the 0.1% increase observed in the first quarter. Compared to the same quarter last year, GDP accelerated from a 0.1% increase in Q1 to a 0.6% expansion in Q2.

Q2’s result showed that private consumption maintained the weak pace observed in the first quarter, increasing a lackluster 0.1%. Government spending grew 0.4% over the previous period, which followed a similar expansion in Q1. Meanwhile, gross fixed investment deteriorated in Q2: it swung from a 0.6% increase in Q1 to a 0.3% contraction in Q2.

On the external front, exports of goods and services picked up somewhat from a 0.3% increase in Q1 to a 0.5% expansion in Q2. Imports grew also 0.5% in Q2, which was slightly below the 0.6% growth registered in the previous quarter. Net exports did not contribute to overall economic growth in Q2, but were an improvement compared to the 0.1 percentage-point detraction tallied in Q1.

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 project that the economy will grow 1.5% in 2014, which is unchanged from last month’s estimate. For 2015, panelists expect the economy to grow 1.8%.


Author:, Senior Economist

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Austria GDP Q2 2014 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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