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Austria: Economic growth stagnant again in Q4, GDP expands slightly in FY 2014

February 27, 2015

According to detailed GDP data released by the Austrian Institute of Economic Research (WIFO) on 27 February, the Austrian economy has stalled. GDP posted flat growth in Q4 in seasonally-adjusted terms compared to the previous quarter. This mirrored the result tallied in Q3 and met market expectations.

According to WIFO, Q4’s flat reading reflected lackluster performance both in domestic demand and in the external sector. Private consumption was flat in Q4, matching Q3’s reading. Government spending increased a mild 0.2% in Q4 (Q3: +0.2 quarter-on-quarter), whereas gross fixed investment contracted 1.1% (Q3: -1.0% qoq).

Exports of goods and services increased 0.2% in Q4, which mirrored the result tallied in Q3. Imports declined 0.5%, which was slightly down from the 0.4% drop recorded in the previous quarter.

In annual terms, GDP contracted 0.2% in Q4, which was down from the previously-estimated 0.1% drop and contrasted the 0.4% rise tallied in the previous quarter. In the full year 2014, the Austrian economy expanded a meager 0.3%, which was only slightly above the 0.2% expansion registered in 2013.

The Austrian National Bank (OeNB) expects the economy to grow 0.7% in 2015. For 2016, the Bank sees economic growth picking up to 1.6%. FocusEconomics panelists are less optimistic and project that the economy will grow 1.0% in 2015, which is unchanged from last month’s estimate. For 2016, panelists expect the economy to grow 1.6%.


Author:, Economist

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Austria GDP Q4 2014 1

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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