Austria: Economic growth weakens in second quarter
September 10, 2012
In the second quarter, GDP grew a seasonally and working-day adjusted 0.1% over the previous quarter, according to revised data released by the Austrian Institute of Economic Research (WIFO) on 10 September. The reading was revised down from the +0.2% flash estimate released on 14 August and came in below the 0.5% expansion recorded in the first quarter. Compared to the same period last year, GDP decelerated from a 2.1% increase in Q1 to a revised 0.1% expansion in Q2 (previously reported: +0.2% year-on-year). As shown in the flash estimate, private consumption remained flat in the second quarter, while government spending was revised down to a 0.2% expansion (previously reported: +0.5% quarter-on-quarter). Gross fixed investment also grew 0.2% in the April-June period, which was revised down from the 0.4% increase reported in the flash estimate. On the external front, exports of goods and services increased 0.4% in the second quarter, which was a notch below the 0.5% expansion previously reported. Imports grew 0.3% in Q2, weaker than the 0.6% expansion previously estimated. As a result, the net contribution from the external sector to overall economic growth was zero in the second quarter, a deterioration over the 0.2 percentage points observed in the first quarter.
Author: Ricardo Aceves, Senior Economist