Austria: Economy expands steadily in Q4; full-year 2015 growth accelerates
February 29, 2016
According to revised data released by the Austrian Institute of Economic Research (WIFO) on 29 February, the economy grew at a steady pace in the final quarter of 2015. GDP rose 0.3% in Q4 compared to the previous quarter, matching Q3’s and Q2’s results. Full-year GDP growth sped up from 0.4% in 2014 to 0.9% in 2015. The readings matched the preliminary estimate.
Q4’s steady expansion mainly reflects that stronger public and private consumption compensated for slower investment growth and ongoing sluggishness in the external sector. Government consumption accelerated from Q3’s 0.3% growth to 0.6% in Q4, marking the largest gain in nearly three years. Private consumption expanded 0.2% over the previous period, slightly up from Q3’s 0.1% rise. Conversely, fixed investment growth decelerated from 0.6% in Q3 to 0.5% in Q4.
In the external sector, exports of goods and services rose 0.7% over the previous quarter, which followed the 1.4% increase registered in Q3. Imports grew 1.3% in Q4, decelerating from Q3’s 2.1% expansion.
Compared to the same period of the previous year, the economy grew 1.1% in Q4, which was slightly up from Q3’s 1.0% rise.