Austria GDP


Austria: Economy picks up slightly in Q2

July 30, 2015

According to preliminary estimates released by the Austrian Institute of Economic Research (WIFO) on 30 July, GDP growth inched up in the second quarter of 2015. GDP, adjusted for seasonal and working-day factors, grew 0.3% in Q2 compared to the previous quarter. The result was above Q1’s revised 0.2% expansion (previously reported: +0.1% quarter-on-quarter) and marked the fastest pace of growth in over three years.

According to WIFO, Q2’s acceleration reflected a modest improvement in domestic demand. Private consumption inched up from flat growth in Q1 to a 0.1% increase over the previous period. Government consumption also increased, rising to a 0.4% expansion in Q2 from a 0.3% increase in Q1. However, fixed investment remained lackluster, recording a 0.2% contraction, which mirrored Q1’s result.

In the external sector, exports of goods and services fell 0.1% over the previous quarter, which followed the 0.3% decrease registered in Q1. Imports recorded zero growth in Q2, inching down from Q1’s 0.1% expansion. As a result, the external sector tallied no contribution to growth in the second quarter.

Compared to the same period of the previous year, the economy grew 0.4% in Q2, mirroring Q1’s expansion. More detailed data will be released on 28 August.

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 0.8% in 2015, which is unchanged from last month’s estimate. For 2016, panelists expect the economy to grow 1.5%.

Author: Angela Bouzanis, Senior Economist

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Austria GDP Chart

Austria GDP Q2 2015

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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