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.