Austria: GDP shrinks in Q3
November 15, 2012
In the third quarter, GDP fell a seasonally and working-day adjusted 0.1% over the previous quarter, according to preliminary data released by the Austrian Institute of Economic Research (WIFO) on 15 November. The reading contrasted the 0.1% expansion recorded in the second quarter, and marked the first contraction since the second quarter of 2009. Compared to the same period last year, GDP was flat, which contrasted the 0.1% expansion in Q2. Growth in private consumption was flat in the third quarter, which mirrored the figure recorded in the second quarter. Meanwhile government spending expanded 0.5% (Q2: +0.4 quarter-on-quarter). In contrast, gross fixed investment contracted 0.2% (Q2: -0.3% qoq). On the external front, the net contribution from the external sector to overall economic growth deteriorated, as imports outpaced exports. Exports of goods and services increased 0.9% in the third quarter (Q2: +0.6% qoq), while imports grew a faster 1.2% in Q3 (Q2: +0.7% qoq).
Author: Ricardo Aceves, Senior Economist