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Austria: More detail data confirms economy picks up slightly in Q2

August 28, 2015

According to detailed GDP data released by the Austrian Institute of Economic Research (WIFO) on 28 August, the Austrian economy picked up slightly in Q2, expanding a modest 0.3% in seasonally-adjusted terms, compared to the previous quarter. The result matched the flash estimate and was an improvement over Q1 2015’s 0.2% expansion.

According to WIFO, Q2’s figure reflected modest gains in both domestic demand and the external sector. Government consumption inched up from 0.3% growth in Q1 to a 0.4% increase in Q2. While private consumption stabilized at Q1’s figure, tallying a meagre 0.1% in Q2 over the previous quarter. Fixed investment remained lackluster, recording a 0.1% contraction, which mirrored Q1’s result.

In the external sector, exports of goods and services rose 0.2% over the previous quarter, which marked a rebound from the 0.2% decrease registered in Q1. Imports recorded zero growth in Q2, inching down from Q1’s 0.1% expansion. As a result, the external sector’s contribution to growth swung from minus 0.2 percentage points in the first quarter to plus 0.1 percentage points in the second quarter.

Compared to the same period of the previous year, the economy grew 0.5% in Q2, which was above the flash estimate and Q1’s 0.4% expansion.

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 Q2 2015 1

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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