Austria GDP

Austria

Austria: More detail data confirms slight growth in Q1

May 29, 2015

According to detailed GDP data released by the Austrian Institute of Economic Research (WIFO) on 29 May, the Austrian economy returned to meagre growth in Q1 2015, expanding a modest 0.1% in seasonally-adjusted terms compared to the previous quarter. The result matched the flash estimate and was an improvement over Q4 2014’s flat reading.

According to WIFO, Q1’s modest expansion reflected an improvement in domestic demand. The contraction in fixed investment moderated noticeably, improving from Q4’s 1.2% decrease to a 0.6% fall in Q1. On the other hand, both private and government consumption remained stable, matching Q4’s 0.1% and 0.3% expansions, respectively.

In the external sector, exports of goods and services increased 0.7% in Q1, which was slightly above the 0.6% growth tallied in Q4. Imports rebounded from a 0.1% contraction in Q4 to a 0.8% expansion in Q1, which marked the largest expansion in over one-year.

In annual terms, GDP rose 0.4% in Q1, which contrasted the 0.1% contraction recorded in Q4.

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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