GDP in Austria
Austria - GDP
Private consumption keeps economic growth afloat in Q3
Economic growth remained robust in the third quarter, despite cooling somewhat, with GDP expanding 3.3% in quarter-on-quarter terms (Q2: +4.0% qoq). Compared to the same period a year prior, the economy grew 4.8% in the third quarter, notably down from the 12.6% expansion logged in the second.
The further lifting of restrictive measures in the quarter buoyed private consumption, which solely carried the economy. Household spending jumped to an 8.2% quarterly expansion, up from the prior quarter’s 1.9% increase, also supported by a tighter labor market and less downbeat sentiment. Meanwhile, government consumption fell 1.0% in Q3, after expanding 3.0% in Q2. Fixed investment also contracted in the period, dropping 0.4% and contrasting the second quarter’s 1.5% expansion.
On the external front, exports of goods and services dropped 4.1% in the quarter, swinging markedly from the 13.7% expansion logged in the second quarter. Meanwhile, imports of goods and services fell 5.0% in Q3, after expanding 3.7% in the second quarter.
A second GDP estimate based on more complete data will be released at the end of November.
Turning to the fourth quarter, activity is likely to be held back by ongoing supply-side constraints, higher energy prices and rising inflation. Looking beyond the short term, the Austrian economy is expected to grow at a slightly stronger pace in 2022, despite a less favorable effect. Domestic demand should firm amid normalizing economic conditions, while fading supply-side issues should boost the industrial sector and goods exports.
FocusEconomics panelists project that the economy will expand 4.4% in 2022, which is unchanged from last month’s estimate. For 2023, panelists expect the economy to grow 2.2%.
Austria - GDP Data
|Economic Growth (GDP, annual variation in %)||1.0||2.1||2.5||2.4||1.6|
5 years of economic forecasts for more than 30 economic indicators.
Austria GDP Chart
Source: Austrian Institute of Economic Research (WIFO).
|Bond Yield||0.03||0.40 %||Jan 01|
|Exchange Rate||1.12||0.65 %||Dec 31|
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January 10, 2022
Industrial output grew 2.0% in month-on-month seasonally-adjusted terms in November, which was above October's 1.4% increase.
January 7, 2022
Consumer confidence dropped to a 10-month low of minus 9.0 in December from minus 4.0 in November.
December 10, 2021
Industrial production fell 0.2% month-on-month in seasonally-adjusted terms in October (September: -0.7% mom).
November 26, 2021
Operating conditions in the Austrian manufacturing sector expanded at a softer clip in November, with the UniCredit Bank Austria Manufacturing Purchasing Managers’ Index (PMI) cooling to 58.1 in November from 60.6 in October, marking the weakest reading since January However, the index remained comfortably above the neutral 50-threshold that separates expansion from contraction in the manufacturing sector. The moderation came on the back of marginal growth in production and new orders; however, strong employment, stocks of purchases growth and a notable lengthening of supplier delivery times limited the headline drop.
November 25, 2021
Consumer confidence dropped to minus 4.0 in November from minus 2.0 in October.