GDP in Austria
Austria - GDP
GDP growth remains strong in Q2
According to detailed data released by the Austrian Institute of Economic Research (WIFO) on 25 September, the economy continued to grow strongly in Q2, coming in just below Q1’s six-year high. GDP increased a seasonally-adjusted 0.8% quarter-on-quarter, slightly below Q1’s similarly impressive expansion, which was upwardly revised to 0.9% (previously reported: +0.8% qoq), and in line with the first estimate released at the end of July. Compared to the same period last year, the economy grew 2.6% in Q2, which was below Q1’s 3.2% year-on-year rise.
Growth in Q2 was supported by still robust, if somewhat weaker, domestic demand growth and a strong net contribution from the external sector. Government consumption growth was stable at 0.2% qoq, while private consumption growth edged up a notch to 0.3% qoq (Q1: +0.2% qoq). Fixed investment slowed substantially, albeit from a high level—it was clocked at 0.9% qoq in Q2, down from 1.3% qoq in Q1.
On the external side of the economy, exports of goods and services rose a more moderate 1.8% (Q2: +2.1% qoq); growth in imports also decelerated (Q2: +1.6% qoq; Q1: +1.7% qoq). Nonetheless, the external sector once again made a positive contribution to GDP growth, evidence that Austria is taking full advantage of the upswing in the European economy that is currently underway.
Looking ahead, economic growth is expected to accelerate this year, thanks to a stronger global economic environment, which is fueling exports growth. The positive momentum is also reflected in buoyant business and consumer confidence, which point to robust household spending and fixed investment growth this year.
WIFO expects the economy to grow 1.7% both this year and next. FocusEconomics panelists project that the economy will grow 2.3% in 2017, which is up 0.1 percentage points from last month’s estimate. For 2018, panelists expect the economy to grow 1.8%, which is up 0.1 percentage points from last month’s forecast.
Austria - GDP Data
|Economic Growth (GDP, annual variation in %)||0.7||0.1||0.6||1.0||1.5|
5 years of economic forecasts for more than 30 economic indicators.
Austria GDP Chart
Source: Austrian Institute of Economic Research (WIFO).
|Bond Yield||0.58||0.40 %||Oct 19|
|Exchange Rate||1.19||0.65 %||Oct 19|
|Stock Market||3,369||-1.00 %||Oct 19|
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September 28, 2017
The consumer confidence index produced by Fessel-GfK was steady at 5 points in September.
September 28, 2017
The Bank Austria manufacturing Purchasing Managers’ Index (PMI) inched down from its multi-year high of 61.1 in August to 59.4 in September; however, the index remains high and continued its trend of strong prints.
September 26, 2017
Austria’s parliamentary elections, to be held on 15 October, are expected to yield a right-leaning majority that could deliver the Chancellorship to Sebastian Kurz, chairman of the conservative Austrian People’s Party (ÖVP) and currently the Federal Minister for Europe, Integration and Foreign Affairs in the coalition government headed by Christian Kern.
September 25, 2017
In July, industrial production increased 0.7% over the previous month in seasonally adjusted terms, up from June’s 0.3% expansion.
September 25, 2017
According to detailed data released by the Austrian Institute of Economic Research (WIFO) on 25 September, the economy continued to grow strongly in Q2, coming in just below Q1’s six-year high.