The economy remained strong in 2022 as annual economic growth landed at 5.0%, up from 4.7% in 2021. Looking at the quarterly picture, GDP was flat in Q4 according to revised data, contrasting the 0.1% expansion seen in Q3. Contractions in private consumption and exports of goods and services were offset by growth in public consumption and investment. Turning to 2023, available data is fairly positive. Business and consumer sentiment and the manufacturing PMI improved in the first two months of the year. Additionally, industrial production grew month on month in January. Moreover, the risk of a gas supply crisis has dissipated recently due to mild weather, high gas reserves and additional pipeline capacity expected in 2023, which should aid industrial output ahead.
Austria Economic Growth (Nominal GDP, ann. var. %) Data
| 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| Economic Growth (Nominal GDP, ann. var. %) | 3.3 | 4.3 | 3.1 | -4.1 | 6.6 |