Underlying picture less positive than headline reading: GDP growth improved to 0.7% on a seasonally adjusted quarter on quarter basis...
Economic Growth in Austria
Over the past decade to 2022, Austria's economy recorded an average real GDP growth rate of 1.2%, below the Euro Area's average of 1.4%. In 2022, its real GDP growth was 4.8%. For more GDP information, visit our dedicated page.
Austria GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Austria from 2014 to 2024.
Source: Macrobond.
Austria GDP Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | -6.5 | 5.0 | 5.4 | -0.9 | -1.3 |
| GDP (EUR bn) | 380 | 406 | 448 | 473 | 482 |
| Economic Growth (Nominal GDP, ann. var. %) | -3.9 | 6.8 | 10.3 | 5.6 | 1.8 |
Economic activity records best reading since Q2 2022 in Q1
GDP rebounds in Q1: According to a preliminary reading, economic activity bounced back after three quarters of contraction, growing 0.2% on a seasonally and calendar-adjusted quarter-on-quarter basis in Q1 (Q4 2024: -0.4% qoq s.a.) and marking only the second expansion in nearly three years. On an annual basis, GDP dropped 0.7% in Q1, improving from the previous period's 0.9% fall and marking the best result since Q1 2023.
Exports drive the rebound: The main driver of the sequential rebound was exports of goods and services growth, which hit an over two-year high of 1.4% in the first quarter (Q4 2024: -2.9% qoq s.a.), likely boosted by a recovery in the German economy and front-loading ahead of U.S. tariffs. On the domestic front, household spending growth ebbed to 0.1% in Q1 compared to a 0.3% expansion in Q4, as higher inflation weighed on households’ budgets. Moreover, government consumption growth was the slowest since Q3 2024 at 0.4% (Q4 2024: +0.5% qoq s.a.), and fixed investment dropped 0.1% in Q1 (Q4 2024: +0.4% qoq s.a.).
Economy to broadly stagnate in 2025: Our Consensus is for sequential growth to hover around Q1 levels in the next quarter, supported by lower interest rates. However, in 2025 as a whole, the economy is expected to flatline after having contracted in 2023–2024. Fiscal consolidation is set to hamper public spending growth and exports should remain in the doldrums amid a still-weak German economy and U.S. import tariffs. That said, ECB rate cuts will drive improvements in the readings for private consumption and fixed investment. Sharper-than-expected fiscal austerity is a downside risk.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Austrian GDP projections for the next ten years from a panel of 20 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Austrian GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Austrian GDP projections.
Want to get access to the full dataset of Austrian GDP forecasts? Send an email to info@focus-economics.com.
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