A city on a lake in Austria

Austria GDP

Austria GDP

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 2023.
Source: Statistics Austria.

Austria GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 2.4 1.5 -6.7 4.4 4.8
GDP (EUR bn) 385 397 381 405 447
Economic Growth (Nominal GDP, ann. var. %) 4.3 3.1 -4.1 6.4 10.4

Economy rebounds in the first quarter

According to a preliminary estimate, the Austrian economy gained steam in the first three months of 2024, expanding 0.2% on a seasonally adjusted quarter-on-quarter basis. The upturn came in above the flat growth recorded in the fourth quarter of last year and was the strongest since Q2 2022; that said, growth was below the Euro area average. Meanwhile, GDP contracted 1.3% year on year in Q1, improving slightly from Q4 2023’s 1.4% downturn, marking the smallest decrease since Q1 2023.

The quarterly improvement chiefly reflected a sharp rebound in private consumption, which grew 1.3% on a seasonally adjusted quarter-on-quarter basis in Q1 (Q4 2023: -0.2% s.a. qoq) and marked the best reading since Q1 2022; nine-quarter low inflation and a declining unemployment rate supported household budgets at the outset of 2024. Moreover, government spending dropped at a milder rate of 1.2% in Q1 (Q4 2023: -1.4% s.a. qoq). That said, fixed investment contracted 2.7% in Q1, contrasting the prior quarter’s 0.9% expansion and marking the worst result since Q2 2020. On the external front, exports of goods and services swung into a 0.3% contraction in Q1 (Q4 2023: +3.9% s.a. qoq). Similarly, imports of goods and services fell 1.5% in Q1, deteriorating from the previous quarter’s 3.5% increase and marking the worst reading since Q2 2020.

Our Consensus is for sequential growth to accelerate in Q2 and for the economy to rebound in 2024 as a whole from 2023’s contraction—the worst in 14 years barring 2020’s pandemic-induced downturn. Receding price pressures, election-related public spending and a looser monetary policy backdrop in the second half of the year will underpin a recovery in domestic demand. Faster growth in exports of goods and services will further add impetus.

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 22 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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