The Austrian economy contracted 0.4% in the three months ending June 2024, compared to a flat reading in the preliminary estimates and following a 0.1% growth in the previous quarter. Household consumption fell by 1.1% (vs 0.8% in Q1), while the gross capital formation increased by 7.3% (vs -6.7%) driven by a higher investment in other buildings and structures (3.7% vs -3.8%) and machinery and equipments (1.3% vs -5%). On the external side, exports decreased 0.02% (vs -1.2%), while imports rose 0.6% (vs -1.4%). On a yearly basis, GDP fell by 0.6%, following a downwardly revised 1% decrease in the preceding period. source: Statistics Austria

The Gross Domestic Product (GDP) in Austria contracted 0.40 percent in the second quarter of 2024 over the previous quarter. GDP Growth Rate in Austria averaged 0.40 percent from 1995 until 2024, reaching an all time high of 11.30 percent in the third quarter of 2020 and a record low of -11.20 percent in the second quarter of 2020. This page provides - Austria GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Austria GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2024.

The Gross Domestic Product (GDP) in Austria contracted 0.40 percent in the second quarter of 2024 over the previous quarter. GDP Growth Rate in Austria is expected to be 0.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Austria GDP Growth Rate is projected to trend around 0.40 percent in 2025 and 0.20 percent in 2026, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-07-30 07:00 AM QoQ Flash Q2 0% 0.1% 0.3%
2024-09-04 07:00 AM QoQ Final Q2 -0.4% 0.1% 0% 0.0%
2024-10-30 08:00 AM QoQ Flash Q3 -0.4% 0.4%


Related Last Previous Unit Reference
Full Year GDP Growth -0.70 4.80 percent Dec 2023
GDP 516.03 470.94 USD Billion Dec 2023
GDP Growth Rate YoY -0.60 -1.10 percent Jun 2024
GDP Constant Prices 93771.17 93102.03 EUR Million Jun 2024
GDP Growth Rate -0.40 0.10 percent Jun 2024
GDP per Capita 45851.72 46697.86 USD Dec 2023
GDP per Capita PPP 64643.97 65836.89 USD Dec 2023
Gross Fixed Capital Formation 22421.65 20492.62 EUR Million Jun 2024
Gross National Product 477.25 447.22 EUR Billion Dec 2023

Austria GDP Growth Rate
Austria's economy features a large service sector (63 percent of total GDP), a solid industrial sector (25 percent), and a small, but highly developed agricultural sector (1 percent). On the expenditure side, household consumption is the main component of GDP and accounts for 54 percent, followed by gross fixed capital formation (22 percent) and government expenditure (20 percent). Net exports of goods and services adds 3 percent to the GDP as exports accounts for 53 percent and imports for 50 percent.
Actual Previous Highest Lowest Dates Unit Frequency
-0.40 0.10 11.30 -11.20 1995 - 2024 percent Quarterly
SA


News Stream
Austria Economy Contracts in Q2
The Austrian economy contracted 0.4% in the three months ending June 2024, compared to a flat reading in the preliminary estimates and following a 0.1% growth in the previous quarter. Household consumption fell by 1.1% (vs 0.8% in Q1), while the gross capital formation increased by 7.3% (vs -6.7%) driven by a higher investment in other buildings and structures (3.7% vs -3.8%) and machinery and equipments (1.3% vs -5%). On the external side, exports decreased 0.02% (vs -1.2%), while imports rose 0.6% (vs -1.4%). On a yearly basis, GDP fell by 0.6%, following a downwardly revised 1% decrease in the preceding period.
2024-09-04
Austrian Economy Stagnates in Q2
The Austrian economy showed no growth in the three months ending June 2024, following a 0.1% growth in the preceding quarter, preliminary estimates showed. This stagnation was primarily due to a sharp decline in household consumption (-0.5% vs. 0.8%), which offset the recovery from government spending (1.4% vs. -0.5%) and gross fixed capital formation (0.1% vs. -2.1%). Meanwhile, net external demand negatively impacted GDP, with decreases in both exports (-2.7% vs. 2.6%) and imports (-3.2% vs. 3.3%). On the production side, significant declines were observed in construction and wholesale and retail trade, but were counterbalanced by sharp rises in public administration and other services. On a yearly basis, GDP also stalled after a 1.3% contraction in the previous period.
2024-07-30
Austria GDP Grows Less than Initially Thought
The Austrian economy rose by 0.1% on quarter in the first three months of 2024, slightly down from a preliminary estimate of a 0.2% increase and after growing by a revised similar rate in the previous quarter. Yearly, the GDP fell by 1.1% in Q1, compared to an earlier estimate of a 1.3% decline and following a revised 1.6% drop in the previous three-month period. This contraction mainly comes from manufacturing (-5.9%), trade activities (-4.8%) and other economic services (-2.1%). Accommodation and food service activities recorded slight growth (+0.7%) for the first time since the strong post-COVID-catch-up effects.
2024-06-03