Austria's gross domestic product shrank 4.3% on quarter in the three months to December of 2020, following a 12% growth in the previous period and compared to market expectations of a 2.5% fall, a preliminary estimate showed. The contraction was mainly attributed to renewed lockdown restrictions to curb a second wave of COVID-19 infections. Household consumption (-8.3% vs 12.9% in Q3) and government spending (-0.6% vs 0.5%) declined while fixed investment (0.1% vs 7.9%) decelerated sharply. In addition, net external demand contributed negatively to the GDP as exports fell 1.1% (vs 16.1% in Q3) and imports decreased 0.7% (vs 12.1% in Q3). On the other hand, the most heavily affected sectors were tourism, trade, transport, entertainment and leisure. Year-on-year, the economy plunged 7.8%, following an upwardly revised 4.2% contraction in the previous three-month period. source: Oesterreichische Nationalbank
GDP Growth Rate in Austria averaged 0.40 percent from 1996 until 2020, reaching an all time high of 12 percent in the third quarter of 2020 and a record low of -11.60 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 February of 2021.
GDP Growth Rate in Austria is expected to be 2.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Austria to stand at 0.70 in 12 months time. In the long-term, the Austria GDP Growth Rate is projected to trend around 0.70 percent in 2022 and 0.50 percent in 2023, according to our econometric models.