Austria GDP Growth Rate

Last Release

Dec 31, 2024

Actual

Units In

0.3

Frequency

Quarterly

Next Release

Jun 02, 2025

Time to Release

2 Months 27 Days 8 Hours

Highest	Lowest	Average	Date Range	Source
10.9 Sep 2020	-11.4 Jun 2020	0.41 %	1995-2024	Oesterreichische Nationalbank

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. .

Latest Updates

The Austrian economy contracted by 0.4% quarter-on-quarter in the three months to December 2024, contrary to preliminary estimates of stagnation, following a revised 0.3% decline in the previous period. This marks the eighth consecutive quarter of contraction, the longest period of weakness since comparable records began in 1995. Net trade weighed on GDP, as exports dropped 2.9% (vs. -0.1% in Q3), while imports fell at a softer 2% (vs. -1.4%). Fixed investment growth slowed sharply (0.3% vs. 2.1%), dragged down by a decline in residential investments. Meanwhile, household consumption grew 0.3%, recovering from near stagnation in the previous quarter. On a yearly basis, GDP fell 0.4%, easing from a 0.8% contraction in Q3 and marking the mildest decline in the current downturn. For the full year, the Austrian economy shrank by 1.1% in 2024.