Press release: 12.331-171/20
– The Austrian gross domestic product (GDP) dropped by 12.1% in volume
terms (seasonal and working day adjusted) during the second quarter
of 2020 compared to the first quarter of 2020 and by 14.3% (unadjusted
in real terms) compared to the second quarter of 2019. According to
Statistics Austria, the measures to contain COVID-19 affected nearly
all economic indicators.
In 2019, the Austrian economy grew by 1.4%, which
means a slowdown in growth dynamics compared to the previous years (2017:
+2.4%; 2018: +2.6%).
GDP in the second quarter of 2020: production,
domestic demand and foreign trade equally affected
declined by 12.6% in volume terms compared to the previous quarter (-16.1%
compared to Q2/2019), mainly due to the lockdown of leisure services
(accommodation, food service, arts and entertainment). Consumption of
housing (rents, electricity) and food/beverages grew slightly.
fell by 7.5% in volume terms compared to the first quarter of 2020 (-12.3%
compared to Q2/2019). Capital formation in transportation and in machinery
were particularly affected, with a decline by 14.8% in volume terms
compared to the first quarter of 2020 (-41.0% compared to Q2/2019) and
by 12.9% (-19.7% compared to Q2/2019), respectively. Capital formation
in construction also recorded a decrease (-7.4% in volume terms compared
to Q1/2020; -8.1% compared to Q2/2019).
Foreign trade had
already slowed down in 2019. Imports declined from the second quarter
of 2019 on and were severely hit in the second quarter of 2020, when
the decline reached -13.2% in volume terms compared to the first quarter
of 2020 (-17.4% compared to Q2/2019). Goods and services were affected
equally. Exports show a similar pattern (-13.2% in volume terms compared
to Q1/2020; -18.1% compared to Q2/2019). The absence of tourists is reflected
in a significant decrease of exports of services by -14.6% in volume
terms compared to the first quarter of 2020 (-20.9% compared to Q2/2019).
The COVID-19 measures also left their mark in the service
sector, with accommodation and food services being most affected.
They recorded a decline of 65.2% in volume terms compared to the first
quarter of 2020 (-61.1% compared to Q2/2019). As expected, arts, entertainment
and recreation also suffered losses (-27.0% in volume terms compared
to Q1/2020; -35.3% compared to Q2/2019).
In total, each economic activity
recorded negative volume growth in the second quarter of 2020 compared
to the first quarter in 2020. However, the negative impacts differ substantially.
Real estate activities (-0.7% in volume terms compared to Q1/2020; +2.2%
compared to Q2/2019), health and public administration (-0.5% in volume
terms compared to Q1/2020; -0.6% compared to Q2/2019) as well as information
and communication (-1.3% in volume terms compared to Q1/2020; +1.1% compared
to Q2/2019) were hardly affected. Similar to the development of foreign
trade, manufacturing already slowed down in 2019. The lockdown then
led to another remarkable slump by 15.6% in terms of volume compared
to the first quarter of 2020 (-18.4% compared to Q2/2019).
The overall tense economic situation is also reflected
in employment indicators. The measures
concerning short-term work resulted in a decline of hours worked by
12.9% compared to the first quarter of 2020 (-16.6% compared to Q2/2019),
but kept the decline of employment relatively small (-4.5% compared to
Q1/2020; -4.9% compared to Q2/2019). Compensation of employees fell by
7.2% in current prices compared to the first quarter of 2020, and by
6.2% compared to the second quarter of 2019.
GDP growth in 2019 was close to EU average
The latest estimate for the Austrian economic
growth of +1.4% is slightly below the preliminary ones. In the
European Union, real GDP growth was 1.5% and thus similar to the increase
in Austria. The growth rates for Germany (+0.6%) and Italy (+0.3%),
Austria's most important trading partners in the EU, were clearly lacking
behind (source: Eurostat database).
The economic growth of both the producing
sector and the service sector
was 1.4% in real terms. Growth in construction (+2.7% in real terms)
and in energy supply (+2.5% in real terms) was significantly above average.
Manufacturing, which predominantly shaped the producing sector in the
last years, showed a slowdown in growth (+0.7% in real terms). Within
the service sector, the highest growth rates were observed for information
and communication services (+3.7% in real terms), followed by financial
and insurance services (+3.0% in real terms). On the other hand, trade
services, which contribute substantially to overall gross value added,
increased by only 0.6% in real terms.
On the expenditure
side, gross fixed capital formation
was the predominant category of domestic demand (+4.0% in real terms),
thereby showing the most significant increase for transport equipment
(+7.9% in real terms). Investments in construction rose by 3.6% in real
terms, so did investments in research and development. The demand for
machinery and equipment was also significant (+3.3% in real terms).
The increase in consumption
expenditure was 1.0% in real terms and was thus similar to the
growth in the previous year (2018: +1.1% in real terms), showing a stronger
growth for government consumption expenditure (+1.5% in real terms)
than for household consumption expenditure (+0.8% in real terms), caused
by an increase of government expenditure on individual consumption (comprising
mainly health and education services) by 2.2% in real terms.
Growth in exports
of goods and services (+2.9% in real terms) was significantly below
the previous years (2017: +4.9%; 2018: +5.4%), reflecting the slowdown
in manufacturing. Imports of goods and
services increased by 2.4%. However, the overall surplus in the external
balance (+13.4 bn euros) was mainly based on the balance of travel (+9.3 bn
in full-time equivalents increased by 1.5%. The number of jobs rose
by 1.3%, reaching an all-time high of more than 4.8 million. Compensation
of employees grew by 4.2% in 2019.
For more detailed results and further information
concerning national accounts please refer to our website.
on methods, definitions: The national accounts estimates are
based on the European System of National and Regional Accounts (ESA
2010), the implementation of which is obligatory for all EU member
states by a council regulation to ensure that basic concepts and methods
are standardized and comparable.
Quarterly estimates for the national
accounts main aggregates were compiled by Statistics Austria for the
first time in September 2020.
Due to the extraordinary economic situation
there may be revisions in future releases.
to previous quarter, seasonal and calendar adjusted||+1.2||+0.4||+0.2||+0.9||+0.8||-0.3||+0.3||-0.5||-2.5||
to previous year, unadjusted||+2.7||+2.5||+2.1||+3.0||+2.2||+1.4||+1.7||+0.4||-3.4||
current prices, bn EUR||310.13||318.65||323.91||333.15||344.27||357.61||369.34||385.36||397.58|
change, real terms||+2.9||+0.7||±0.0||+0.7||+1.0||+2.0||+2.4||+2.6||+1.4|
to previous quarter, seasonal and calendar adjusted||+1.3||±0.0||-0.6||+0.7||+1.3||-0.5||±0.0||-0.5||-2.1||
to previous year, unadjusted||+1.2||+1.8||+0.1||+1.4||+1.1||+0.8||+1.6||+0.6||-3.5||
to previous quarter, seasonal and calendar adjusted||+1.7||-0.6||-0.4||+0.4||+1.5||-0.6||-0.4||-0.4||-3.3||
to previous year, unadjusted||+1.5||+1.5||-0.2||+1.2||+0.4||+1.1||+1.2||+0.5||-5.3||
to previous quarter, seasonal and calendar adjusted||+0.6||+2.8||-1.0||+2.6||+2.3||+0.7||-1.2||-2.1||-0.4||
to previous year, unadjusted||+3.1||+4.7||+2.5||+5.0||+7.6||+4.5||+4.7||±0.0||-2.9||
to previous quarter, seasonal and calendar adjusted||+0.4||+2.9||-0.8||+1.2||+2.7||-1.4||+0.3||-0.2||-4.9||
to previous year, unadjusted||+6.0||+5.7||+5.2||+5.3||+4.4||+2.4||+2.6||+2.2||-5.3||
expenditure, current prices, bn EUR||
change, real terms||+1.0||+0.4||+0.1||+0.4||+0.6||+1.6||+1.6||+1.1||+1.0|
fixed capital formation, current prices, bn EUR||
change, real terms||+6.6||+0.9||+1.6||-0.4||+2.3||+4.3||+4.1||+3.9||+4.0|
of goods and services, current prices, bn EUR||
change, real terms||5.9||1.4||0.6||2.9||3.0||3.0||4.9||5.5||2.9|
to previous quarter, seasonal and calendar adjusted||1.5||0.8||1.3||2.3||0.2||-0.9||-0.8||-1.9||-0.9||
to previous year, unadjusted||3.5||4.9||4.5||6.7||5.0||1.9||0.9||-3.4||-5.3||
to previous quarter, seasonal and calendar adjusted||0.0||0.8||0.4||1.0||0.6||0.7||0.7||0.8||0.0||
to previous year, unadjusted||1.4||1.4||1.7||2.4||2.5||2.5||2.8||2.8||1.9||
to previous quarter, seasonal and calendar adjusted||1.4||0.1||-0.5||1.1||0.4||-0.4||1.4||-1.0||-7.3||
to previous year, unadjusted||3.3||1.0||1.4||2.7||0.3||1.0||2.8||0.7||-8.1||
to previous quarter, seasonal and calendar adjusted||0.1||0.4||0.1||0.1||0.3||0.3||0.0||0.1||0.2||
to previous year, unadjusted||0.8||1.0||0.7||0.8||0.9||0.4||0.5||0.7||0.7||
current prices, bn EUR||
change, real terms||7.2||2.0||0.3||2.2||0.9||4.4||3.7||5.3||0.7|
current prices, bn EUR||
change, real terms||-0.9||-0.6||-1.2||-2.3||-2.5||-0.1||3.3||1.8||2.7|
and retail trade, current prices, bn EUR||
change, real terms||3.4||-1.7||-2.3||2.2||2.1||0.6||0.1||2.9||0.6|
and food service activities, current prices, bn EUR||
change, real terms||0.7||1.8||-0.2||-0.4||-0.2||1.7||0.7||1.3||2.1|
and communication, current prices, bn EUR||
change, real terms||7.3||-0.8||2.2||1.4||1.5||5.6||2.1||9.8||3.7|
estate activities, current prices, bn EUR||
change, real terms||3.2||1.7||1.9||0.9||-0.5||1.0||1.3||1.1||1.2|
Administration, current prices, bn EUR||
change, real terms||-0.3||-0.1||-0.5||0.1||1.3||1.8||1.3||1.1||-0.3|
For further inquiries please contact Directorate
Macro-economic Statistics, Statistics Austria:
Ferdinand LEITNER, Tel. +43 (1) 71128-7715 resp. firstname.lastname@example.org
Kathrin LAIS, Tel. +43 (1) 71128-7285 resp. email@example.com
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Last Changed 28.09.2020