Economic growth
of 2.0% in 2008
According to estimates by Statistics Austria, the
Austrian economy grew by 2.0% in 2008. This means a slowdown of growth
against the background of a demanding international environment, following
significant growth rates of +3.5% in both 2006 and 2007. Nevertheless,
the growth was still remarkable compared to most other EU and OECD countries.
The average growth rate of the EU countries was +0.9%, the average economic
growth of the Euro Zone (1) was +0.7% (Source: Eurostat Databank, July
2009). The average growth rate of the OECD countries was +0.9% (Source:
OECD, Main Economic Indicators, June 2009).
Gross domestic product (GDP) at current prices rose
by € 11.1 bn, or 4.1%, to approximately
€ 281.9 bn in 2008. Hence, GDP per inhabitant amounted to € 33.810
(+3.6%).
As regards the output approach by industry, energy
and water supply achieved the most conspicuous growth rate (+5.8% in
real terms). Growth in manufacturing was less vibrant than in the previous
years (2006: +9.2% in real terms, 2007: +7.5% in real terms), but the
increase was still +3.9% in real terms. Industry in total (including
energy and construction) grew by 3.5% in real terms and, thus, increased
evidently stronger than the service sector did (+1.7% in real terms).
The strongest growth within the service sector was achieved by hotels
and restaurants (+3.1% in real terms). The slowdown in manufacturing
was reflected in a damped growth in the export of goods and services,
which developed by +3.4% at current prices and +0.8% in real terms,
respectively. Domestic demand, on the other hand, was predominantly
shaped by an increase of +3.2% in real terms for government final consumption
expenditure. Gross fixed capital formation expanded only by 1.0% in
real terms. Whereas investments in machinery increased by 2.2% in real
terms, demand for transport equipment decreased by 4.7% in real terms.
Final household consumption expenditure grew by +3.4% at current prices
and +0.7% in real terms, respectively.
Net national disposable income rose by 4.4% up to
€ 232.6 bn. Compensation of employees (i.e. the total remuneration,
in cash or in kind, payable by an employer to an employee) increased
by 5.3% and, hence, outraged the growth of operating surplus and mixed
income (+2.9%) for the first time in nine years. The implicit price
index of GDP (derived from the GDP at current prices and at constant
prices respectively, based on previous year’s prices) was 102.0.
Hence, the overall price development was significantly less than the
change of the consumer prices index (+3.2%).
| Main aggregates |  |  |  |
| Expenditure on gross domestic product, chained volume indices |  |  |  |
| Expenditure on gross domestic product, current prices |  |  |  |
| Final consumption expenditure, chained volume indices |  |  |  |
| Final consumption expenditure, current prices |  |  |  |
| Gross capital formation, chained volume indices |  |  |  |
| Gross capital formation, current prices |  |  |  |
| Gross domestic product per economic sectors, current prices |  |  |  |
| Gross domestic product per industry, chained volume indices |  |  |  |
| Gross domestic product per industry, current prices |  |  |  |
| Income approach of gross domestic product, current prices |  |  |  |
| Private consumption, constant prices |  |  |  |
| Private consumption, current prices |  |  |  |
| Inventory of Methods for Price and Volume Measures in the Austrian National Accounts |  |
|---|
| National Accounts Inventory of Austria (in german only; 3MB) |  |