Corrected press release: 12.461-052/21
Vienna, 2021-03-05 – The Austrian economy dropped by 5.7%
in real terms in the 4th quarter of 2020 compared to the same quarter
of the previous year, according to preliminary calculations by Statistics Austria.
Compared to the 3rd quarter of 2020, the gross domestic product (GDP)
fell in real terms by 2.7% (seasonally and working day adjusted). For
the entire year 2020, the GDP recorded a decline of 6.6% in real terms.
"Austria's economic performance in the Corona
year 2020 recorded the most striking decline since 1945 with a minus
of 6.6%. GDP thus fell more sharply by 2.8 percentage points than in
the year of the financial crisis 2009. At -5.7%, the decline in the
4th quarter of 2020 was smaller than recently feared. The fact that
Austria's economy was hit quite hard in a European comparison is in
particular due to the strong decline in gross value added in accommodation
and food service activities. Their share in Austria's GDP is more than
three times larger than in Germany, for example", says Statistics Austria
Director General Tobias Thomas.
GDP in Q4 2020: heavy losses in consumption
of services; gross capital formation stabilises
In the 4th quarter of 2020, consumption of private
households recorded substantial losses of 11.2% in real terms compared
to the 4th quarter of 2019. This is mainly caused by a sharp decline
in consumption of services (-21.7% in real terms). Compared to the 3rd
quarter of 2020, consumption of services dropped by 14.8% in real terms.
Final consumption expenditure of government increased by 4.1% in real
terms compared to the 4th quarter of 2019 (+1.6% in real terms compared
to the previous quarter).
In foreign trade, services also were affected more
severely. Compared to the 4th quarter of 2019, export of services dropped
by 21.8% and import of services by 14.1% (real terms). The recorded
decline of export and import of goods (-2.4% and -0.1% in real terms
respectively) was comparatively low.
Capital formation stabilised slightly after the outbreak
of COVID-19 and hardly declined by 0.7% in real terms compared to the
4th quarter of 2019 (+0.4% compared to the previous quarter). In particular,
capital formation in total machinery and equipment recorded positive
growth rates (+1.7% compared to the 4th quarter 2019, +2.8% compared
to the previous quarter).
The lockdown during the 4th quarter 2020 had a significant
impact on accommodation and food service activities, trade and transportation
(-19.7% in real terms compared to the 4th quarter of 2019) as well as
on arts and entertainment (-21.5% in real terms compared to the 4th
quarter of 2019). Manufacturing was still below the pre-crisis level
(-1.3% in real terms compared to the 4th quarter of 2019), but recorded
a slight growth (+1.7% in real terms) compared to the 3rd quarter of
2020.
Construction was also less affected by the crisis
(-2.7% in real terms compared to the 4th quarter of 2019). Irrespective
of COVID-19 containment measures, financial services (+3.1% in real
terms compared to the 4th quarter of 2019) and real estate activities
(+2.2% in real terms compared to the 4th quarter of 2019) as well as
information and communication (+1.6% in real terms compared to the 4th
quarter of 2019) increased moderately.
GDP in 2020: historic decline of 6.6%, services
were hit hardest
The COVID-19 pandemic hit the Austrian economy in
2020 (-6.6% in real terms) much harder than the financial crisis of
2009 (-3.8% in real terms compared to the previous year). According
to current available data, Austria was thus in the lower third in comparison
with the EU member states. Germany, which is the most important trading
partner, outperforms Austria (-4.9% in real terms), whereas Italy, the
second most important trading partner, underperforms Austria with a
minus of 8.9% in real terms (source: EUROSTAT, DESTATIS, ISTAT).
The decline in the producing sector (-5.8% in real
terms) is less severe than in the service sector (-6.7% in real terms).
In particular, government-related services (e.g. public administration,
human health and education) supported the service sector. Compared to
other industries, the decrease of construction (-2.3% in real terms)
was moderate. Manufacturing and electricity were hit harder with a drop
by 7.2% and 7.7% in real terms, respectively. Due to lockdowns, accommodation
and food service activities (-35.2% in real terms), arts, entertainment
and personal services (-19.6% in real terms) as well as transportation
(-15.5% in real terms) suffered the strongest losses. Trade dropped by
5.6% in real terms.
The crisis also affected gross fixed capital formation,
which fell by 4.9% in real terms in 2020. With the exception of intellectual
property products (+1.7% in real terms), all investment categories recorded
a decline. Capital formation of transport equipment dropped by 14.2%
in real terms, followed by capital formation in machinery (-12.1% in
real terms).
Consumption expenditures also suffered massive losses
during 2020 (-9.6% in real terms. This was mainly due to the heavy losses
in consumption of private households (-9.8% in real terms). As on the
production side, services were mostly affected (accommodation and food
services, transportation, personal services). In contrast, durable consumption
goods and digital services increased. Government consumption expenditure
grew by 0.8% in real terms due to the acquisition of goods associated
with COVID-19 containment measures.
The performance of manufacturing is also reflected
in foreign trade. Export of goods declined by 6.9% in real terms, import
of goods declined by 7.4% in real terms. Again, services were affected
stronger. Both exports (-18.8% in real terms) and imports of services
(-17.4% in real terms) dropped sharply, considerably due to international
travel restrictions.
For more detailed results and further information
concerning national accounts please refer to our website.
Information
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. Due to the extraordinary economic situation
there may be revisions in future releases.
| | 2018 | 2019 | 2020 |
|---|
| Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
|---|
| %
to previous quarter, seasonal and calendar adjusted | 0.2 | 0.9 | 0.8 | -0.3 | 0.3 | -0.5 | -3.0 | -10.7 | +11.8 | -2.7 |
|---|
| %
to previous year, unadjusted | 2.1 | 3.0 | 2.2 | 1.4 | 1.7 | 0.4 | -3.6 | -13.5 | -3.7 | -5.7 |
|---|
|
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
|---|
| GDP,
current prices, bn EUR | 318.65 | 323.91 | 333.15 | 344.27 | 357.61 | 369.34 | 385.36 | 397.58 | 375.56 |
|---|
| %
change | 2.7 | 1.6 | 2.9 | 3.3 | 3.9 | 3.3 | 4.3 | 3.2 | -5.5 |
|---|
| %
change, real terms | 0.7 | 0.0 | 0.7 | 1.0 | 2.0 | 2.4 | 2.6 | 1.4 | -6.6 |
|---|
|
| | 2018 | 2019 | 2020 |
|---|
| Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
|---|
|
|---|
| %
to previous quarter, seasonal and calendar adjusted | -0.6 | 0.7 | 1.3 | -0.5 | 0.0 | -0.5 | -3.2 | -7.8 | 8.4 | -3.3 |
|---|
| %
to previous year, unadjusted | 0.1 | 1.4 | 1.1 | 0.8 | 1.6 | 0.6 | -3.5 | -11.5 | -4.1 | -6.9 |
|---|
|
|---|
| %
to previous quarter, seasonal and calendar adjusted | -0.4 | 0.4 | 1.5 | -0.6 | -0.4 | -0.4 | -4.9 | -11.4 | 12.4 | -5.5 |
|---|
| %
to previous year, unadjusted | -0.2 | 1.2 | 0.4 | 1.1 | 1.2 | 0.5 | -5.2 | -16.4 | -6.1 | -11.2 |
|---|
|
|---|
| %
to previous quarter, seasonal and calendar adjusted | -1.0 | 2.6 | 2.3 | 0.7 | -1.2 | -2.1 | -0.5 | -7.5 | 6.9 | 0.4 |
|---|
| %
to previous year, unadjusted | 2.5 | 5.0 | 7.6 | 4.5 | 4.7 | 0.0 | -3.5 | -12.8 | -2.7 | -0.7 |
|---|
|
|---|
| %
to previous quarter, seasonal and calendar adjusted | -0.8 | 1.2 | 2.7 | -1.4 | 0.3 | -0.2 | -4.5 | -18.2 | 18.0 | -0.2 |
|---|
| %
to previous year, unadjusted | 5.2 | 5.3 | 4.4 | 2.4 | 2.6 | 2.2 | -4.4 | -22.1 | -7.1 | -8.4 |
|---|
|
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
|---|
| Consumption
expenditure, current prices, bn EUR | 233.64 | 238.33 | 243.86 | 249.40 | 257.17 | 265.90 | 274.58 | 282.86 | 267.98 |
|---|
| %
change | 2.8 | 2.0 | 2.3 | 2.3 | 3.1 | 3.4 | 3.3 | 3.0 | -5.3 |
|---|
| %
change, real terms | 0.4 | 0.1 | 0.4 | 0.6 | 1.6 | 1.6 | 1.1 | 1.0 | -6.5 |
|---|
| Gross
fixed capital formation, current prices, bn EUR | 72.17 | 74.63 | 75.49 | 78.14 | 82.59 | 87.26 | 92.43 | 98.14 | 94.93 |
|---|
| %
change | 3.6 | 3.4 | 1.2 | 3.5 | 5.7 | 5.6 | 5.9 | 6.2 | -3.3 |
|---|
| %
change, real terms | 0.9 | 1.6 | -0.4 | 2.3 | 4.3 | 4.1 | 3.9 | 4.0 | -4.9 |
|---|
| Exports
of goods and services, current prices, bn EUR | 171.99 | 173.10 | 177.86 | 172.77 | 187.41 | 199.64 | 214.61 | 220.95 | 197.63 |
|---|
| %
change | 2.8 | 0.6 | 2.7 | 2.8 | 2.5 | 6.5 | 7.5 | 3.0 | -10.6 |
|---|
| %
change, real terms | 1.4 | 0.6 | 2.9 | 3.0 | 3.0 | 4.9 | 5.5 | 2.9 | -10.4 |
|---|
|
| | 2018 | 2019 | 2020 |
|---|
| Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
|---|
|
|---|
| %
to previous quarter, seasonal and calendar adjusted | 1.3 | 2.3 | 0.2 | -0.9 | -0.8 | -1.9 | -1.2 | -14.0 | 14.5 | 0.6 |
|---|
| %
to previous year, unadjusted | 4.5 | 6.7 | 5.0 | 1.9 | 0.9 | -3.4 | -5.2 | -17.3 | -3.4 | -1.6 |
|---|
|
|---|
| %
to previous quarter, seasonal and calendar adjusted | 0.4 | 1.0 | 0.6 | 0.7 | 0.7 | 0.8 | -0.2 | -9.2 | 10.6 | -2.4 |
|---|
| %
to previous year, unadjusted | 1.7 | 2.4 | 2.5 | 2.5 | 2.8 | 2.8 | 1.8 | -8.3 | 0.6 | -2.7 |
|---|
|
|---|
| %
to previous quarter, seasonal and calendar adjusted | -0.5 | 1.1 | 0.4 | -0.4 | 1.4 | -1.0 | -8.0 | -21.2 | 29.6 | -15.6 |
|---|
| %
to previous year, unadjusted | 1.4 | 2.7 | 0.3 | 1.0 | 2.8 | 0.7 | -8.1 | -26.6 | -6.9 | -19.7 |
|---|
|
|---|
| %
to previous quarter, seasonal and calendar adjusted | 0.1 | 0.1 | 0.3 | 0.3 | 0.0 | 0.1 | 0.1 | -0.3 | 0.7 | 0.4 |
|---|
| %
to previous year, unadjusted | 0.7 | 0.8 | 0.9 | 0.4 | 0.5 | 0.7 | 0.5 | -0.7 | 0.5 | 1.0 |
|---|
|
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
|---|
| Manufacturing,
current prices, bn EUR | 53.23 | 53.43 | 55.17 | 57.46 | 60.96 | 62.20 | 65.06 | 66.06 | 59.43 |
|---|
| %
change | 3.4 | 0.4 | 3.3 | 4.2 | 6.1 | 2.0 | 4.6 | 1.5 | -10.0 |
|---|
| %
change, real terms | 2.0 | 0.3 | 2.2 | 0.9 | 4.4 | 3.7 | 5.3 | 0.7 | -7.2 |
|---|
| Construction,
current prices, bn EUR | 18.03 | 18.55 | 18.96 | 19.17 | 19.95 | 21.15 | 22.43 | 24.19 | 24.49 |
|---|
| %
change | 3.2 | 2.9 | 2.2 | 1.1 | 4.1 | 6.0 | 6.1 | 7.8 | 1.2 |
|---|
| %
change, real terms | -0.6 | -1.2 | -2.3 | -2.5 | -0.1 | 3.3 | 1.8 | 2.7 | -2.3 |
|---|
| Wholesale
and retail trade, current prices, bn EUR | 36.41 | 35.41 | 36.64 | 37.53 | 37.97 | 37.87 | 40.69 | 40.42 | 38.22 |
|---|
| %
change | 0.5 | -2.8 | 3.5 | 2.4 | 1.2 | -0.3 | 7.4 | -0.7 | -5.5 |
|---|
| %
change, real terms | -1.7 | -2.3 | 2.2 | 2.1 | 0.6 | 0.1 | 2.9 | 0.6 | -5.6 |
|---|
| Accommodation
and food service activities, current prices, bn EUR | 14.04 | 14.48 | 15.12 | 15.70 | 16.66 | 17.22 | 18.10 | 19.14 | 13.33 |
|---|
| %
change | 5.1 | 3.2 | 4.4 | 3.8 | 6.2 | 3.4 | 5.1 | 5.8 | -30.3 |
|---|
| %
change, real terms | 1.8 | -0.2 | -0.4 | -0.2 | 1.7 | 0.7 | 1.3 | 2.1 | -35.2 |
|---|
| Information
and communication, current prices, bn EUR | 9.41 | 9.80 | 10.36 | 10.70 | 11.46 | 11.72 | 12.87 | 13.54 | 13.69 |
|---|
| %
change | 2.0 | 4.2 | 5.7 | 3.2 | 7.1 | 2.3 | 9.8 | 5.2 | 1.1 |
|---|
| %
change, real terms | -0.8 | 2.2 | 1.4 | 1.5 | 5.6 | 2.1 | 9.8 | 3.7 | 1.8 |
|---|
| Real
estate activities, current prices, bn EUR | 26.37 | 27.74 | 28.68 | 29.90 | 31.01 | 32.69 | 34.07 | 35.31 | 36.74 |
|---|
| %
change | 4.3 | 5.2 | 3.4 | 4.3 | 3.7 | 5.4 | 4.2 | 3.6 | 4.0 |
|---|
| %
change, real terms | 1.7 | 1.9 | 0.9 | -0.5 | 1.0 | 1.3 | 1.1 | 1.2 | 1.9 |
|---|
Public
Administration, Education, Human health and social work activities
current prices, bn EUR | 49.38 | 50.26 | 51.62 | 53.71 | 55.93 | 57.64 | 59.65 | 61.68 | 62.98 |
|---|
| %
change | 2.9 | 1.8 | 2.7 | 4.0 | 4.1 | 3.1 | 3.5 | 3.4 | 2.1 |
|---|
| %
change, real terms | 0.4 | 0.1 | 0.4 | 0.7 | 1.6 | 1.2 | 0.8 | 0.6 | 0.3 |
|---|
|
Austria in EU comparison: change in GDP compared
to the previous year in percent
For further inquiries please contact Directorate
Social Statistics, Statistics Austria:
Ferdinand LEITNER, Tel. +43 1 71128-7715 resp. ferdinand.leitner@statistik.gv.at
and
Kathrin LAIS, Tel. +43 1 71128-7285 resp. kathrin.lais@statistik.gv.at
Media owner, producer and publisher:
STATISTICS AUSTRIA, Federal Institution under Public Law
1110 Vienna, Austria, Guglgasse 13, Tel.: +43 1 71128-7777
presse@statistik.gv.at
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Last Changed 05.03.2021
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