The Austrian economy grew by 1.6% in 2019

According to preliminary estimates by the Austrian Institute of Economic Research (WIFO) on behalf of Statistics Austria the Austrian economy expanded by 1.6% in 2019. Hence, the growth rate is considerably below the development in the previous years (2017: +2.5%; 2018: +2.4%), mainly due to the tight international economic environment.

Austrian GDP at current prices amounted to approximately 398.7 bn euros (+3.4%) in 2019 and GDP per inhabitant equalled 44 920 euros.

The economic growth of the producing sector was 1.4% in real terms and, thus, fell short of the increase of the service sector (1.7% in real terms) for the first time in four years, with manufacturing only growing by 0.9% in real terms, which means a significant slowdown compared to the previous years (2017: +4.7%; 2018: +5.1%). Energy and water supply achieved the most significant growth rate of all industries (+2.9%) within the producing sector; however, its share in total value added is much smaller. Growth in construction (+2.4% in real terms) was stronger, too.

Within the service sector the highest growth rates were observed for transport services and for financial and insurance services (both +4.2% in real terms), followed by communication services (+2.6% in real terms). As in the previous years, public services (public administration, health and education services) achieved a rather moderate growth of 0.6% in real terms.

On the expenditure side, gross capital formation was the predominant category of domestic demand (2.4% in real terms), thereby showing the most significant increase for transport equipment (+7.5 % in real terms), whereas the demand for machinery and equipment grew only by 1.6% in real terms. The increase in consumption expenditure was 1.2% in real terms, showing a stronger growth for household consumption expenditure (1.4% in real terms) than for government consumption expenditure (0.6% in real terms).

Growth in exports of goods and services (+2.9% in real terms) was significantly weaker than in the previous years (2017: +5.0%; 2018: +5.9%), facing an increase of imports of goods and services by 2.7% in real terms, which also means an significant slowdown in growth (2017: +5.0%; 2018: +4.6%). The balance of trade in goods remains positive. However, the overall surplus in the external balance (+14.8 bn euros) was mainly based on trade in services (+10.3 bn euros).

Compensation of employees (i.e. the total remuneration, in cash or in kind, payable by an employer to an employee) grew by 4.3% at current prices in 2019. Along with the growth of GDP at current prices by 3.3%, the increase of gross operating surplus and mixed income was 2.1%.

The number of jobs rose by 1.2%, reaching an all-time high of about 4.81 million. At the same time the average hours worked per job decreased slightly by 0.2%, thus leading to an increase of 1.1% in the volume of total hours worked compared to the previous year. Finally, the trend in employment resulted in an increase in labour productivity per hour worked (+0.5%).

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 101.7. Hence, the overall price development was somewhat above the change of the consumer prices index (+1.5%).

Main aggregates
Gross domestic product per economic sectors, current prices
Gross domestic product per industry, current prices
Gross domestic product per industry, chained volume indices
Income approach of gross domestic product, current prices
Expenditure on gross domestic product, current prices
Expenditure on gross domestic product, chained volume indices
Final consumption expenditure, current prices
Final consumption expenditure, chained volume indices
Private consumption, current prices
Private consumption, constant prices
Gross capital formation, current prices
Gross capital formation, chained volume indices
Compensation of employees
Employment according to ESA 2010 concepts

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