Economic Growth in Austria
Austria's economy recorded an average growth rate of 1.2% in the decade to 2024, compared to the 0.8% average for Euro Area. In 2024, real GDP growth was -1.1%. For more GDP information, visit our dedicated page.
Austria GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Austria from 2014 to 2025.
Source: Macrobond.
Austria GDP Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | -6.4 | 5.0 | 5.4 | -0.7 | -0.8 |
| GDP (EUR bn) | 380 | 406 | 449 | 478 | 494 |
| Economic Growth (Nominal GDP, ann. var. %) | -3.9 | 6.8 | 10.6 | 6.3 | 3.4 |
Economy expands more than initially estimated in Q3 2025
Data revised up from flash release: A second release showed that Austria's GDP grew 0.4% in seasonally adjusted quarter-on-quarter terms in Q3, following an upwardly revised flat reading in the prior quarter. Q3’s reading was stronger than the 0.1% expansion from the flash release and the highest so far this year, rising above the euro area average for the first time since Q2 2022. On a year-on-year basis, GDP increased 1.0% in Q3, following 0.5% growth in the previous quarter.
Public spending fuels improvement: Compared with the prior quarter's data, the reading for public spending in Q3 improved (+0.7% on a seasonally adjusted quarter-on-quarter basis vs +0.3% in Q2). In contrast, readings worsened for private consumption (-0.3% vs +0.3% in Q2), fixed investment (-0.1% vs +1.1% in Q2), exports of goods and services (-1.6% vs +0.2% in Q2) and imports of goods and services (-0.5% vs +1.6% in Q2).
Panelist insight: EIU analysts said: “In 2026 we expect growth to pick up to just under 1%, reflecting an improving external backdrop, stronger economic growth in the euro zone, falling energy prices and the continued strength of Austria's international tourism sector. The main risk to our growth outlook is a worse than expected performance of the German industrial sector.” UniCredit’s Walter Pudschedl commented on the outlook: “The strength of the recovery of the domestic economy in 2026 will depend decisively on the development of domestic demand. On the one hand, the aftermath of the key interest rate cuts should have a positive effect on investment activity. On the other hand, the decline in inflation should contribute to a slow decline in the propensity to save and be able to give private consumption a little more momentum. Foreign trade is expected to continue to weigh on the economy in Austria at least in 2026. However, the negative effect should gradually decrease.”
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Austrian GDP projections for the next ten years from a panel of 24 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Austrian GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Austrian GDP projections.
Want to get access to the full dataset of Austrian GDP forecasts? Send an email to info@focus-economics.com.
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