Austria’s GDP in the 3rd quarter 4.0 percent below the previous year

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        As expected, Austria's economy recovered noticeably from the previous slump in the third quarter.  Economic output rose by 12.0 percent compared to the previous quarter, but was 4.0 percent below the previous year's level in real terms.  Statistics Austria announced on Monday.  In the summer there was an economic rebound in almost all industries - in private consumption, investments and foreign trade, said Tobias Thomas, the head of the authority.        </p><div>
        <p>The renewed lockdown will also have profound economic consequences, said Thomas in a broadcast.  However, due to the exceptional situation, the results are still fraught with great uncertainty.  For the GDP development in the third quarter, the economic research institute (Wifo) assumed in its flash estimate a month ago of 11 percent plus compared to the previous quarter and over 5 percent minus compared to 2019.  According to Statistics Austria, GDP in the second quarter (April to June) was 11.6 percent below the previous quarter and 14.1 percent lower year-on-year.</p>            

According to Statistics Austria, private consumption again showed strong growth of +13.3 percent in the third quarter compared to the previous quarter. The decrease of 5.1 percent compared to the same quarter of the previous year is attributed to the still weaker consumption of services. In contrast, a substantial catch-up effect is noted in the demand for durable consumer goods – including above all furnishings and furniture – with +7.7 percent real compared to the same quarter of the previous year.

Real investments grew by 7.9 percent compared to the previous quarter and thus made up for a large part of the declines in the first half of 2020, but fell by 0.7 percent year-on-year. The upward trend was evident in all investment categories – with the highest growth rates in investments in machines (+14.0 percent real compared to the previous quarter, -3.7% real compared to the previous quarter) and vehicles (+17.5 percent real compared to the previous quarter) , + 6.4% real compared to the same quarter of the previous year).

The international, more relaxed Corona situation was also reflected in the foreign trade data in the summer: Real exports climbed 16.1 percent compared to the previous quarter, while real imports grew by 12.1 percent. According to Statistics Austria, the still relatively large real decline in exports (-8.6 percent) and imports (-9.1 percent) compared to the same quarter of the previous year can be explained by the restrained cross-border trade in services, especially travel.

The recovery effects over the summer ran through almost all economic sectors. The areas of trade, transport, as well as accommodation and catering, which were particularly hard hit by the lockdown in the first half of the year, recorded a strong real increase of 32.9 percent in the third quarter compared to the previous quarter (but -4.5% compared to the same quarter of the previous year). The same applies to the culture and entertainment industry as well as personal services, which together grew by 39.2 percent in real terms compared to the previous quarter, but not yet reached the pre-crisis level (-7.7 percent in real terms compared to the same quarter of the previous year).

The general stabilization of the economic situation in the months of June to September had a positive effect on the labor market. The number of employees rose in the third quarter by 3.5 percent compared to the previous quarter. Within a year they were 1.3 percent lower. In terms of hours worked, there was a strong increase of 14.1 percent compared to the previous quarter and a year-on-year decrease of 3.4 percent. The total of wages and salaries in the third quarter was nominally (adjusted) 5.5 percent higher than in the previous quarter, but 1.3 percent below the value of the third quarter of 2019.

The next quarterly economic forecasts from Wifo and the Institute for Advanced Studies (IHS) are planned for December 18.

                            Those: APA                            </span>


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