2.7 percent growth for Austrian economy in 2011
Austria’s economy grew in real terms by 2.7% in 2011. Despite a difficult international backdrop this was the second year in a row with a significant increase (2010: +2.1%). This means that average growth in both the EU (+1.5%) and the eurozone (+1.5%) was below that of Austria. Gross domestic product (GDP) amounted to around EUR 301 billion last year (+5.0%), equivalent to EUR 35,710 per capita.
An in-depth look at the figures shows that goods manufacturing (+8.5%) and the energy industry (+ 9.4%) were key factors in the GDP rise. The construction industry was another key contributor (+3.5%). Exports rose in real terms by 7.2%.
Despite international turbulence, Austria’s economy proved to be on a slight growth curve in Q1 2012 and has proven robust. For 2012 Oesterreichische Nationalbank , Austria’s central bank, forecast a plus of 0.9% in its June 2012 report. Austria is also expected to remain one of the eurozone’s growth drivers in the next 2 years (2013: 1.7%; 2014: 2.1%). Naturally, these forecasts are on condition that there is no renewed worsening of the crisis and that the economies of Austria’s most important trade partners are not subject to further deterioration.