Austria Quarterly National Accounts. Growth quality in focus.
The A-CLUSTER quarterly framework separates headline GDP from investment quality, productivity and labour costs, household demand and finances, the corporate cycle and the external contribution.
Seven modules describe the current growth mix.
The 2026-Q2 production vintage combines quarterly national accounts with quarterly sector-account diagnostics. Household-finance and corporate modules use their latest available 2026-Q1 observations.
Growth quality
Broad-based growth. Real GDP expanded 0.8% year on year. Net exports were the primary driver, while domestic demand still contributed +0.48 pp.
Investment quality
Productive-capital intensive. GFCF stood at 23.9% of GDP and machinery/equipment plus intellectual property represented about 58.2% of fixed investment.
Competitiveness
Mixed / broadly neutral. Productivity per hour grew 0.7% YoY, 0.1 pp below the EU benchmark, while NULC growth was 1.3 pp lower than the EU rate.
Household demand
Durable-led discretionary demand. Real household consumption rose 0.5% YoY, with durables the strongest category at +2.7%.
Household income & saving
Saving-rate drawdown. Real disposable income per capita fell 2.76% QoQ in 2026-Q1 and the saving rate declined to 13.75%, down 2.86 pp from four quarters earlier.
Corporate income & investment
Mixed corporate cycle. The non-financial corporate investment rate was 25.61% and the gross profit share 36.9% in 2026-Q1.
External sector
Export-supported external contribution. Exports contributed +1.24 pp and imports −0.93 pp, leaving net exports at +0.31 pp.
Constructive, but not uniformly strong.
Three modules are favourable, three mixed or neutral, and one adverse. The positive side is concentrated in growth breadth, investment composition and the external contribution; household income and saving conditions remain the main constraint.
External support matters
Net exports contributed +0.31 pp to year-on-year growth, while domestic demand contributed +0.48 pp. This is a more balanced mix than a purely domestic-demand-led expansion.
Investment intensity is relatively high
GFCF at 23.9% of GDP is paired with a 58.2% productive-capital proxy, indicating that the composition as well as the level of investment is supportive.
Demand is positive, income momentum is weaker
Household consumption remains in positive real growth, but the latest sector-account data show a material fall in real disposable income per capita and a lower saving rate.
Exports are currently a tailwind
Real exports grew 2.3% YoY versus 1.8% for imports, producing a positive net-export contribution in the latest GDP decomposition.