A-CLUSTER | Austria Quarterly National Accounts — Structural Macro Monitor

Executive Summary Growth Investment Competitiveness Household Demand Household Income & Saving Corporate Sector External Sector

Executive assessmentReal GDP grew 0.8% year-on-year in 2026-Q2 and the growth mix is classified as broad-based growth. The largest positive engine was net exports, while the contribution mix is assessed as broad. Domestic demand contributed +0.5 pp and net exports +0.3 pp. The decomposition covers 100% of the six core expenditure components. Watchpoints: External sector supporting growth.

Contribution coverage: 100% · Reconciliation residual: +0.01 pp · Assessment quarter: 2026-Q2

Real GDP

+0.80%

2026-Q2 · year-on-year

Growth regime

Broad-based growth

rule-based growth-mix classification

Growth balance

Broad

breadth / concentration of positive engines

Primary driver

Net exports

largest contribution engine

Domestic demand

+0.48 pp

2026-Q2 · GDP contribution

Net exports

+0.31 pp

2026-Q2 · GDP contribution

Productivity/hour

+0.70%

2026-Q2 · Current

NULC/hour

+1.50%

2026-Q2 · Current

GFCF / GDP

23.90%

2026-Q2 · Current

Investment structure

Productive-capital intensive

2026-Q2 · asset composition

Productive-capital proxy

58.2%

machinery/equipment + intellectual property

Competitiveness regime

Mixed / broadly neutral

productivity and NULC relative to EU-27

Productivity gap vs EU

-0.1 pp

common quarter 2026-Q2

Latest productivity/hour

+0.7%

country-only 2026-Q2

NULC gap vs EU

-1.3 pp

common quarter 2026-Q2

Household demand mix

Durable-led discretionary demand

2026-Q2

Household financial regime

Saving-rate drawdown

2026-Q1

Household saving rate

13.8%

quarterly sector accounts

Corporate regime

Mixed corporate cycle

2026-Q1

Corporate investment rate

25.6%

non-financial corporations

Real household consumption

+0.5%

YoY

External-sector regime

Export-supported external contribution

2026-Q2

Net exports contribution

+0.31 pp

to YoY GDP growth

Overall structural assessment

Constructive but mixed

7-module synthesis

Watchpoints: External sector supporting growth

Executive structural synthesis

Austria's structural macro picture is classified as constructive but mixed. Growth Quality: Broad-based growth. Investment Quality: Productive-capital intensive. Competitiveness: Mixed / broadly neutral. Household Demand: Durable-led discretionary demand. Household Income & Saving: Saving-rate drawdown. Corporate Income & Investment: Mixed corporate cycle. External Sector: Export-supported external contribution. Across the 7 modules, 3 are favourable, 3 mixed/neutral and 1 adverse.

Module	Assessment	Secondary	Key metric	Metric label	Quarter	Status	Flags
Growth Quality	Broad-based growth	Primary driver: Net exports	0.80	Real GDP growth	2026-Q2	Favourable	External sector supporting growth
Investment Quality	Productive-capital intensive	Productive-capital proxy: 58.2%	23.90	GFCF / GDP	2026-Q2	Favourable	High intellectual-property share
Competitiveness	Mixed / broadly neutral	Prod gap vs EU: -0.1 pp \| NULC gap: -1.3 pp	0.70	Latest productivity/hour	2026-Q2	Mixed / neutral	None
Household Demand	Durable-led discretionary demand	Primary category: Durables	0.50	Real household consumption	2026-Q2	Mixed / neutral	None
Household Income & Saving	Saving-rate drawdown	Saving rate: 13.8% \| 4Q change: -2.9 pp	13.75	Household saving rate	2026-Q1	Adverse	Actual final consumption per capita unavailable for selected country; Saving rate down at least 1 pp from four quarters earlier; Real disposable income per capita falling materially QoQ
Corporate Income & Investment	Mixed corporate cycle	Investment rate: 25.6% \| Profit share: 36.9%	25.61	Corporate investment rate	2026-Q1	Mixed / neutral	None
External Sector	Export-supported external contribution	Net exports: +0.31 pp	0.31	Net exports contribution	2026-Q2	Favourable	Domestic demand accompanied by import drag

Quarterly scorecard

Each indicator uses its own latest available observation. EU-27 is compared in the same quarter shown for the selected country.

Indicator	Measure	Quarter	Austria	EU-27	Gap vs EU
Real GDP growth	% YoY	2026-Q2	0.80	1.40	-0.60
Real GDP growth	% QoQ	2026-Q2	-0.10	0.70	-0.80
Productivity per person	% YoY	2026-Q2	0.90	0.90	+0.00
Productivity per hour	% YoY	2026-Q2	0.70	0.80	-0.10
Nominal unit labour cost	% YoY	2026-Q2	1.50	2.80	-1.30
Gross fixed capital formation	% GDP	2026-Q2	23.90	21.50	+2.40
Household & NPISH consumption	% YoY	2026-Q2	0.40	1.20	-0.80
Exports	% YoY	2026-Q2	2.30	4.20	-1.90
Imports	% YoY	2026-Q2	1.80	3.90	-2.10
Real disposable income per capita	% QoQ	2026-Q1	-2.76	0.01	-2.77
Household saving rate	%	2026-Q1	13.75	14.14	-0.39
Household investment rate	%	2026-Q1	8.58	8.16	+0.42
Household net financial assets ratio	%	2026-Q1	982.36	—	—
Corporate investment rate	%	2026-Q1	25.61	22.64	+2.97
Corporate gross profit share	%	2026-Q1	36.90	39.05	-2.15

Growth anatomy

Expenditure-side percentage-point contributions used for the growth-mix classification. Imports are already signed in Eurostat's contribution measure.

Engine	Contribution (pp)
Household consumption	+0.20
Government consumption	+0.12
Investment	+0.18
Inventories & valuables	-0.02
Exports	+1.24
Imports	-0.93
Net exports	+0.31
Domestic demand	+0.48
Residual / reconciliation	+0.01

Investment structure & quality

The fixed-investment mix in 2026-Q2 is classified as productive-capital intensive. GFCF stood at 23.9% of GDP versus 21.5% for EU-27. Machinery/equipment plus intellectual property accounted for 58.2% of GFCF, while construction accounted for 41.7%. Total real GFCF growth was +0.8% year-on-year in 2026-Q2. Watchpoints: High intellectual-property share.

Asset	Code	Level (€m)	Share of GFCF	EU-27 share	Gap vs EU (pp)	Real growth (% YoY)
Dwellings	N111G	6,425.7	20.3%	23.1%	-2.8	-4.4
Other buildings & structures	N112G	6,784.3	21.4%	26.8%	-5.4	+1.1
Machinery & equipment	N11MG	10,524.4	33.2%	29.8%	+3.5	+3.5
Cultivated biological resources	N115G	22.7	0.1%	0.2%	-0.1	+23.4
Intellectual property products	N117G	7,937.9	25.0%	20.2%	+4.9	+1.3

Productivity, labour cost & competitiveness

The current structural signal is classified as mixed / broadly neutral. On the latest common comparison quarter (2026-Q2), real labour productivity per hour grew +0.7% year-on-year versus +0.8% in EU-27. Nominal unit labour cost per hour increased +1.5% versus +2.8% in EU-27.

Metric	Quarter	Country	EU-27	Euro area	Gap vs EU	Gap vs EA	Latest country quarter	Latest country value
Productivity per hour	2026-Q2	+0.70	+0.80	+0.60	-0.10	+0.10	2026-Q2	0.7
Productivity per person	2026-Q2	+0.90	+0.90	+0.60	+0.00	+0.30	2026-Q2	0.9
NULC per hour	2026-Q2	+1.50	+2.80	+2.60	-1.30	-1.10	2026-Q2	1.5
NULC per person	2026-Q2	+1.40	+2.80	+2.70	-1.40	-1.30	2026-Q2	1.4

Household demand & consumption mix

The current household-demand mix is classified as durable-led discretionary demand. Real household consumption grew +0.5% year-on-year in 2026-Q2. Durables accounted for 8.8% of nominal household expenditure and services for 55.6% in 2026-Q2.

Category	Code	Level (€m)	Share of consumption	EU-27 share	Gap vs EU (pp)	Real growth (% YoY)	Real growth quarter
Durable goods	P311_S14	6,075.9	8.8%	8.1%	+0.7	+2.7	2026-Q2
Semi-durable goods	P312_S14	6,378.2	9.2%	7.6%	+1.7	+0.0	2026-Q2
Non-durable goods	P313_S14	18,162.6	26.3%	29.9%	-3.6	+0.9	2026-Q2
Services	P314_S14	38,358.7	55.6%	54.4%	+1.2	+0.1	2026-Q2

Household income, saving & balance sheet

Austria's household income/saving configuration is classified as saving-rate drawdown. In 2026-Q1, real disposable income per capita changed -2.8% QoQ. The household saving rate was 13.8%. The saving rate changed -2.9 pp from four quarters earlier. Watchpoints: Actual final consumption per capita unavailable for selected country; Saving rate down at least 1 pp from four quarters earlier; Real disposable income per capita falling materially QoQ.

Metric	Indicator	Measure	Adjustment	Quarter	Country	EU-27	Euro area	Gap vs EU	Change vs 4Q ago
Real disposable income per capita	B6G_R_HAB_GR	% QoQ	SCA	2026-Q1	-2.76	+0.01	—	-2.77	-1.31
Real actual final consumption per capita	P4_R_HAB_GR	% QoQ	—	—	—	—	—	—	—
Household saving rate	SRG_S14_S15	%	SCA	2026-Q1	+13.75	+14.14	—	-0.39	-2.86
Household investment rate	IRG_S14_S15	%	SCA	2026-Q1	+8.58	+8.16	—	+0.42	+0.11
Household net financial assets ratio	NFW_S14_S15	%	NSA	2026-Q1	+982.36	—	—	—	+57.98

Corporate income & investment

Austria's non-financial corporate sector is classified as mixed corporate cycle. In 2026-Q1, the corporate investment rate was 25.6% and the gross profit share was 36.9%. Compared with four quarters earlier, the investment rate changed +0.2 pp and the profit share +0.9 pp.

Metric	Indicator	Measure	Adjustment	Quarter	Country	EU-27	Euro area	Gap vs EU	Change vs 4Q ago
Corporate investment rate	IRG_S11	%	SCA	2026-Q1	+25.61	+22.64	—	+2.97	+0.17
Corporate gross profit share	B2G_B3G_RAT_S11	%	SCA	2026-Q1	+36.90	+39.05	—	-2.15	+0.92

External sector & trade contribution

The external-sector contribution is classified as export-supported external contribution. Net exports contributed +0.31 percentage points to GDP growth in 2026-Q2. Exports contributed +1.24 pp and imports -0.93 pp. Real exports grew +2.3% YoY while real imports grew +1.8% YoY. Watchpoints: Domestic demand accompanied by import drag.

Metric	Contribution (pp)	Real growth (% YoY)	Quarter
Exports	+1.24	+2.30	2026-Q2
Imports	-0.93	+1.80	2026-Q2
Net exports	+0.31	—	2026-Q2
Domestic demand	+0.48	—	2026-Q2

A-CLUSTER Quarterly National Accounts — Structural Macro Monitor Summary

Executive structural synthesis across growth, investment, competitiveness, household demand, household income and saving, the corporate sector and the external sector.

Executive Dashboard

One-page synthesis of the growth mix, structural pulse and EU comparison.

Real GDP Growth

Year-on-year real GDP growth for the selected country, EU-27 and euro area.

Productivity per Hour

Real labour productivity per hour worked, year-on-year.

GDP Growth Contributions

Percentage-point expenditure contributions to annual real GDP growth.

European GDP Ranking

Cross-country comparison of real GDP growth for the latest available ranking quarter.

Household Consumption

Quarterly household consumption expenditure in current prices, by durability category where available.

Investment Structure & Quality

Composition of fixed investment, structural shares, EU comparison and investment-quality assessment.

Productivity, Labour Cost & Competitiveness

Productivity growth, nominal unit labour costs and relative performance versus EU-27 and the euro area.

Household Demand & Consumption Mix

Household expenditure composition and real demand momentum across durables, non-durables and services.

Household Income, Saving & Balance Sheet

Disposable income, actual consumption, saving, household investment and net financial assets from quarterly sector accounts.

Corporate Income & Investment

Corporate investment rate and gross profit share of non-financial corporations.

External Sector & Trade Contribution

Export, import and net-export contributions, trade growth and the source of external-sector support.

Methodology and interpretation

The growth-regime, growth-balance and watchpoint labels are transparent A-CLUSTER analytical rules. They are not Eurostat classifications. The report chooses the latest quarter with headline real GDP growth and a sufficiently populated expenditure decomposition. Structural indicators such as productivity, unit labour costs and GFCF may have different release lags; their observation quarter is disclosed explicitly. The household durability module (namq_10_fcs) follows the domestic consumption concept and is not identical to the household/NPISH aggregate used in the GDP expenditure decomposition. The household-income/saving and corporate modules use quarterly sector-account key indicators from nasq_10_ki; percentage-change indicators such as B6G_R_HAB_GR and P4_R_HAB_GR are changes from the previous period. A reconciliation residual larger than ±0.35 percentage points is flagged rather than silently treated as a complete decomposition.