19.02.2018, 4028 Zeichen
- Euro Area sustains the pace of its economic expansion: 0.6 % (q/q) GDP growth in Q4 2017.
- In 2017 the Austrian economy expanded by 3.1 % (y/y) surpassing Euro Area economic growth by 0.6 %-points.
The Euro Area’s economic expansion continues to follow a supportive trend. Last week’s Eurostat flash estimate of Gross Domestic Product (GDP) for Q4 2017 has confirmed the preliminary estimate of 0.6 % seasonally adjusted quarter-on-quarter (swda, q/q) growth. Compared to the fourth quarter of 2016, the Euro Area’s economy expanded by 2.7 % (swda, y/y) which translates into an annual growth rate of 2.5 % (swda, y/y) for the whole year of 2017.
Among the bigger Euro Area economies, the growth momentum during the fourth quarter of 2017 was broadly in line with the Euro Area average. The economic expansion continues to be broad based. Germany and France expanded by 0.6 % while the Spanish economy grew slightly above average at 0.7 % (swda, q/q). Only Italy continues to underperform with 0.3 % (swda, q/q) in Q4 2017.
In Austria, the economic expansion is in full swing and outperforms the Euro Area with growth at 0.7 % (swda, q/q). Economic growth continues to be supported by household consumption (1.4 %, y/y). Despite of continued strong export growth (7.3 %, y/y) the positive external effect has reduced significantly due to accelerated import growth (7.4 %, y/y). Investment growth remains robust being supported by a build-up of inventories with gross capital formation growth at 9.3 % (y/y) – Figure 1. While the Euro Area grew at 2.5 % in 2017, the Austrian economy expanded by 3.1 % (swda, y/y) compared to 2016.
CEE: the region shows continued growth momentum.
- Hungary surprised to the upside with year-on-year growth at 4.8 % (seasonally adj.) in Q4 2017.
- Romania was the fastest growing economy in 2017 with GDP growth at 6.9 % (y/y).
Besides the economies of the Euro Area, also the economies of Central and Eastern Europe (CEE) released flash estimates of GDP during the fourth quarter of 2017. Overall, the Q4 GDP estimates reflect the favorable economic conditions in the CEE region – Figure 2. Probably the biggest surprise was Hungary, where GDP expanded by 1.3 % (swda, q/q) compared to Q3 2017 and 4.8 % (swda, y/y) compared to Q4 2016. Romania, on the other hand, experienced a deceleration of economic growth with 0.6 % (q/q) GDP growth after a very strong third quarter at 2.4 % (q/q). Hence, Romania still has the highest year-on-year growth rate in the whole region at 7 % (Q4 17). The GDP growth figures of the Czech Republic (5.1 %, y/y), Poland (4.3 %), Slovakia (3.6 %) and Bulgaria (3.6 %) were all in-line with the growth acceleration during the previous quarters.
In Serbia, which reported 2.5 % (y/y, nsa) GDP growth during Q4, growth picked up from quarter to quarter starting at 1.1 % (y/y) in Q1 2017. For the total of last year, Serbia’s economy expanded by 1.8 %. In contrast to that year-on-year growth slowed down in Ukraine, reporting 1.8 % (nsa, y/y) growth in Q4 2017.
In 2017 economic growth was favorable, indeed. However, looking at long-term, or potential, growth also shows that the cyclical upswing in 2017 was not enough to push potential growth to levels seen before the financial crises – Figure 3. Even though, potential growth has accelerated recently none of the countries are projected to connect to the previous highs in growth potential. The IMF’s advice at the World Economic Forum in Davos to use the current favorable economic conditions to tackle existing structural weaknesses and, through this mechanism push potential growth, was, therefore, well placed. The latest Transition Report 2017-18 by the European Bank for Reconstruction and Development has identified similar challenges for the CEE region, arguing that economic growth based on technological transfer has come to an end. The region needs to implement a growth model based on innovative capability to escape the middle-income trap. Policy-makers would, therefore, be wrong to rest on current GDP data.
Wiener Börse Party #619: Neuer bei Addiko, dad.at mit Milestone und grossem Neukundenpaket, alle Details Börsentag Wien 4.6.
Bildnachweis
1.
Austria: Contributions to GDP growth
2.
CEE: Quarterly GDP growth in 2017
3.
Potential GDP Growth
4.
Interest Rates
Aktien auf dem Radar:Addiko Bank, Strabag, CA Immo, Flughafen Wien, Austriacard Holdings AG, Kapsch TrafficCom, ATX TR, S Immo, AT&S, Rosgix, RBI, ATX, ATX Prime, FACC, Marinomed Biotech, Erste Group, Polytec Group, Agrana, EuroTeleSites AG, Gurktaler AG Stamm, Gurktaler AG VZ, Immofinanz, Semperit, Oberbank AG Stamm, Lenzing, Amag, EVN, Österreichische Post, Telekom Austria, Uniqa, VIG.
Random Partner
iMaps Capital
iMaps Capital ist ein Wertpapier- und Investmentunternehmen mit Schwerpunkt auf aktiv verwaltete Exchange Traded Instruments (ETI). iMaps, mit Sitz auf Malta und Cayman Islands, positioniert sich als Private Label Anbieter und fungiert als Service Provider für Asset Manager und Privatbanken, welche ETIs zur raschen und kosteneffizienten Emission eines börsegehandelten Investment Produktes nutzen wollen.
>> Besuchen Sie 68 weitere Partner auf boerse-social.com/partner
Latest Blogs
» BSN Spitout Wiener Börse: Porr dreht nach sechs Tagen
» Österreich-Depots: Monatsbilanz (Depot Kommentar)
» Börsegeschichte 28.3. Walter Rothensteiner, Warimpex (Börse Geschichte) ...
» In den News: Marinomed, Immofinanz, Palfinger, dad.at, Denizbank, Addiko...
» Nachlese: Heute im Live-Blick Infos zum Ultimo und zu den Osterfeiertage...
» Wiener Börse Party #619: Neuer bei Addiko, dad.at mit Milestone und gros...
» Wiener Börse zu Mittag fester: Marinomed, Addiko und Agrana gesucht, D-B...
» Börsenradio Live-Blick 28/3: Heute März-Ultimo, geht sich DAX 18500 aus?...
» ATX-Trends: FACC, S Immo, AT&S, DO & CO ...
» Börse-Inputs auf Spotify zu u.a. Finfluencer, Deutsche Bank, AT&S, FACC,...
Useletter
Die Useletter "Morning Xpresso" und "Evening Xtrakt" heben sich deutlich von den gängigen Newslettern ab.
Beispiele ansehen bzw. kostenfrei anmelden. Wichtige Börse-Infos garantiert.
Newsletter abonnieren
Runplugged
Infos über neue Financial Literacy Audio Files für die Runplugged App
(kostenfrei downloaden über http://runplugged.com/spreadit)
per Newsletter erhalten
AT0000A2APC0 | |
AT0000A36XA1 | |
AT0000A2YNV5 |
- Wie Beghelli, publity, Nikola, Ibu-Tec, Palantir ...
- Wie Semperit, Ahlers, SMA Solar, Rocket Internet,...
- Wie 3M, Walt Disney, Apple, Verizon, Wal-Mart und...
- Wie Siemens Energy, Merck KGaA, Rheinmetall, Deut...
- Wiener Börse: ATX geht fester in die Oster-Feiert...
- BSN Spitout Wiener Börse: Porr dreht nach sechs T...
Featured Partner Video
Wiener Börse Party #614: Start der besten Phase an der Wiener Börse, Dividenden-Mitnahme lockt, Good News Strabag und Porr
Die Wiener Börse Party ist ein Podcastprojekt für Audio-CD.at von Christian Drastil Comm.. Unter dem Motto „Market & Me“ berichtet Christian Drastil über das Tagesgeschehen an der Wiener Börse....
Books josefchladek.com
Robert Frank
The Americans (fifth American edition)
1978
Aperture
François Jonquet
Forage
2023
Void
Sebastián Bruno
Duelos y Quebrantos
2018
ediciones anómalas
Horst Pannwitz
Berlin. Symphonie einer Weltstadt
1959
Ernst Staneck Verlag
Daido Moriyama
Hysteric No. 6, 1994 (ヒステリック 森山大道)
1994
Hysteric Glamour / Nobuhiko Kitamura