Assessing the impact of inflation, exports, imports, and final consumer spending on Austria's economic growth

Abstract

The purpose of this study is to investigate the impact that inflation, exports, imports, and final consumer expenditure have on Austria's economic growth. The study's main purpose is of predicting the influence of inflation, export, import and final consumer expenditure on Austria's economic growth. Using ordinary least squares regression and carried out a number of statistical tests, such as cointegration test, serial correlation test, the multicollinearity test, the unit root test, and the heteroscedasticity assumption test. All of the information was obtained from the World Bank Indicator in the period from the fourth 2023 to 2024. According to the findings of the research, the expenditures on final consumption and on exports have a positive and significant influence on the expansion of GDP in Austria (p<0.05). There is a positive and considerable influence that exports (p<0.05) have on the expansion of GDP. It has been found that inflation (INF) has a large and detrimental effect on the expansion of GDP, as shown by the negative value. Imports have a favorable but minor influence on the expansion of GDP. The findings provide important policy recommendations for the expansion of Austria's economy and the promotion of growth, particularly in the areas of international trade and the management of inflation. The theoretical and practical outcomes of this research will have important implications for policymakers, corporate leaders, and stakeholders in terms of developing a knowledge of the primary economic elements that are currently confronting the Austrian economy and navigating them.