Austria's economy entered a technical recession in the third quarter largely due to weak household and government spending, flash estimate from the WIFO economic institute showed Monday.
Gross domestic product shrank 0.6 percent from the second quarter, when it was down 0.8 percent.
Two consecutive quarters of negative growth in GDP implies that the economy entered a technical recession.
On the expenditure-side, household consumption slid 1.0 percent, bigger than the second quarter's 0.3 percent drop. At the same time, government spending decreased 1.3 percent, reversing a 1.5 percent growth a quarter ago.
Meanwhile, the decline in gross fixed capital formation slowed to 0.4 percent from 2.4 percent.
Exports were up 2.4 percent, offsetting the prior quarter's 2.4 percent decline. Likewise, imports grew 2.5 percent following a 1.0 percent decrease. On a yearly basis, GDP shrank 1.2 percent, which was slightly faster than the 1.1 percent decrease in the second quarter.
Elsewhere, data from Statistics Austria showed that producer prices declined for the third straight month in September.
Producer prices slid 3.8 percent annually. This followed a 2.4 percent drop in August and 1.3 percent decrease in July. Month-on-month, producer price inflation rose to 0.4 percent from 0.3 percent.
