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FX.co ★ Austrian Economy Contracts 0.4% In Q2

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typeContent_19130:::2023-07-28T12:06:00

Austrian Economy Contracts 0.4% In Q2

Austria's economy contracted in the second quarter after rebounding in the previous quarter, preliminary estimates from the WIFO economic institute showed Friday.

Gross domestic product decreased 0.4 percent sequentially, after a 0.1 percent rise in the first quarter.

On a yearly basis, GDP fell 0.3 percent in the June quarter, reversing a 1.8 percent rise in the March quarter.

The expenditure-side breakdown showed that the final spending of private households declined 1.5 percent from a quarter ago, and gross fixed capital formation slid by 2.1 percent.

At the same time, general government consumption grew by 0.9 percent. Exports advanced 0.6 percent, while imports showed a fall of 1.1 percent.

Revised quarterly data for the second quarter will be published by Statistics Austria in the first week of September.

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