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Financial News: Austria Economic Growth Slowed In Q2

Austria Economic Growth Slowed In Q2

09/25/2018 - 04:59:00 (RTTNews)

(RTTNews) - Austria's economy grew at a slower pace in the second quarter, amid a slowdown in the export-led industrial sector, data from the Austrian Institute of Economic Research or WIFO showed Tuesday.

Gross domestic product grew 0.6 percent from the first quarter, when it rose a revised 0.8 percent. The economy expanded a revised 0.9 percent in the final three months of 2017.

After seasonal and working-day adjustments, the quarterly growth was 0.3 percent in the second quarter following 0.9 percent in the previous three months.

Household spending grew at a stable rate, while the pace of growth in state spending increased. Overall investments shrunk, though growth in the gross fixed capital formation was steady.

Growth momentum was stable in exports and it increased for imports.

On an unadjusted basis, GDP rose 2.7 percent year-on-year in the second quarter after 3.7 percent growth in the first three months of the year.

Elsewhere, Statistics Austria reported that the economy expanded 2.6 percent in 2017 after 2 percent growth in 2016 and 1.1 percent expansion in 2015.

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