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Financial News: Austria Growth Slows Again

Austria Growth Slows Again

07/30/2019 - 10:19:00 (RTTNews)

(RTTNews) - Austria's economic growth slowed further during the second quarter of the year, preliminary data from the Austria Institute of Economic Research showed on Tuesday.

Gross domestic product grew 0.3 percent quarter-on-quarter following a 0.4 percent increase in the first three months of the year. In the fourth quarter of last year, the economy expanded 0.5 percent.

Growth, based on Eurostat calculation methods, slowed to 0.2 percent from 0.4 percent, the WIFO said.

The slowdown in the second quarter was mainly due to nil growth in investment and weaker exports. Growth in gross fixed capital formation eased to 0.5 percent from 0.8 percent.

Export growth slowed to 0.5 percent from 0.9 percent. Imports rose 0.4 percent after a 0.7 percent gain in the previous quarter.

Year-on-year, GDP rose 1.7 percent in the second quarter after a 1.5 percent increase in the previous three months.

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