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Financial News: Austria Economy Recovers In Q1

Austria Economy Recovers In Q1

06/02/2022 - 08:06:00 (RTTNews)

(RTTNews) - Austria's economy recovered in the first quarter, data from Statistics Austria showed on Thursday.

Gross domestic product grew 1.5 percent sequentially in the first quarter, offsetting the 1.5 percent contraction in the preceding quarter.

Year-on-year, GDP advanced 9.5 percent, faster than the 5.5 percent expansion seen in the fourth quarter.

The statistical office said GDP was 0.5 percent above the pre-COVID period.

The positive development in the first quarter was underpinned by almost all sectors of the economy, in particular industry, construction and trade, Statistics Austria Director General Tobias Thomas, said.

However, the statistical office cautioned that the future economic development will be increasingly influenced not only by the consequences of the Corona crisis, but also by the economic effects of the war in Ukraine.

According to the flash estimate of the Austrian Institute of Economic Research, or WIFO, released on April 29, the economy grew 2.5 percent sequentially in the first quarter. On a yearly basis, growth improved to 8.7 percent from 5.6 percent, the institute reported.

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