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Financial News: Austria Economy Recovers Strongly In Q3

Austria Economy Recovers Strongly In Q3

10/30/2020 - 05:56:00 (RTTNews)

(RTTNews) - Austria's economy rebounded strongly in the third quarter after a significant slump in the previous three months due to the adverse impact of the coronavirus, or Covid-19, pandemic, preliminary estimates from the Austrian Institute of Economic Research, or WIFO, showed on Friday.

Gross domestic product grew 11.1 percent from the second quarter, when the economy shrunk 12.1 percent. Economists had forecast 11 percent growth.

Compared to the same quarter last year, GDP fell 5.3 percent in the third quarter after a 14.5 percent slump in the previous three months.

"The declines in overall economic value added triggered by the consequences of the COVID-19 pandemic could not be fully offset by the current positive development in the third quarter," the WIFO said.

Following a 12.3 percent decline in the second quarter, household consumption grew 11.8 percent.

Gross fixed capital formation increased 4.5 percent, exports grew 10.4 percent and imports rose 6.2 percent.

Output in industry grew 13 and that in construction rose 6.4 percent, both after declining in the previous quarter.

Services output grew a robust 14.5 percent, almost entirely erasing the 14.8 percent decline in the second quarter.

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