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Financial News: Austria GDP Growth Slows In Q2

Austria GDP Growth Slows In Q2

07/29/2022 - 08:57:00 (RTTNews)

(RTTNews) - Austria's economy expanded at a slower pace in the second quarter on weak consumer spending, the flash estimate from the WIFO economic institute showed Friday.

The quarterly economic growth fell to 0.5 percent in the second quarter from 1.5 percent in the first quarter.

On the expenditure-side, foreign trade and investment made a positive contribution to growth. By contrast, spending by private households declined.

Household spending dropped 1.9 percent and government consumption remained flat. Increased uncertainties in the macroeconomic environment and high price momentum dampened consumer spending.

Meanwhile, gross fixed capital formation gained 1.2 percent, but slower than the 1.6 percent rise a quarter ago.

Growth in exports improved to 2.7 percent from 2.3 percent, while imports growth slowed to 0.5 percent from 3.7 percent.

Compared to the previous year, gross domestic product expanded 4.7 percent, weaker than the 8.7 percent growth registered in the first quarter.

GDP in the second quarter was 2.0 percent above the pre-crisis level.

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