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Financial News: Austria Production Index Rises; Trade Balance Logs Deficit

Austria Production Index Rises; Trade Balance Logs Deficit

07/08/2022 - 11:49:00 (RTTNews)

(RTTNews) - Austria's production index increased in May, amid a rise in industry output and construction, data from Statistics Austria showed on Friday

Trade balance registered a deficit in April, as imports rose faster than exports.

Production index increased 11.4 percent yearly in May, following a 7.1 percent rise in April.

Industrial output advanced 12.8 percent annually in May and construction rose 6.9 percent.

Among the main industrial grouping, energy output surged 41.3 percent year-on-year in May and capital goods increased 11.3 percent.

Production of consumer non-durable and consumer durable rose by 10.0 percent and 8.6 percent, respectively. Production of intermediate goods gained 9.1 percent.

On a monthly basis, the production index increased 2.1 percent in May, following a 0.5 percent rise in the prior month.

Separate data from the statistical office showed that the trade balance logged a deficit of EUR 2.145 billion in April.

Exports rose 9.3 percent annually in April and imports increased 15.0 percent.

Imports of fuels and energy surged 143.6 percent, Statistics Austria Director General Tobias Thomas said.

"Especially in terms of gas imports, price rises were the driving force behind the development in the period from January to April 2022: Despite a 21.2 percent lower volume compared to the same period of the previous year, the value of gas imports rose by 262.7 percent," Thomas added.

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