Financial News: Austria Q1 GDP Growth Confirmed At 0.2%

Austria Q1 GDP Growth Confirmed At 0.2%

(RTTNews) - The Austrian economy expanded as initially estimate in the first quarter, the latest data from Statistics Austria showed on Wednesday.

Gross domestic product advanced 0.2 percent sequentially, the same as in the previous quarter, revised from a flat change seen in the flash estimate published by the WIFO economic institute on April 30.

"This growth can be attributed primarily to the manufacturing of goods and public consumption," Manuela Lenk, Director General Statistics of Statistics Austria, said.

On the production side, a 1.0 percent growth in manufacturing contributed significantly to economic growth. Real estate activity grew 1.0 percent, while the construction sector contracted 0.6 percent.

The expenditure breakdown showed that household consumption expenditure rose 0.1 percent, and general government expenditure was 1.4 percent higher. Meanwhile, gross fixed capital formation remained unchanged as an increase in investments in equipment was offset by a decrease in construction.

Net foreign demand was not favorable as exports fell 0.7 percent amid a 0.5 percent drop in imports.

On an annual basis, GDP growth slowed to 0.9 percent from 1.0 percent. In the preliminary report, the rate of growth was 0.6 percent.

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