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Financial News: Austria Q3 Growth Exceeds Expectations

Austria Q3 Growth Exceeds Expectations

10/29/2021 - 12:35:00 (RTTNews)

(RTTNews) - Austria's economy grew at a faster than expected rate in the third quarter, though the pace of expansion slowed from the previous three months, preliminary estimates from the WIFO economic institute showed Friday. Gross domestic product grew 3.3 percent from the second quarter, when the economy expanded 4.0 percent. Economists had forecast 2.5 percent growth. The Covid-19 pandemic-related mobility restrictions were largely relaxed or lifted in the third quarter, leading to a strong increase of 8.2 percent in household consumption. Consequently, the relevant service sector also expanded very strongly. Meanwhile, industrial growth stagnated and construction output declined. Investments shrank after growth in the previous two quarters. Both exports and imports decreased. Compared to the same quarter a year ago, GDP increased 4.8 percent following a 12.6 percent jump in the second quarter.

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