Financial News: Austrian Economy Contracts 0.4% In Q2

Austrian Economy Contracts 0.4% In Q2

09/04/2024 - 07:27:00 (RTTNews)

(RTTNews) - The Austrian economy shrank in the second quarter, revised from a flat change estimated initially, the latest data from Statistics Austria showed on Wednesday.

Gross domestic product dropped 0.4 percent in the June quarter , reversing a 0.1 percent increase in the March quarter.

Considering the expenditure approach, household consumption declined 1.1 percent over the quarter, which mostly negatively influenced the GDP.

Meanwhile, gross capital formation recovered notably by 7.2 percent. Net foreign demand was not favorable, as exports were almost unchanged over the quarter, while imports rose by 0.6 percent.

On a yearly basis, GDP declined 0.6 percent in the second quarter versus a 1.0 percent contraction in the first quarter. The economy is showing some resilience as the rate of decline continued to soften. In the initial estimate, the rate of change was flat.

"Austria's economy is sliding from recession towards stagnation," Tobias Thomas, director general at Statistics Austria, said.

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