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Financial News: Austrian Economy Contracts In Q3

Austrian Economy Contracts In Q3

10/28/2022 - 06:41:00 (RTTNews)

(RTTNews) - Austria's economy contracted in the three months ended September, as a downturn in the global economy negatively affected domestic exports, the flash estimate from the WIFO economic institute showed Friday.

The gross domestic product dropped 0.1 percent sequentially in the third quarter, reversing a 1.9 percent growth in the second quarter.

On the expenditure-side, investment demand fell 0.5 percent as compared to the previous quarter.

After significantly stimulating the domestic economy in the first half of 2022, exports fell 3.5 percent in the September quarter. Imports also logged a negative growth of 1.1 percent.

Meanwhile, private household consumption increased by 0.6 percent over the previous quarter, providing positive growth impulses. However, public consumption showed stagnation.

On a yearly basis, GDP advanced at a slower rate of 1.8 percent in the third quarter, after a 6.2 percent expansion in the previous three-month period.

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