Financial News: Austrian Economy Contracts 0.3% On Weaker Exports

Austrian Economy Contracts 0.3% On Weaker Exports

04/28/2023 - 05:12:00 (RTTNews)

(RTTNews) - Austria's economy contracted in the first quarter after staying flat in the previous quarter amid unfavorable foreign trade results, preliminary estimates from the WIFO economic institute showed Friday.

Gross domestic product decreased 0.3 percent sequentially, after showing no variations in the final quarter of 2022. This was the first decline since the fourth quarter of 2021.

On a yearly basis, GDP growth moderated to 1.8 percent from 3.0 percent in the fourth quarter.

The expenditure-side breakdown showed that government spending declined 0.6 percent from a quarter ago. Meanwhile, household spending gained 0.7 percent and gross fixed capital formation grew 1.1 percent.

Exports dropped 1.8 percent over the quarter, weighing primarily on the development of GDP, and imports edged down by 0.1 percent.

Revised quarterly data for the first quarter will be published by Statistics Austria on June 2.

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