Financial News: Austrian Economy Remains In Recession

Austrian Economy Remains In Recession

12/04/2024 - 08:29:00 (RTTNews)

(RTTNews) - Austria's economy continued to contract in the third quarter, and more than initially estimated, the latest estimate from the statistical office showed Wednesday.

Gross domestic product fell 0.6 percent sequentially in the September quarter, slower than the 1.2 percent decline in the June quarter. In the flash report, the rate of decrease was only 0.1 percent.

GDP has been falling since the second quarter of 2023.

On the production side, the manufacturing sector showed a noticeable fall of 3.7 percent. Construction output was 1.7 percent lower, and there was also continued fall of 1.5 percent in trade.

Austria's inflation rate for November was 1.9 percent, which was slightly below the ECB target of 2.0 percent.

On a quarterly basis, GDP decreased 0.1 percent, following a 0.2 percent drop in the second quarter. In the initial report, the economy expanded 0.3 percent.

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