Financial News: Austrian Economy Remains In Recession, Inflation Rises Sli

Austrian Economy Remains In Recession, Inflation Rises Slightly

03/03/2025 - 06:43:00 (RTTNews)

(RTTNews) - Austria's economy continued to contract in the final quarter of 2024, revised from a stagnant change estimated initially, the latest data from the statistical office showed on Monday.

Gross domestic product dropped 0.4 sequentially in the December quarter, following a 0.3 percent fall in the September quarter.

"Almost all sectors of the economy developed negatively, especially manufacturing, construction, accommodation, and food service activities," Tobias Thomas, Director General of Statistics Austria, said.

On the expenditure side, gross fixed capital formation fell 2.1 percent, largely due to lower investments in construction. Exports showed a decline of 5.0 percent amid an 8.4 percent slump in outflows of goods.

Meanwhile, household consumption recovered 0.8 percent, and public consumption rose strongly by 3.1 percent.

On a yearly basis, GDP decreased at a slower pace of 0.5 percent, following a 0.8 percent decrease in the third quarter. In the flash report, the rate of decrease was 0.5 percent.

Separate official data showed that Austria's consumer price inflation rose slightly to 3.3 percent in February from 3.2 percent in January.

The inflation rate is now further away from the European Central Bank's 2 percent stability target, flash data said. Monthly, consumer prices rose 0.6 percent.

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