Financial News: Austrian GDP Grows 0.1% In Q1, Less Than

Austrian GDP Grows 0.1% In Q1, Less Than Estimated

06/03/2024 - 06:03:00 (RTTNews)

(RTTNews) - Austria's economy expanded less than initially estimated in the three months ending March, the latest data from Statistics Austria showed on Monday.

Gross domestic product rose 0.1 percent quarter-on-quarter, the same pace of increase as in the final quarter of 2023, which revised upwardly from a flat change estimated earlier. In the initial estimate, the rate of expansion was 0.2 percent.

The Austrian economy advanced for the second straight quarter after shrinking 0.3 percent in the third quarter and 1.3 percent in the second quarter.

On the expenditure side, household consumption grew 0.7 percent over the quarter, while gross capital formation shrank by 4.75 percent. Both exports and imports rose by 2.58 percent and 3.27 percent, respectively.

Meanwhile, the annual change in GDP indicated that the country continued to remain in recession in the first quarter. The economy contracted for the fourth time in a row, declining by 1.1 percent versus 1.6 percent in the December quarter. In the flash report, the rate of decline was 1.3 percent.

"The decline in economic output is primarily due to falls in industry and wholesale, while the economy is being supported by private consumption," Tobias Thomas, director general at Statistics Austria, said.

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