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Financial News: Austrian GDP Recovers 0.2%

Austrian GDP Recovers 0.2%

01/30/2024 - 05:24:00 (RTTNews)

(RTTNews) - The Austrian economy came out of a technical recession in the fourth quarter amid signs of resilience in the industrial sector, a flash estimate from the WIFO economic institute showed Tuesday.

Gross domestic product increased 0.2 percent from the third quarter, when it was down 0.5 percent. A rise in the fourth quarter was followed by a decline in the following two quarters.

On the production side, the industrial economy recovered somewhat by 0.4 percent versus a 1.5 percent contraction seen in the September quarter. Output produced in the other service activities rose by 0.6 percent.

Considering the expenditure approach, household consumption remained unchanged over the quarter, while general government consumption showed an increase of 0.2 percent.

Gross fixed capital formation, or investments, increased by 0.2 percent, while both exports and imports decreased by 0.2 percent and 0.8 percent, respectively.

On a yearly basis, GDP contracted 1.3 percent in the fourth quarter, slower than the 1.6 percent fall in the previous three-month period.

During the whole year 2023, the overall economy shrank 0.7 percent compared with 2022.

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