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Financial News: Austria's Economy Contracts In Q1

Austria's Economy Contracts In Q1

05/31/2021 - 07:29:00 (RTTNews)

(RTTNews) - Austria's economy contracted again in the first quarter due to the restrictions imposed to contain the coronavirus pandemic, preliminary data from Statistics Austria showed on Monday.

Gross domestic product fell 1.1 percent sequentially in the first quarter, following a 2.7 percent drop in the fourth quarter.

However, data released earlier by the Austrian Institute for Economic Research, or WIFO, suggested that the economy grew 0.2 percent in the first quarter from the previous three months. The agency said the growth in construction and industry offset the slump in the services sector.

On a yearly basis, GDP decreased 5.5 percent after falling about 5.6 percent in the preceding period.

According to WIFO, GDP had contracted 2.7 percent in the first quarter.

As a result of the third lockdown, the retail, transport, gastronomy and accommodation sectors posted significant decreases, the statistical office said. In contrast, positive impulses came from industry and construction, which grew 1.8 percent and 2.7 percent, respectively, from the last year.

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