Financial News: Austria's GDP Growth Revised Down To 2.6%

Austria's GDP Growth Revised Down To 2.6%

(RTTNews) - Austrian economic growth improved less than initially estimated in the fourth quarter, latest figures from Statistics Austria showed on Tuesday.

Gross domestic product advanced 2.6 percent year-over-year in the December quarter, faster than the revised 2.1 percent rise in the September quarter.

The fourth quarter figure was revised down slightly from 2.7 percent in the flash report published by the WIFO economic institute on January 30.

The expenditure-side breakdown showed that overall consumption rose 0.8 percent from last year.

However, spending by private households declined 0.3 percent, and capital formation contracted 1.0 percent due to falling investments in construction.

Both exports and imports increased by 4.7 percent and 1.1 percent, respectively.

On a quarterly basis, the seasonally and calendar adjusted GDP remained broadly unchanged in the fourth quarter, after a 0.1 percent rise in the third quarter.

During the year 2022, the overall economy advanced 5.0 percent compared to the previous year. 

"The service sector such as gastronomy and accommodation, trade and transport, which had been clearly affected by the pandemic the year before, was responsible for the annual growth of 5.0 percent," Tobias Thomas, Statistics Austria Director General, said.

Separate official data showed that producer price inflation accelerated to 14.2 percent in January from 13.2 percent in December.

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