Austrian economic output fell again in the third quarter. According to Wifo’s flash estimate, gross domestic product (GDP) fell by 0.6 percent compared to the previous quarter. The decline in the industrial and construction sectors became more apparent.
According to economic researchers, the one percent weaker private consumer demand also had a negative effect on Monday. Even government consumer spending fell 1.3 percent in the third quarter, after previously rising 1.5 percent.
The economy has not contracted for a year
Based on the flash estimate, Wifo assumes stagnant or declining economic performance for the fifth quarter in a row.
Construction and industry with no less than a minus
In industry, added value fell by 0.5 percent in the third quarter, after minus 0.8 percent in the previous quarter. In the construction sector, Wifo economists noted a decline of no less than 1.8 percent – after minus 1.3 percent in the months April to June.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
