Economic performance in Austria also did not improve in the third quarter. Compared to the previous year, there was a decrease of 0.1 percent and an increase of 0.3 percent compared to the previous quarter of 2024, Wifo economic researchers report.
The decline in the industrial and construction sectors continued, while value creation in the service sectors developed unevenly. Household spending mood remains “sluggish”, according to the Wifo flash estimate for the third quarter of this year, published on Wednesday.
After already suffering significant losses at the end of 2023, the economy was weak in the first quarter of this year (plus 0.2 percent) and in the second quarter of 2024 (plus/minus zero), say economists at the Economic analyze research institute.
Manufacturing and construction would remain in recession and services production would also remain largely weak. Trade and transport stagnated, as did financial and insurance services, real estate and housing. Other services and public administration had a positive impact on gross domestic product (GDP).
Private consumption is still not picking up
There is no good news for retailers, who are currently in the middle of collective bargaining negotiations and preparing for Christmas activities: “Private consumption is still very weak and lower than the same quarter last year,” the economic researchers said in a press release about Wednesday.
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.
