According to the rapid estimate of the Economic Research Institute (WIFO), the economic output of Austria at the end of 2024 fell by 0.2 percent compared to the last quarter of 2023. If the figures are confirmed, this would be the seventh decrease in a row are.
Compared to the previous quarter, the gross domestic product (GDP) stagnated after two decreases in the quarters earlier. The industry and the construction sector continue to develop weak, according to the WiFo. It is better in the service sector.
The construction and industry stagnated
Creating industrial value fell by 0.2 percent compared to the third quarter. The construction sector stagnated. In that service category, including trade, traffic and gastronomy, there was an increase of 0.9 percent compared to the previous quarter. In the category “Information and communication, financial and insurance benefits, real estate and housing”, the economic output fell by 0.5 percent again.
In the last three months of the year, consumers issued 0.3 percent more than in the third quarter. On the other hand, exports and imports fell by 1.6 and 1.2 percent. The question of question from abroad was negative, according to the Wifo.
In 2024, GDP would have shrunk “on the basis of season and working day and working day. All the values given were given by the WiFo Real, ie price adjusted.
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.
