The economic output of Austria grew slightly again in the first quarter of the year. The Economic Research Institute (WIFO) ranges from an increase of 0.2 percent compared to the previous quarter. Positive impulses came from industrial production.
According to the rapid estimate, the added value increased by 0.6 percent. “This is a spark of hope, but it is exactly that, a shine,” said Wifo Baas Gabriel Felbermayr Wednesday. The uncertainties, such as around a possible customs war, are still great. Another impulse for the gross domestic product (GDP) came from foreign trade. Exports rose by 1.4 percent, the import by 1.1 percent.
Due to the discussion about higher American rates, many companies have started taking goods from abroad, said WiFo study -author Michael Scheibleecker. “Austria could also have benefited a bit and that could have increased industrial production in the first quarter.”
So economic growth has developed in the past quarters:
These areas registered a minus
On the other hand, the construction sector, trade, traffic, accommodation and gastronomy, as well as other economic services, registered a min. According to WiFo, the demand for private households has increased somewhat, which is relatively strong for the public sector.
Although economic researchers had predicted a decrease in economic output by 0.3 and 0.2 percent at the end of March, Minister Hattmansdorfer (ÖVP) responded with confidence in a broadcast. “The first signs of economic recovery are discouraging and show that the situation, especially in industry and export, is slowly improving.” The goal is sustainable growth and safe jobs in Austria, said the Minister of Economy.
FPö: “Only a short stopover”
In the meantime, the FPö asked the government not to rest on “The Lean Plus”. The weak positive figures are only “a short stop at our several year economic descent”. Structural reforms need it, said spokeswoman Barbara Kolm.
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.
