The Austrian economy is growing, albeit slowly and not in every area. Compared to the previous year, the domestic economy grew by 4.7 percent in the second quarter of 2022, compared to 0.5 percent in the previous quarter. Accommodation and catering are currently growing the most.
“However, from a macroeconomic perspective, growth momentum cooled across the board in the second quarter of 2022. In addition to growth in service areas, solid development in industry also contributed to the growth,” said the research team at the Austrian Institute of Economics. Research (Wifo): Demand for foreign trade and investment is expected to increase, while consumer spending by private households is declining.
More added value in construction and industry
Specifically, consumer demand fell by 1.9 percent compared to the first quarter of the year. Conversely, the added value of trade also decreased. By contrast, added value increased slightly in industry (by 0.7 percent) and in construction (0.1 percent). Exports increased by 2.7 percent compared to the first quarter, while import growth is only 0.5 percent. “So the external contribution made a positive contribution to the overall economic growth,” the Wifo calculated.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
