Austria's economy contracted 0.3% in the first quarter of 2023, compared to the previous quarter, weighed down by stagnating domestic production and foreign trade, an Austrian think-tank estimated
MOSCOW (Pakistan Point News / Sputnik - 28th April, 2023) Austria's economy contracted 0.3% in the first quarter of 2023, compared to the previous quarter, weighed down by stagnating domestic production and foreign trade, an Austrian think-tank estimated.
A flash estimate of the Austrian Institute of Economic Research (WIFO) published Friday suggests that the alpine nation's economy is cooling further after posting flat readings for two straight quarters. This translates to a year-on-year increase of 1.8%.
The Services sector showed the sharpest decline, with trade, transport, accommodation and food services sectors shrinking 0.3%. Construction and industrial sectors showed further signs of stagnation, while exports fell 1.8% and imports 0.1%.
Public consumption also flatlined after three quarters of growth, whereas consumer demand by private households grew 0.7%. Investment demand developed positively, with gross fixed capital formation rising 1.1%.
