Austria Economic Growth Steady At 0.2% In Q3: WIFO

RTTNews
Oct. 30, 2019, 08:00 AM

(RTTNews) - Austria's economy grew at a steady pace in the third quarter, underpinned by consumer demand and foreign trade, flash estimates from the Austrian Institute of Economic Research, or WIFO, showed on Wednesday.

Gross domestic product grew 0.2 percent from the previous quarter, when the economy expanded at the same pace after revision from 0.3 percent. Economists had expected 0.3 percent growth in the third quarter.

The Austrian economy had expanded 0.4 percent in the first quarter.

On a seasonally and working-day adjusted basis, GDP edged up 0.1 percent from the previous quarter.

Both consumer demand and foreign trade supported the weak growth, while the weakness in the industry and construction sectors continued, WIFO said. The momentum remained robust in the services sector.

Household consumption grew 0.2 percent quarterly, same as public consumption. Gross fixed capital formation growth slowed further to 0.2 percent.

Exports growth improved to 0.7 percent, while the increase in imports slowed to 0.6 percent.

On a year-on-year basis, GDP rose 1.5 percent in the third quarter after a 1.8 percent increase in the previous three months.

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