off-the-wire

UPDATE 1-Austrian economy contracted by 0.7% in Q4 - Wifo

Kitco Media
By Reuters
Published:
Updated:
Reuters
(adds details, background) By Tristan Chabba Jan 31 (Reuters) - Austria's economy shrank by 0.7% quarter-on-quarter in the final three months of 2022, the Wifo think tank said on Tuesday, pointing to the service sector and private household consumption as weighing on the economy. Consumer demand on the part of private households declined by 2.4%, with high inflation partly responsible for the decline, while "the production of services also depressed overall economic momentum," Wifo said.


Outliers, such as foreign trade, kept the momentum going, with exports increasing by 2.9% and imports by 2.8%, Wifo added.


After three consecutive quarters of positive growth, industry stagnated in the fourth quarter, and a 0.9% decline was recorded in the construction industry.


Year on year, gross domestic product grew in the fourth quarter by 2.7% due to last year's pandemic-hit fourth quarter, when lockdown measures were reintroduced, weighing on the Alpine republic's economy, Wifo added.
(Reporting by Tristan Chabba in Gdansk, editing by Rachel More and Miranda Murray)

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