Austrian economic growth in Q1 better than previously thought, says research institute

Advert Travel Gazette

The Austrian economy growth was better than previously thought in the first quarter of the year, a leading economic institute has said.

The Austrian Institute of Economic Research (WIFO) said it has put GDP growth for the quarter at a revised 0.7 percent, up from a 0.6 percent flash calculation a month ago.

Further, year-over-year growth now stands at 2.3 percent, up from an earlier calculation of 2 percent.

WIFO said the manufacturing sector for exports was the driving force behind the positive figures, making up about half of the total growth. Exports on the whole increased 2.4 percent, compared to imports that increased by lesser 2 percent.

Other positive contributions came from both public and private consumption, as well as the industrial and construction sectors, the institute said.

Travel Gazette Ads