Austria’s economy contracted in 2020 at the fastest pace since 1945, due to the restrictions imposed to contain the coronavirus pandemic, data released by Statistics Austria showed on Friday.
Gross domestic product was down 6.6 percent in 2020, following an expansion of 1.4 percent in 2019.
GDP thus fell more sharply by 2.8 percentage points than in the year of the financial crisis 2009, Statistics Austria Director General Tobias Thomas, said.
In the fourth quarter of 2020, GDP fell by revised 2.7 percent quarter-on-quarter versus an expansion of 11.8 percent in the third quarter.
On a yearly basis, GDP slid revised 5.7 percent after falling 3.7 percent in the preceding quarter.
According to the estimate released by the Austrian Institute of Economic Research on January 29, GDP had shrank 4.3 percent sequentially and 7.8 percent annually in the fourth quarter.
The material has been provided by InstaForex Company – www.instaforex.com