Austria Economy Unexpectedly Grows In Q1

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Austria’s economy grew in the first quarter of this year, driven by growth in construction and industry that offset the slump in the services sector due to the Covid-19 pandemic.

Gross domestic product grew 0.2 percent from the previous quarter, when output fell 2.7 percent, preliminary estimates from the Austrian Institute for Economic Research, or WIFO, showed Friday. Economists had expected a 1.2 percent declined.

In the first quarter of 2020, output decreased 3.0 percent as the coronavirus pandemic began impacting economic activity across the world.

Private consumption dropped 0.2 percent, while investments grew 1.7 percent. Exports and imports declined 1.0 percent and 1.5 percent, respectively.

On a year-on-year basis, the economy shrank 2.7 percent after a 5.9 percent slump in the previous quarter.

The material has been provided by InstaForex Company – www.instaforex.com

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