VIENNA, April 30 (Xinhua) -- Austria's economic output grew by 0.2 percent in the first three months of this year compared to the previous quarter, a flash estimate showed on Wednesday.
The estimate was released by the Austrian Institute of Economic Research (WIFO). The growth marked the first modest expansion after almost two and a half years of stagnation or contraction.
The institute attributed the quarterly growth primarily to a positive impulse from industrial production. Based on preliminary data from Statistics Austria, the production index for industry recorded year-on-year gains in both January and February, WIFO said.
In contrast, consumer-oriented service sectors remained sluggish. Value added in trade, transportation, accommodation, and food services declined by 0.4 percent in the first quarter.
On the demand side, consumer spending helped support the business cycle, although investment demand registered a slight decline.
Foreign trade made a modest contribution to growth. Exports rose by 1.4 percent, while imports increased by 1.1 percent, according to the WIFO report.
Austria's gross domestic product shrank by 1.1 percent in real terms in 2024 compared to the previous year, marking the country's second consecutive annual economic contraction.
