Goods, trade, transport

GDP shrank by 0.8 percent in 2023

The main reasons for the year-on-year decrease were declines in goods (down 2.7 percent), trade (down 5.8 percent) and transport (down 6.1 percent).(Bild: studio v-zwoelf - stock.adobe.com)

As predicted by economic researchers, Austria's economic output declined in 2023.

According to calculations by Statistics Austria, gross domestic product (GDP) fell by 0.8 percent in real terms compared to the previous year.

The decline was mainly due to the negative development of goods production, trade and transport. Wifo had predicted minus 0.8 percent, the IHS minus 0.7 percent.

After a decline in economic output in the second and third quarters, the domestic economy stagnated at the end of 2023. In the fourth quarter, GDP did not fall any further compared to the previous quarter, but was still 1.7% below the fourth quarter of 2022.

Education and healthcare grew
The main reasons for the year-on-year decline were falls in goods (minus 2.7 percent), trade (minus 5.8 percent) and transport (minus 6.1 percent). Construction also recorded a drop of 1.1 percent. Education, healthcare and public administration, on the other hand, grew by 1.6% compared to 2022.