GDP unchanged
Economy stagnated again in the second quarter
The Austrian economy is still not picking up. Economic output stagnated in the second quarter. Gross domestic product (GDP) remained unchanged compared to the first quarter of 2024, the Austrian Institute of Economic Research (Wifo) reported on Tuesday.
This is already the eighth quarter in a row with weak economic momentum. The last significant increase was at the start of the war in Ukraine in the second quarter of 2022.
Higher interest rates are causing companies problems
Many companies are struggling with higher interest rates. The construction industry, for example, is feeling the effects. Here, value added fell by 0.8% in the second quarter. Industry, which is suffering from declining exports, also shrank - by 0.6 percent, as calculated by Wifo.
The service sector fared better, although there were also areas of decline here with trade, transport and accommodation and food services. Private household consumption was again subdued with a drop of 0.5%.
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