13. 08. 10. - 15:00
Austria´s economy on the up
Austria’s economy expanded faster than expected in the second quarter, the Austrian Institute of Economic Research (Wifo) said Friday.
The gross domestic product grew 1.9% year-on-year in the second quarter, after the economy stagnated in the second quarter. Economists were looking for a 0.4% increase.
Sequentially, the economy grew a seasonally and calender adjusted 0.9%, while economists were expecting a flat reading. In the first quarter, GDP remained unchanged.
Growth in the second quarter was mainly driven by buoyant external demand, Wifo said. Exports of goods increased 2.2% in real terms on a quarterly basis compared to 1% growth in the first quarter. While investments declined again during the three-month ending June, consumption continued to grow.