Austria registers continued GDP growth in Q3

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IANS | 28 Nov, 2015
The Austrian economy has seen third quarter GDP growth of 0.3 percent matching that of the quarter prior, the Austrian Institute of Economic Research (WIFO) said late on Friday.

The result matches WIFO's preliminary estimate made at the end of October. It said positive impulses from exports, trade, and industry as well as an expansion of fixed capital investments all contributed to the continued growth, XInhua news agency reported.

Gross fixed capital investments in construction and equipment in particular contributed strongly to growth, with an improvement from 0.5 percent in the second quarter to 0.6 percent.

The improvement in industrial activity of 0.7 percent in the third quarter occurred on the back of improved momentum in the manufacturing sector, and marks a continued improvement following a sluggish second half of 2014.

Consumer demand has, however, again remained subdued, with overall expansion of only 0.1 percent. While public consumption did see more dynamic growth of 0.3 percent, private consumption was weaker at only 0.1 percent.

WIFO said year-on-year the economy has overall grown one percent. In its last forecast in September, the institute expected 0.7 percent growth for the domestic economy for the full year and 1.4 percent for 2016, with its next forecast due mid-December.