Austria’s economy continues to contract in the third quarter of this year
Vienna, December 5, 2017 – Austria’s economy contracted for the sixth consecutive quarter in the third quarter of this year, during the period from July to September, and the real gross domestic product declined by 0.6%, compared to the same quarter of the previous year, and contracted by 0.1% compared to the quarter. Second, according to the latest figures issued by the Austrian Statistics Authority.
Tobias Thomas, Director General of the Austrian Statistics Authority, explained that the income of the industrial sector decreased significantly in the third quarter of the current year, amounting to 3.7%, and he pointed out that the Austrian industrial sector is suffering from the repercussions of the global economic downturn, coinciding with the contraction of the economic performance of important sectors, most notably the industrial sector. Services by 2.5%, the construction sector by 1.7%, and trade by 1.5%.
Economists believe, according to economic figures and indicators, that Austria will be one of the countries with the weakest economic performance in the European Union, in light of the stagnant economy and the expected contraction of the gross domestic product by 0.6% in the current year 2024.
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