Compared to the previous quarter, the gross domestic product (GDP) fell by 0.1 percent, which means that the recently gloomy economic mood is also reflected in the economic data for the first time. Compared to the same period of the previous year, according to Wifo, there was still an increase of 1.8 percent, which was significantly lower after growth of 8.6 percent and 6.2 percent in the first two quarters of 2022.
Due to the slump in the international economy, exports have also fallen sharply, reportedly falling by 3.5 percent compared to the previous quarter. In the same time corridor, investment demand also slacked off by minus 0.3 percent. Private households, on the other hand, provided positive impetus, with consumer spending increasing by 0.6 percent. Public consumption stagnated.
According to the quick estimate of the economic research institute, the declining export demand was reflected in the domestic production of goods. Their added value fell by 1.4 percent in real terms in the third quarter, after having risen sharply in the second quarter (+1.8 percent). Value added in trade, accommodation and gastronomy also declined by 0.3 percent, while there was slight growth in the production of public administration (+0.7 percent), in construction (+0.2 percent) and in other services ( +0.1 percent) were recorded.
Source: Nachrichten
