Austria’s GDP almost unchanged in the first quarter

Austria’s GDP almost unchanged in the first quarter
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Image: (Weibold)

Real gross domestic product (GDP) remained unchanged compared to the fourth quarter of 2022 at plus 0.01 percent (seasonally and calendar adjusted), Statistics Austria announced on Friday. The economic research institute (Wifo) had forecast a drop of 0.3 percent in a flash estimate at the end of April.

“Austria’s economy robust”

According to Statistics Austria, the domestic economy grew by 1.9 percent in real terms in the first quarter of 2023 compared to the first quarter of 2022. “Austria’s economy is proving to be robust despite the difficult framework conditions,” said Statistics Austria Director General Tobias Thomas on Friday, according to the broadcast. However, the growth momentum has “flattened out in almost all sectors of the economy”. Tourism would develop positively, but the domestic industry had “hardly increased any more”, according to the Statistics Austria Director General. The high employment figures are also a support for economic development.

Inflation at 8.8 percent

According to the flash estimate, inflation in May fell to 8.8 percent, its lowest level in almost a year. “However, inflation in Austria is falling more slowly than in the euro area, which is partly due to the higher weighting of accommodation and gastronomy in the shopping basket and widespread indexing of all kinds,” explained the Statistics Austria Director General.

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