Austria’s GDP shrank by 0.8 percent in 2023

Austria’s GDP shrank by 0.8 percent in 2023

There were declines in the areas of goods, trade and transport (symbolic image)
Image: colourbox.de

According to calculations by Statistics Austria, the real gross domestic product (GDP) fell by 0.8 percent compared to the previous year, according to a release on Thursday. The minus is primarily due to the negative development of goods production as well as trade and transport. The Wifo had assumed -0.8 percent, the IHS -0.7 percent.

After a decline in economic output in the second and third quarters, the domestic economy stagnated at the end of 2023. In the fourth quarter, GDP did not fall any further compared to the previous quarter, but is still 1.7 percent below the fourth quarter of 2022, according to Tobias Thomas, Director General of Statistics Austria.

Declines in goods, trade and transport

The main reasons for the year-on-year decline were declines in the areas of goods (-2.7 percent), trade (-5.8 percent) and transport (-6.1 percent). Construction also recorded a decline of 1.1 percent. The education and healthcare sectors as well as public administration, on the other hand, increased by 1.6 percent compared to 2022.

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