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Wifo: The economic downturn slowed down in the 4th quarter of 2023

Wifo: The economic downturn slowed down in the 4th quarter of 2023
According to Wifo, the first signs of bottoming out have been seen in the industry.
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Real economic output increased by 0.2 percent compared to the third quarter, while consumer and investment demand remained subdued. “The downward economic development in the domestic economy that was observed last year was stopped at the end of the year,” says the current flash estimate from the economic research institute (Wifo) today.

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Mixed at the end of the year

While the first signs of bottoming out were seen in industry, the service sectors developed heterogeneously. The bottom line is that things were mixed at the end of the year. “Year-on-year, however, economic output was 1.3 percent below the fourth quarter of 2022. This means that the calculated annual rate of change for the entire year 2023 was 0.7 percent,” calculate the Wifo economists.

Consumer demand from private households stagnated

While value added in the areas of trade, transport, accommodation and catering was 2.6 percent higher than in the previous quarter, it stagnated in the areas of information and communication, financial and insurance services, real estate and housing. Consumer demand from private households also stagnated, while that from the public sector increased by 0.3 percent, Wifo announced on Tuesday. The picture in foreign trade was muted. Exports fell by 0.2 percent and imports by 0.8 percent. Investment demand also remained subdued.

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For the FPÖ, today’s Wifo flash estimate is proof that the federal government cannot get the economic problems under control. “Although year-on-year economic output was 1.3 percent below the fourth quarter of 2022 and there was also another decline in the construction industry, the ÖVP and the Greens are still not ringing red alarm bells,” said FPÖ economics spokesman Axel Kassegger . Since the conclusion: “Rapid new elections are now more necessary than ever so that this economy-destroying black-green spook finally comes to an end.”

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