Domestic economic output increased by 0.2 percent in the first quarter of 2024 compared to the previous quarter, but fell by 1.3 percent year-on-year. The industrial economy remained weak again, and there was positive momentum in consumer-related services.
On the demand side, private consumption supported the economy, while investment demand fell again, as Wifo announced today. In the previous three quarters, GDP was stable or declining.
The decline continued in the construction industry. This year the minus was 1.1 percent in the first three months after minus 0.7 percent in the 4th quarter of 2023. In the areas of trade, transport, accommodation and catering, value added was increased by 0.8 percent. Other economic services, however, fell again by 0.7 percent. Consumer demand from private households increased by 1.3 percent. Gross fixed capital formation, on the other hand, fell by 2.7 percent.
Foreign trade momentum declined in the first quarter of this year. However, at minus 0.3 percent, exports fell less than imports (minus 1.5 percent), so their development supported GDP, the Austrian Institute for Economic Research calculated in a press release on Tuesday morning.