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Austria’s economy is off to a strong start in the new year

Tender Branson

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VIENNA (dpa -AFX) – Austria’s economy has started the current year with strong growth. In the first quarter, gross domestic product (GDP) rose 2.5 percent in a quarterly comparison, compared to the same quarter last year of up to 8.7 percent. That’s the quick estimate of the economic research institute (Wifo) on Friday. The positive growth in the months from January to March was supported by the service, industry and construction sectors.

On the demand side, both foreign trade and investment showed positive momentum. On the other hand, consumer spending of private households is stagnant. The strong year-on-year increase was compared to a relatively weak first quarter of 2021, when restrictive measures to curb the corona pandemic weighed on the economy. Compared to the end of 2021 with the fourth lock, value increases will be seen in services at the beginning of the year, albeit to a small extent, according to Wifo. In the fourth quarter of 2021, GDP shrank by 1.5 percent quarter-on-quarter.

At the beginning of the year, value added in the industry rose 4.0 percent compared to the previous quarter, while it fell slightly by 0.3 percent in the fourth quarter. In the construction industry there was an increase of 2.6 percent to March. According to Wifo, Russia’s war against Ukraine has had very little impact on it, although companies are unsure about further developments.

/APA/jkr



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Good.
 

Tender Branson

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We still have a mountain of debt, at 80% of GDP (but expected to drop to 70% of GDP by 2025).

That is much higher than Switzerland, who only have 40% debt, but much lower than the US, which is indebted with more than 100% of its GDP.
 
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