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Austria stagnates in second half of 2014: economics institute

Xinhua, January 31, 2015 Adjust font size:

The Austrian economy stagnated in the second half of 2014, though did not slip into minus figures with both the third and fourth quarters recording zero GDP growth, the Austrian Institute of Economic Research (WIFO) stated Friday.

WIFO initially estimated a slight third quarter decline of 0.1 per cent, though has since revised this to zero. For the full year of 2014, the GDP growth rate was 0.3 percent, down slightly from the previous WIFO forecast of 0.4 percent.

"The weaknesses in the economy persisted in the fourth quarter, the slow development of the previous quarters thus continuing to the year's end," the research institute stated.

WIFO said the export sector lost much of its momentum in the second half, while domestic demand remained weak in the fourth quarter, with foreign stimulus missing.

The production of goods in the fourth quarter was also down 0.2 percent in real terms, and the construction industry continued to develop unfavorably.

However, the sectors of accommodation, gastronomy, housing and other business services showed positive signs.

WIFO stated it will update its economic calculations in its next report due in late February. Endit