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Austria records 0.1 pct first quarter GDP growth

Xinhua, May 1, 2015 Adjust font size:

The Austrian economy grew only 0.1 percent in the first quarter of 2015, the Austrian Institute of Economic Research (WIFO) revealed in a brief assessment on Thursday.

The figures come on the back of two consecutive zero growth quarters in the latter half of 2014, and by Eurostat figures extends to zero growth for all four quarters of the year.

WIFO said the low growth was marked particularly by restrained consumer demand that only increased 0.1 percent for private households, and 0.3 percent in the public sector. Investments and industry also remain weak.

WIFO expert Sandra Bilek-Steindl said the Austrian economy has "not yet really achieved momentum," and that it will still take time for it to do so.

She said however exports improved 0.7 percent from January to March over the previous quarter, and the service sector also provided positive contributions to GDP growth, albeit largely minor ones. Endit