Austrian Q3 GDP growth stands at 0.4 pct: economic institute

The Austrian economy has grown 0.4 percent in the third quarter, compared to the second quarter, on the back of continued improvement in consumer demand, a leading research institute said Friday.

In a flash calculation, the Austrian Institute of Economic Research (WIFO) said the positive growth dynamics of the first two quarters, that saw growth of 0.4 percent and 0.3 percent respectively, have thus continued.

Year-on-year, the third quarter saw unadjusted growth of 1.3 percent.

The WIFO said private consumption increased 0.4 percent over the quarter, following two consecutive quarters of a 0.3-percent increase.

"In light of the increasing disposable income of private households in 2016 the willingness to purchase consumer durables has increased," the institute said.

Public consumption, investments and trade also saw continued growth, albeit slightly down from levels seen over the first two quarters.

In its most recent prognosis for the entire year made at the end of September, the WIFO said it expected 1.7-percent gross domestic product (GDP) growth. Endi