Off the wire
• Namibian Treasury threatens tax defaulters with asset seizures  • Kenya launches environmental guidelines to address social needs  • Roundup: Greece's major media group changes hands  • Belarus national debt up 12.5 pct in 2016  • Baltic PMs in Tallinn ink agreement, give go-ahead to Rail Baltica project  • British FTSE 100 decreases 0.27 pct  • Kenya Airways diverts flights over runway incident  • Heavy rains affect Zimbabwe tobacco crop  • Slow growth in Norwegian industry after oil crisis: report  • UN migration agency suspends humanitarian operations in northeastern South Sudan  
You are here: 　 Home

Austrian economy grows 1.5 pct in 2016: WIFO

Xinhua, February 1, 2017 Adjust font size:

The Austrian economy grew 0.5 percent in the fourth quarter of 2016 to take total gross domestic product (GDP) growth for the year to 1.5 percent, the Austrian Institute of Economic Research (WIFO) said on Tuesday.

In its latest flash calculation, WIFO said consumer demand as well as an increase in investments and a boost in industrial activity were the strengths of the economy.

Private consumption in particular increased 0.5 percent, public consumption a lesser 0.3 percent, it said.

Trade meanwhile proved to have a slight dampening effect. While exports did grow 0.4 percent, imports increased by a greater 0.5 percent, meaning this sector could once again not manage to contribute to overall growth, WIFO said.

WIFO had also adjusted its third-quarter growth result to 0.5 percent, up from its previous expectation of 0.4 percent. This came on the back of 0.4 percent and 0.3 percent growth in the first two quarters.

Year-over-year fourth quarter saw overall economic growth increase by 1.8 percent, the institute said. Endit