Austria's economic growth momentum continues through Q3: institute

VIENNA, Nov. 30 (Xinhua) -- The Austrian economy has maintained its upward momentum through the third quarter, seeing 0.9 percent year-on-year GDP growth, the Austrian Institute of Economic Research (WIFO) said on Thursday.

The growth is broad in nature, and backed particularly by domestic demand, foreign trade, and strong industrial growth, WIFO said in its latest economic report.

An improvement in the employment sector has led to an increase in private household spending, increasing 0.4 percent, while public consumption also increased by the same amount.

Investment by local companies has also remained high, though WIFO said the peak for this was likely already seen in the first half of the year.

The third quarter result marks a 0.1 percent upward revision from the economic institute's flash calculation made in late October. It follows 0.9 percent growth in the first quarter, and 0.8 percent in the second.

Since the third quarter of last year, the Austrian GDP has grown 3.2 percent, WIFO further noted. Enditem