WIFO flash estimate
Domestic economic output stagnated at the end of 2024
Austria's economic output fell by 0.2% at the end of 2024 compared to the final quarter of 2023, according to a flash estimate by the Austrian Institute of Economic Research (Wifo). If the figures are confirmed, this would be the seventh decline in a row. Compared to the previous quarter, gross domestic product (GDP) stagnated - after two declines in the previous quarters. According to Wifo, industry and the construction sector continued to perform weakly. The service sector is doing better.
Industrial value added fell by 0.2 percent compared to the third quarter. The construction industry stagnated. In the services category, which includes trade, transport and gastronomy, there was an increase of 0.9 percent compared to the previous quarter. In the "information and communication, financial and insurance services, real estate and housing" category, economic output fell again by 0.5%.
Consumption and investment up, net exports negative
Consumers spent 0.3% more in the last three months of the year than in the third quarter. Investments, which rose by 0.5 percent, also generated slightly more demand. Exports and imports, on the other hand, fell by 1.6% and 1.2% respectively. According to Wifo, the contribution to demand from abroad was negative.
In 2024 as a whole, GDP would have shrunk by one percent "on the basis of seasonally and working day-adjusted values". All figures given by Wifo are real, i.e. price-adjusted.
WKÖ, FPÖ and NEOS see need for action
For Chamber of Commerce Secretary General Wolfgang Hattmannsdorfer, the Wifo figures show that Austria needs a "comeback of performance and competition". Politicians must set "clear priorities on international competitiveness, performance incentives and the strengthening of entrepreneurship". Among other things, incentives for overtime or working beyond retirement age are needed.
The FPÖ also sees a challenge for politicians. "Targeted investments in innovation, infrastructure, the strengthening of SMEs and industry" are needed, says FPÖ economic spokesman Axel Kassegger in a press release. He also envisages "tax relief for companies and targeted support measures" to increase growth again.
The NEOS see a need for a "credible reform course for the location and tax relief", according to their deputy club chairman Nikolaus Scherak, who also criticizes the government negotiators from the FPÖ and ÖVP: "Instead of presenting effective long-term savings, the negotiators are only unsettling with new tax ideas."
This article has been automatically translated,
read the original article here.
Kommentare
Willkommen in unserer Community! Eingehende Beiträge werden geprüft und anschließend veröffentlicht. Bitte achten Sie auf Einhaltung unserer Netiquette und AGB. Für ausführliche Diskussionen steht Ihnen ebenso das krone.at-Forum zur Verfügung. Hier können Sie das Community-Team via unserer Melde- und Abhilfestelle kontaktieren.
User-Beiträge geben nicht notwendigerweise die Meinung des Betreibers/der Redaktion bzw. von Krone Multimedia (KMM) wieder. In diesem Sinne distanziert sich die Redaktion/der Betreiber von den Inhalten in diesem Diskussionsforum. KMM behält sich insbesondere vor, gegen geltendes Recht verstoßende, den guten Sitten oder der Netiquette widersprechende bzw. dem Ansehen von KMM zuwiderlaufende Beiträge zu löschen, diesbezüglichen Schadenersatz gegenüber dem betreffenden User geltend zu machen, die Nutzer-Daten zu Zwecken der Rechtsverfolgung zu verwenden und strafrechtlich relevante Beiträge zur Anzeige zu bringen (siehe auch AGB). Hier können Sie das Community-Team via unserer Melde- und Abhilfestelle kontaktieren.