GDP down slightly
Domestic economic output declines
Austria's economic output continued to decline in the fourth quarter of 2024. According to Statistics Austria, gross domestic product (GDP) fell by 0.4%. Compared to the previous year, it fell by 0.5 percent.
"This means that Austria is experiencing the longest period of weakness since the corresponding calculations began in 1995," said Statistics Austria Director General Tobias Thomas in a press release on Monday. The recession has already lasted for two years. "At the end of 2024, economic output slowed again, albeit not as sharply as before".
Goods production, construction, gastronomy and accommodation were hit hardest by the development in the fourth quarter. On the other hand, there was growth in healthcare and education, as well as in public administration. There was also positive momentum again in trade.
People consumed more again
Exports fell by five percent in the fourth quarter of the previous year, while construction investment fell by three percent. Compared to the fourth quarter of 2023, people consumed slightly more again, with public consumption in particular increasing. People worked slightly more hours, although there was a slight decline in the previous year as a whole.
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