Austrian Economy Grows At Faster Pace In Q2

Austria’s economy grew for a second straight quarter and at a faster rate, during the three months to June, preliminary estimates from the Austrian Institute of Economic Research, or WIFO, showed Thursday.

Gross domestic product grew 0.3 percent from the first quarter, when the economy expanded 0.2 percent, which was revised from 0.1 percent.

While consumption grew modestly, exports and gross fixed capital formation declined and imports stagnated. Domestic demand remains weak and labor market conditions continue to dampen spending, the WIFO said.

Year-on-year, GDP rose 0.4 percent in the second quarter, same as in the previous three months. The pace of growth was the fastest since the second quarter of 2014, when the economy expanded 0.5 percent.

On a seasonally-and-working-day adjusted basis, GDP rose 0.1 percent in the second quarter following 0.7 percent growth in the previous three months. It was the second consecutive quarter of growth.

The material has been provided by InstaForex Company –