"Sluggish Dynamics on a Broad Basis": Economy Grows by Only 0.1 Percent in the 3rd Quarter

"Both the industrial and service sectors developed only moderately," the economists write. In the construction industry, value added even decreased by 0.5 percent. In the service sector, value added in trade, transport, accommodation, and gastronomy fell by 0.2 percent, while it performed slightly better in public administration and other services (each plus 0.2 percent).

Private Consumption Demand Develops Only Hesitantly

Private consumption demand also developed only hesitantly with a plus of 0.1 percent. Foreign trade also dampens the development. Compared to the previous quarter, exports fell by 0.4 percent, while imports remained unchanged.

Already in the first half of the year, progress was very slow. According to data from Statistics Austria, GDP increased by 0.2 percent in the first quarter, but fell again by 0.1 percent in the second quarter.

(APA/Red.)

This article has been automatically translated, read the original article here.