Recession in the Manufacturing Sector Continues – Leading Indicators Improve

According to the WIFO Flash Estimate, Austria's economic output rose by just 0.2 percent in the first quarter of 2024 compared to the previous quarter. This means that the business cycle has barely improved following the stagnation of GDP in the fourth quarter of 2023. The recession in industry and construction continued, with only market services expanding. Leading indicators for the second quarter point to a continuation of the tentative recovery.