Economic Activity Slow to Gain Momentum

According to Statistics Austria, the Austrian economy grew by 0.2 percent in the first quarter of 2024 compared to the previous quarter. Economic activity has thus barely picked up since stagnating in the fourth quarter of 2023 (+0.1 percent). GDP fell by 1.1 percent compared to the previous year. The recession in manufacturing and construction continued, with only market-related services expanding. Leading indicators for the second quarter point to a continuation of the tentative economic recovery.