VIENNA, Sept. 30 (Xinhua) -- Austria's gross domestic product (GDP) contraction for 2023 has been revised to 1 percent in real terms from the previously estimated 0.8 percent in February, Statistics Austria said on Monday.
Director General of Statistics Austria Tobias Thomas said in a statement that the manufacturing and trade sectors were affected particularly hard.
In 2023, Austria's manufacturing sector, including industry and construction, experienced a 2.4-percent year-on-year decline in real terms, while the trade sector's output decreased by 5.7 percent. However, the service sectors, such as accommodation and catering services, registered growth.
Meanwhile, consumer spending by private households fell by 0.7 percent in real terms.
The country also experienced a decline in its foreign trade, with imports falling by 4.6 percent and exports by 0.4 percent in real terms.
Austria's GDP has contracted for five consecutive quarters, from the second quarter (Q2) of 2023 to Q2 this year, indicating that the country remains in a recession, according to data published by Statistics Austria in early September.
Earlier this month, the Austrian National Bank forecast a 0.7 percent decline in the country's GDP for this year, citing a continued industrial recession and weak consumer spending. ■
