VIENNA, Oct. 30 (Xinhua) -- Austria's gross domestic product (GDP) edged down 0.1 percent year-on-year in the third quarter (Q3) of 2024, extending its weak performance amid sluggish industrial activity, according to a flash estimate from the Austrian Institute of Economic Research (WIFO) released on Wednesday.
This marks the sixth consecutive quarter of contraction for Austria's economy, dating back to the second quarter of 2023.
WIFO said in a statement that Austria's industry and construction sectors remained in recession, with the value added in both sectors declining by 0.3 percent in Q3 compared to the previous quarter.
Private household consumption also remained sluggish in Q3, with spending levels still below those of the same period in 2023.
On a positive note, WIFO reported signs of stabilization in Austria's foreign trade, with imports rising by 1.7 percent and exports increasing by 1.2 percent compared to the previous quarter. ■
