In the first quarter of 2024, domestic economic output experienced a slight increase of 0.2 percent compared to the previous quarter, but saw a 1.3 percent decrease year-on-year. The industrial sector remained weak, while consumer-related services showed positive momentum. Private consumption was a key driver of the economy, but investment demand continued to decline according to Wifo. GDP had either remained stable or declined in the previous three quarters.
On the other hand, the construction industry continued to experience a decline with a 1.1 percent decrease in the first three months of the year. However, trade, transport, accommodation, and catering industries saw a value-added increase of 0.8 percent. Other economic services fell by 0.7 percent. Consumer demand from private households increased by 1.3 percent, while gross fixed capital formation fell by 2.7 percent.
Foreign trade momentum decreased in the first quarter of the year as exports fell by 0.3 percent and imports decreased by 1.5 percent, supporting GDP as calculated by the Austrian Institute for Economic Research
