FX.co ★ Austria GDP Growth Eases Less Than Estimated

Austrian economic growth moderated less than initially estimated in the first quarter, latest figures from Statistics Austria showed on Friday.

Gross domestic product advanced 1.9 percent year-over-year in the March quarter, slower than the 2.6 percent rise in the December quarter.

The first quarter figure was revised up slightly from 1.8 percent in the flash report published by the WIFO economic institute on April 28.

"Despite a difficult economic environment, Austria's economy is proving robust and continuing to grow in the first quarter of 2023," Tobias Thomas, Statistics Austria Director General, said. ?

"However, the growth momentum has flattened out in almost all sectors of the economy."

Data showed that the tourism sector had a clearly positive impact, with a growth rate of 17.1 percent compared to the previous year, which was still influenced by the pandemic. Overall service growth was 2.81 percent.

The expenditure-side breakdown showed that total consumption dropped by 1.41 percent, while gross capital formation grew by 0.7 percent.

On a quarterly basis, the economy remained stagnant in the first quarter, versus a 0.3 percent fall seen in the previous estimate.