Austria’s Economic Output Fluctuates in First Quarter of 2024: Positive Momentum in Consumer-Related Services, Weak Industrial Sector and Declining Investment Demand

Despite experiencing a slight increase of 0.2 percent in the first quarter of 2024 compared to the previous quarter, domestic economic output 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.

In contrast, the construction industry experienced a decline with a 1.1 percent decrease in the first three months of the year, while 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.

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Foreign trade momentum decreased in the first quarter of the year with exports falling by 0.3 percent and imports decreasing by 1.5 percent which supported GDP as calculated by the Austrian Institute for Economic Research.

Overall, despite some fluctuations in different sectors and industries, domestic economic output saw only a slight increase compared to the previous quarter and decreased year-on-year due to various factors such as weak industrial performance and declining investment demand.