In the first quarter of 2024, domestic economic output saw a slight increase of 0.2 percent compared to the previous quarter, but experienced a 1.3 percent decrease year-on-year. The construction industry continued to experience 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.
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. 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, supporting GDP as calculated by the Austrian Institute for Economic Research.
Consumer demand from private households increased by 1.3 percent in Q1, while gross fixed capital formation fell by 2.7 percent compared to Q4 last year. Other economic services fell by 0.7 percent during this period compared to Q4 last year’s numbers
