In the first quarter of 2024, Austria’s domestic economic output increased by 0.2 percent compared to the previous quarter but fell by 1.3 percent year-on-year. Despite this decline, the industrial economy remained weak while consumer-related services showed positive momentum.
The construction industry continued to decline in the first three months of the year, with a 1.1 percent decrease in value added. On the other hand, trade, transport, accommodation, and catering saw a 0.8 percent increase in value added. However, other economic services fell by 0.7 percent. Consumer demand from private households increased by 1.3 percent, but gross fixed capital formation fell by 2.7 percent.
Foreign trade momentum decreased in the first quarter as exports decreased by 0.3 percent and imports by 1.5 percent despite this decline; exports supported GDP according to the Austrian Institute for Economic Research. Overall, the economy experienced mixed results with some sectors showing growth while others were in decline
