Austria's economy continues to shrink in Q3 2024
Dec 06, 2024
Vienna [Austria], December 6: Austria's economy contracted for the sixth consecutive quarter in Q3 2024, with real GDP shrinking by 0.6 percent year-on-year and by 0.1 percent compared to the previous quarter, according to the latest figures from Statistics Austria.
Tobias Thomas, Director-General of Statistics Austria, reported a significant 3.7 percent decline in the industrial sector's income during the third quarter. He attributed this to the impact of the global economic downturn, alongside contractions in key sectors, including services (down 2.5 percent), construction (down 1.7 percent), and trade (down 1.5 percent).
Economists suggest that Austria may emerge as one of the weakest-performing economies in the European Union, with GDP expected to shrink by 0.6 percent in 2024, reflecting prolonged economic stagnation.
Source: Emirates News Agency
