Austrian economy contracted by 0.1% in Q3 – Wifo

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Published: Oct 28, 2022, 07:06 UTC

(Reuters) - Austria's economy shrank by 0.1% the third quarter from the previous quarter, think tank Wifo said on Friday, saying a downturn in the international economy caused domestic exports to shrink.

A site fence is placed in front of the Austrian National Bank building in Vienna

(Reuters) – Austria’s economy shrank by 0.1% the third quarter from the previous quarter, think tank Wifo said on Friday, saying a downturn in the international economy caused domestic exports to shrink.

Wifo said the slowdown in export demand was reflected in a decline in domestic production of tangible goods.

The Vienna-based think tank added that GDP grew by 1.8% when compared to the prior-year period.

(Reporting by Ozan Ergenay in Gdansk; Editing by Maria Sheahan)

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