Austria’s economy expanded at a steady rate for the third consecutive quarter, during the three months to December, preliminary figures from the Austrian Institute of Economic Research (WIFO) showed Friday.
Gross domestic product grew 0.3 percent sequentially in the fourth quarter. The economy expanded at the same pace in the second and third quarters, while growth was 0.2 percent in the first three months of the year.
The Austrian economy has been growing since the fourth quarter of 2014.
Consumption and investment supported growth, while net exports damped economic performance due to high imports, the WIFO said. Industrial recovery remained subdued, while the services sector made a positive contribution to growth, the think-tank added.
Household consumption grew 0.2 percent and gross investment increased 1.3 percent. Exports rose 0.8 percent and imports climbed 1.1 percent.
Year-on-year, GDP rose 1.1 percent in the fourth quarter after 1 percent increase in the previous three months.
For the full year 2015, the Austrian economy grew 0.9 percent.
The material has been provided by InstaForex Company – www.instaforex.com