Austria’s economy contracted for the first time since 2010 in the third quarter as manufacturers spent less on equipment and consumer spending stagnated, the government-backed Wifo economic research institute said.
Third-quarter gross domestic product, the value of goods and services, declined by 0.1 percent in the quarter through September from the preceding three months, Wifo said today in an e-mailed statement. The last quarterly contraction was in the first quarter of 2010, when Austria’s economy also shrank 0.1 percent, according to Austria’s statistics office.
Gross investments by companies fell 0.9 percent in the period, a faster rate than in the second quarter. Household consumption was unchanged, like it had been in the previous quarter. Businesses exported 0.9 percent more in the period, a slight acceleration from last quarter’s 0.6 percent expansion.
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