Austria's Economy Contracts by 1.1% in 2024
AUSTRIA: Austria's gross domestic product (GDP) shrank by 1.1 percent in real terms in 2024 compared to the previous year, as the economy remained mired in recession, according to Statistics Austria. This marks the second consecutive year of economic decline, making it the country's longest period of economic weakness since relevant records began in 1995, stated Tobias Thomas, director-general of Statistics Austria. He highlighted that nearly all sectors faced negative growth in 2024, with manufacturing, construction, accommodation, and food services being the hardest hit. Manufacturing output dropped by 5.5 percent year-on-year, while the construction sector declined by 4.4 percent. In the fourth quarter of 2024, Austria's GDP contracted by 0.5 percent year-on-year, largely driven by the ongoing slump in the manufacturing sector, Statistics Austria reported.
Source: Statistics Austria