VIENNA, July 30 (Xinhua) -- Austria's economy stagnated in the second quarter (Q2) of 2024, with its gross domestic product (GDP) showing zero growth in real terms compared to the previous quarter, according to a flash estimate released by the Austrian Institute of Economic Research (WIFO) on Tuesday.
The Alpine country's economy continued to be affected by the lackluster performance of its industry and construction sectors in Q2, WIFO said in a statement. Value added of Austria's industry sector fell by 0.6 percent in Q2 compared to Q1, while the country's construction sector saw its value added decline by 0.8 percent.
On the demand side, private household consumption fell by 0.5 percent in Q2 compared to the previous quarter, dampening the country's economy.
Both exports and imports fell in Q2, with exports dropping by 2.7 percent and imports falling by 3.2 percent compared to Q1.
WIFO said Q2 is "the eighth quarter in a row with weak overall economic momentum or a decline" for Austria. The quarter also showed zero GDP growth compared to Q2 2023.
