As large parts of the economy were locked down, demand and supply evaporated, with the trade and services sectors particularly hard hit. Private consumption fell 3.1% quarter-on-quarter (Q4: +0.3% quarter-on-quarter). The first quarter data is, however, likely subject to revisions as only a limited set of indicators were available for March, when the lockdown was in full effect. Moreover, the economy contracted 2.7% year-on-year in the quarter, contrasting the revised 0.9% expansion logged in the fourth quarter of last year (previously reported: +1.0% year-on-year). GDP shrank 2.5% quarter-on-quarter in seasonally-adjusted terms, swinging from the 0.2% expansion in the prior quarter and largely in line with our panelists’ expectations. In the first quarter of the year, the economy has been hard hit by the Covid-19 pandemic and subsequent containment measures paralyzing activity. Austria: Economy hammered by Covid-19 in Q1, contracting at steep pace
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |