Austria GDP Shrinks 0.1% In Q2

(RTTNews) - The Austrian economy marked a renewed contraction in the second quarter, revised from a stagnation estimated initially, the latest data from Statistics Austria showed on Thursday.

Gross domestic product decreased 0.1 percent in the June quarter after a revised 0.1 percent increase in the March quarter. Moreover, this was the first downturn following six quarters of expansion.

"The economic output was mainly dampened by a further rise in energy prices," Manuela Lenk, Director General of Statistics of Statistics Austria, said.

On an annual basis, the GDP growth eased to 0.4 percent from a downwardly revised 0.8 percent in the first quarter. In the flash estimate, the rate of expansion was 0.8 percent.

The detailed results of the second quarter will be published on September 30.