Austria Government Spending Pushed 3rd-Quarter Growth, Wifo SaysJonathan Tirone
Austria’s economy grew in the third quarter after government spending and exports increased in the nation of 8.5 million, the government-backed Wifo economic research institute said.
Gross domestic product expanded 0.2 percent in the three months through September, after revised data for the second quarter showed unchanged GDP, the Vienna-based Wifo said today in an e-mail. Government spending grew 0.4 percent in the period while exports rose 0.2 percent.
Even as “foreign trade remains weak,” Wifo sees “positive developments in the manufacturing and construction sectors,” it said in the statement.
Austrians, who enjoy Europe’s lowest unemployment rate and were named among the happiest people in the world by a United Nations study, elected a new parliament in September. The nation’s economy is driven by manufacturing exports, about a third of which go to Germany. Companies like high-quality steelmaker Voestalpine AG and hydro-turbine maker Andritz AG are global leaders in their industries, even if not household names.