The Austrian economy stagnated during the third quarter of the year, the Austrian Institute of Economic Research (WIFO) revealed in its latest economic report Thursday.
WIFO stated the economy was unable to grow over the second quarter, for which GDP growth was revised down from 0.2 percent to 0.1 percent.
The poor result was due to the national economy losing momentum with weak investment, particularly in equipment acquisitions and construction, the institute said. Foreign trade also showed a 1.3 percent drop since the second quarter.
Falling orders are also affecting Austrian industry, with several industry groups along with the National Bank of Austria (OeNB) having recently said they expect job cuts to climb in the months leading into winter.
Both private and public consumption did, however, manage to increase marginally with 0.2 percent growth, WIFO figures showed.