Austria’s economy contracted in the final three months of 2020 after strong growth in the third quarter, preliminary figures from the Austrian Institute of Economic Research, or WIFO, showed on Friday.

Gross domestic product decreased 4.3 percent from the third quarter, when the economy expanded 12.0 percent. Economists were looking for a 2.5 percent decline.

From a year ago, GDP fell 7.8 percent in the fourth quarter after a 4.2 percent drop in the previous three months. That was the fourth contraction in a row.

The restrictions of the second lockdown hurt consumer spending and the service sector, WIFO said.

Tourism, commerce, transport as well the entertainment and recreation sectors recorded significant losses, while the boom was more stable in the construction and industrial sectors.

The material has been provided by InstaForex Company – www.instaforex.com

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