(ANSA) - BELGRADE, 30 JUL - The Austrian GDP experienced
a "historic slump" in the second quarter of 2020, according to
the latest flash estimate of the Austrian Institute of Economic
Research (WIFO). The Austrian economy collapsed by 12.8
percent year-on-year in the second quarter of 2020, WIFO said
today, stressing that "the economic effects of the COVID-19
pandemic led to a recession of historic proportion." "The
measures to contain the pandemic led to a massive drop in
consumer demand," WIFO noted, underlying the negative effects
iun particular in the tourism sector, trade, transport, and art
and entertainment. However, "incoming data and sentiment
indicators reflect an incipient economic recovery," Erste Group
Research said in an 'instant comment' today. There is
nonetheless "high uncertainty about the speed and resilience
until year-end." For 2020, Erste forecasts the Austrian GDP to
decline by -6% and a moderate recovery of +4.2% in 2021. (ANSA).
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