VIENNA, Jan. 30 (Xinhua) -- Austria's gross domestic product (GDP) edged down 0.2 percent year on year in the fourth quarter (Q4) of 2024, as industrial activity remained sluggish, the Austrian Institute of Economic Research (WIFO) said in a flash estimate on Thursday.

This marks the country's seventh consecutive quarter of economic contraction, dating back to the second quarter of 2023. WIFO also estimated that Austria's annual GDP declined by 1 percent in 2024 compared to the previous year.

According to the institute, Austria's industrial sector "continued to perform weakly," with its value added falling by 0.6 percent in Q4 from the previous three-month period. Meanwhile, both imports and exports declined, shrinking by 1.2 percent and 1.6 percent, respectively, on a quarter-on-quarter basis.

On a positive note, WIFO said Austria's private household consumption edged up 0.3 percent in Q4 on a quarter-on-quarter basis. Enditem

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