April 30, 2020 / 7:10 AM / a month ago

Austria's GDP shrinks 2.7% in first quarter; largest fall since financial crisis

BERLIN (Reuters) - Austrian economic output fell by 2.7% in the first quarter of 2020 compared to previous year, economic think-tank Wifo said on Thursday, saying such a drop was last seen during in the 2008 financial crisis.

Gross domestic product (GDP) plunged by 2.5% quarter-on-quarter, Wifo said, adding that the lockdown measures to contain the coronavirus from mid-March took its toll on trade, maintenance and repair of motor vehicles, traffic, accommodation and gastronomy.

Last week, Wifo predicted that the Austrian GDP would fall by 5.2% in 2020 in the wake of the coronavirus pandemic.

Reporting by Riham Alkousaa, editing by Thomas Escritt

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