Austrian Economy Shrank by 10.7% in Q2

Wifo said on Thursday that the Austrian economy shrank by 10.7% in the second quarter, marking the largest contraction since World War II as the Corona pandemic hit domestic and foreign demand.

Wifo, which is complies data for the government, said that the hardest hit sectors are retail, hotels, restaurants, sports and entertainment.

Compared to the previous year, GDP for the second quarter decreased by 12.8%.