Austrian Economy Slumped by 12.1% in Q2 2020

Lifestyle & TravelMore+ ♦ Published: September 28, 2020; 21:45 ♦ (Vindobona)

The newly published report by Statistics Austria shows a massive economic slump in the second quarter of 2020. Austria's GDP declined by more than 12 percent compared to the second quarter of 2019 while expectations for the last two quarters of the year are not much better.

The economic downturn caused by Covid-19 is worse than what the government officials, including Finance Minister Blümel, have expected. / Picture: © BMF - Federal Ministry of Finance - Bundesministerium für Finanzen / Andy Wenzel / Flickr Attribution 2.0 Generic (CC BY 2.0)

According to preliminary calculations by Statistics Austria, the Austrian economy slumped by 12.1% in volume terms (seasonally and working-day adjusted) in the second quarter of 2020 compared to the previous quarter.

Compared to Q2 2019, a real decline in gross domestic product (GDP) of …