Austrian economy slumps by 10.7% as coronavirus bites

Austrian Chancellor Sebastian Kurz at the Austrian Chancellery in Vienna, Austria. EPA-EFE/CHRISTIAN BRUNA

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The Austrian economy shrank by 10.7% in the second quarter, marking its biggest contraction since World War Two, as the coronavirus pandemic hit both domestic and foreign demand, think tank Wifo said on Thursday.

Wifo, which compiles data for the government, said the most heavily affected sectors included retail, hotels, restaurants, sports and entertainment.

When compared to the prior-year period, second-quarter gross domestic product (GDP) declined by 12.8% in real terms.

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