May 31, 2017 / 7:03 AM / 3 months ago

Austrian GDP growth accelerates to 0.7 percent in Q1 -Wifo

VIENNA, May 31 (Reuters) - Austria's economy grew faster than previously thought in the first quarter of this year, driven by stronger manufacturing output and an increase in exports, think tank Wifo said on Wednesday.

Wifo, which compiles gross domestic product (GDP) data for the government, revised its estimate of GDP growth in the first quarter up to 0.7 percent compared with the previous three months, from its flash estimate in April of 0.6 percent.

GDP growth in the fourth quarter was also revised upwards, to 0.6 percent from 0.5 percent.

Compared with the same quarter a year earlier, GDP growth accelerated in the first three months of this year to 2.3 percent from 1.6 percent in the fourth quarter of 2016.

"The stronger economic dynamic came from the export-supported production of goods, which grew strongly at 2.2 percent and thereby provided roughly half the current GDP growth," Wifo said in a statement.

Export growth in the trade-dependent country accelerated to 2.4 percent from 0.3 percent in the previous quarter, outstripping imports, which grew at 2.0 percent.

Household consumption, another important component, showed little change, growing 0.4 percent after three consecutive quarters in which it rose 0.5 percent. (Reporting by Francois Murphy; Editing by Maria Sheahan)

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