Friday, May 22, 2020

German Speaking Europe Reports Huge GDP losses but Is the Crisis Letting Up?

Austria’s Weekly GDP Figures Point to Declining Losses as the Economy Adjusts, but the Losses Throughout German Speaking Europe Are Huge.

The Austrian National Bank has developed weekly measures of GDP, based on flash measures such as credit card transactions, truck border crossings, and electricity usage. These figures show a 25 percent decline in real GDP compared to the pre-crisis figures, with the low point reached end of March. The Swiss Economics Secretariat calculates a similar drop. German statistical authorities report a slightly smaller (15-20%) decline in economic activity. Notably, the Austrian weekly GDP figures show declining economic losses. By May 11, weekly GDP was some 11 percent below the previous year’s figure.
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