Austria's GDP expanded by 0.2% q/q in Q1, according to a flash estimate, slightly exceeding our expectations. However, we remain cautious, as the estimate was partly driven by strong preliminary data for industrial production. Based on the latest information, we project an annual GDP contraction of 0.1%, which is 0.1ppt higher than our previous forecast, but we see risks skewed to the downside due to ongoing concerns regarding US tariffs.
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