The Austrian economy has grown 0.3 percent in the fourth quarter of 2015, taking total GDP growth for the year to 0.9 percent, the Austrian Institute of Economic Research (WIFO) announced in a flash calculation on Friday.

The institute had previously expected 0.8 percent growth for the entire year.

On a year-on-year basis, the Austrian economy grew an even larger 1.1 percent.

WIFO said in a press release the final quarter growth was largely attributable to consumption and investments, while a continued recovery in industrial activity was also recorded, albeit muted.

Total consumption increased 0.3 percent over the third quarter, with public expenditure on asylum seekers providing a significant boost to overall public consumption, while private consumption also saw a slight increase to 0.2 percent following three consecutive quarters of 0.1 percent growth.

The trade sector proved to have a dampening effect on growth however, with a strong import dynamic increasing 1.1 percent while exports only managed to grow 0.8 percent.

WIFO is to provide its detailed calculations on February 29 and its quarterly economic report is due in mid-March. Enditem