Austrian economy contracted by 2.6% in first quarter - Wifo

(Reuters) - Austria's economy shrank by 2.6% quarter-on-quarter during the first three months of the year, economic institute Wifo said on Friday, pointing to weak private consumption and retail sales due to the coronavirus pandemic.The reading was revised down from an initial estimate published on April 30 for a first-quarter contraction of 2.5%, said Wifo, which compiles data for the government.