(ANSA) - BELGRADE, 30 JUL - The Austrian GDP experienced a "historic slump" in the second quarter of 2020, according to the latest flash estimate of the Austrian Institute of Economic Research (WIFO). The Austrian economy collapsed by 12.8 percent year-on-year in the second quarter of 2020, WIFO said today, stressing that "the economic effects of the COVID-19 pandemic led to a recession of historic proportion." "The measures to contain the pandemic led to a massive drop in consumer demand," WIFO noted, underlying the negative effects iun particular in the tourism sector, trade, transport, and art and entertainment. However, "incoming data and sentiment indicators reflect an incipient economic recovery," Erste Group Research said in an 'instant comment' today. There is nonetheless "high uncertainty about the speed and resilience until year-end." For 2020, Erste forecasts the Austrian GDP to decline by -6% and a moderate recovery of +4.2% in 2021. (ANSA).