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Economic growth continues, albeit a little slower

On the up! © photocase.com/gagarenne

© photocase.com/gagarenne

26.11.2007

The high Euro and the international financial crises have failed to bring down Austrian economic growth.  Results for the third quarter show a 3.4% increase in GDP. Export responsible. 

The Austrian economy looks as though it will continue this way in future, despite a slowdown in growth, reports the Austrian Institute of Economic Research (Wifo) on the autumn forecast. The third quarter saw a 3.4% increase in GDP from last year. Economic growth still has not been dampened by the international financial crises and the strength of the Euro. The underlying factor continues to be exports. In the fourth quarter, murky international economic indicators point to a slowdown in economic growth.  Consumer spending remains the weak area of the Austrian economy. In 2008, Wifo predicts higher wages will lead to positive influences on consumer spending.

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