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Austrian economy OK, but Austria is very integrated with Europe

May 22, 2012

Compared with other European countries, Austrian economy in pretty good shape

After only 0.1% growth in the first quarter of 2012, the Austrian economy is expected to slowly gather momentum again in the next few months. Most economists expect the Austrian economy to grow by 0.8% in 2012, which is much less than the strong growth of 3.1% in 2012. The inflation rate is expected to fall to 2.2%. The unemployment rate should rise from 4.1% to 4.3%, but will still be the lowest in the EU by far.

Despite these relatively good economic indicators, Austrian economists are worried. The small open Austrian economy could suffer from further turbulence in the Euro area in general and from being very integrated with troubled neighboring economies like Italy and Hungary.