English, Article edition: Marked Deceleration of Growth Due to Weaker External Environment. Economic Outlook for 2001 and 2002 Markus Marterbauer

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Marked Deceleration of Growth Due to Weaker External Environment. Economic Outlook for 2001 and 2002
Author
  • Markus Marterbauer
Physical Description
  • article
Notes
  • GDP growth in Austria is set to decelerate from 3.2 percent in 2000 to 2.2 on average 2001, mainly on account of less favourable developments in the world economy. In the USA, economic growth has fallen to a virtual standstill, for the whole year it is unlikely to exceed 1 percent. Activity in Europe will be dragged down by weaker foreign trade, while large-scale tax cuts should lend firm support to domestic demand. Growth of GDP is expected at around 2¼ percent. Weaker demand from key trading partners is putting a brake on Austrian export growth and, in the following, on manufacturing output and business investment in machinery and equipment. Domestic demand has lost considerable momentum under the impact of sizeable tax increases. The slower pace of overall growth bears down on the creation of new jobs, and will also inhibit further progress in budgetary consolidation in 2002. The fall in energy prices from last year's peak will dampen the overall rise in consumer prices, the rate of inflation being expected to decline to 1.7 percent.
  • RePEc:wfo:wquart:y:2001:i:2:p:37-46
  • Economic growth in Austria is set to slow from 3.2 percent last year to 2.2 percent in 2001, possibly keeping that pace in 2002. The deceleration is caused mainly by less favourable developments in the world economy, and in particular the significant downturn in the USA. A restrictive stance in Austrian budgetary policy will make for domestic growth lagging behind that of the euro area as a whole. Weaker cyclical activity will also make it more difficult to achieve budget balance in the general government accounts by 2002. Unemployment will edge down further in the current year, before stabilising at a rate of 3½ percent of the labour force.
  • Marked Deceleration of Growth Due to Weaker External Environment. Economic Outlook for 2001 and 2002
  • RePEc:wfo:monber:y:2001:i:4:p:213-214
Language
  • English
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