English, Article edition: International Downturn Weighing On Domestic Activity. Economic Outlook for 2008 and 2009 Marcus Scheiblecker

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Physical Description
  • article
Language
  • English

Edition details

Title
  • International Downturn Weighing on Domestic Activity. Economic Outlook for 2008 and 2009
Author
  • Marcus Scheiblecker
Physical Description
  • article
Notes
  • Following an increase by 3.1 percent in 2007, economic growth in Austria will moderate to 2 percent this year. While demand and output in the first half of 2008 were clearly more dynamic than in the euro area as a whole, the momentum has slowed steadily since the beginning of the year. Confidence among domestic companies is receding. The cyclical downturn in the USA, high oil prices and exchange rate moves holding back export growth will continue to burden the economy in 2009. Real GDP is expected to advance by a modest 0.9 percent, overshadowing developments also on the labour market where employment growth will level off and the fall in unemployment turn around. The projections rest on the assumption that the adverse effects of the financial market crisis on the real economy will be contained.
  • Konjunkturprognose Österreich
  • RePEc:wfo:monber:y:2008:i:10:p:731-742
  • Following an increase by 3.1 percent in 2007, economic growth in Austria will significantly lose momentum this year and next. While demand and output still proved robust in the first half of 2008, GDP for the year as a whole will expand by a more modest 2 percent in volume. In 2009, the annual rate of growth will fall further, below the mark of 1 percent, although a recovery should take hold as from the middle of the year. The global business cycle downturn, high energy prices and unfavourable exchange rate shifts exert a drag on domestic activity. While inflation is gradually receding, the positive trend on the labour market will turn around.
  • RePEc:wfo:wquart:y:2008:i:4:p:134-143
Language
  • English
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