English, Article edition: First-Quarter GDP Contracting Gerhard Rünstler

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Physical Description
  • article
Language
  • English

Edition details

Title
  • First-Quarter GDP Contracting
Author
  • Gerhard Rünstler
Physical Description
  • article
Notes
  • The Austrian economy shrank by 2.8 percent in real terms in the first quarter of 2009 compared with the previous quarter, after a 0.4 percent drop in the fourth quarter of the previous year. Global trade continued to plummet in the first quarter, which strongly affected Austrian exports. As a result, investment also fell sharply. Private consumption, on the other hand, remained steady. The short-time-work programs have only been able to alleviate the deteriorating situation in the labour market. Confidence indicators and some special factors point to an easing of the downward trend of the global economy in the second quarter. In Austria, the income tax reform and the car-scrapping premium should provide additional stimulus to private consumption.
  • Business Cycle Report; Austria
  • RePEc:wfo:wquart:y:2009:i:2:p:105-113
  • In the first quarter of 2009, the Austrian economy shrank at a seasonally and working day adjusted rate of 2.8 percent in real terms compared with the previous quarter (after 0.4 percent in the fourth quarter of the previous year). Hence, GDP was 3.6 percent below the year-earlier level (+0.0 percent in the fourth quarter). The situation on the labour market has worsened further as the downturn continues. However, confidence indicators and some special factors point to an easing of the downward trend in the second quarter. Firms' expectations regarding their future business situation, for instance, have recently improved marginally worldwide, but this trend needs yet to be confirmed in further surveys.
  • Konjunkturbericht Österreich
  • RePEc:wfo:monber:y:2009:i:5:p:323-332
Language
  • English
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