At the beginning of the year the weakening of the international economy has not yet affected the Austrian economy markedly. In the first two months of 1991, manufacturing output surpassed last year's level by 5 percent, with the production of investment and consumer goods recording the highest gains. The export performance was uneven; firms exporting to Germany and to Central Europe produced close to capacity levels, while firms exporting to EFTA and overseas countries encountered difficulties. The rate of inflation remained modest (March 3.5 percent on a year-to-year basis), but the inflation differential to West Germany increased to 1 percentage point. The labour market remained a problem area: It is characterized by strong growth in the employment of foreign workers, a rise in unemployment and a decline in the employment of Austrian labour.
Gute Konjunktur hält zu Jahresbeginn an; Upswing Continues a the Beginning of 1991
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