The Rising Trade Deficit in 1991 – Only a Short-Term Phenomenon?
In 1991, the deficit in the foreign trade balance cumulated to AS 114.3 billion, 23.2 billion more than in 1990. In view of the strong growth of economic activity recorded this development is, by itself, not a matter of concern. The ratio of the trade deficit to GDP rose by 0.9 percentage points to 5.9 percent. The deterioration essentially mirrors the faster expansion of domestic compared with foreign demand. This is confirmed by econometric analysis of the deficit ratio: A growth advantage of 1 percentage point for OECD Europe over Austria is normally associated with an improvement of the Austrian trade balance to the tune of ½ percent of GDP.
Die Verschlechterung der Handelsbilanz 1991: Ein kurz- oder längerfristiges Phänomen?; The Rising Trade Deficit in 1991 – Only a Short-Term Phenomenon?
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