In 1991, repercussions of stagnation abroad were increasingly felt in Austria while the stimulus from German unification was wearing off. Real GDP rose by 3 percent, markedly less than the 4½ percent registered in 1990. The downswing was cushioned by stable domestic demand (particularly for...

One of the longest post-war cycles reached its peak in 1989, with real GDP growing by 3.8 percent. Strong expansion of domestic demand was even outpaced by the growth of exports. Inflation accelerated only little.

While most industrialized countries experienced a slowdown in 1990, the economic upswing in Austria continued. Real GDP grew by 4.6 percent. In the course of the year foreign demand, strengthened by the import pull in Germany, replaced domestic demand as the driving force of the upswing. Despite...