Against the background of the dramatic aggravation of the financial crisis the world economy is in a downturn. After four years of strong economic growth the economy already cooled down in 2007. World trade has expanded only marginally in recent months. A further weakening in 2009 is already...

The cyclical upswing between 2005 and 2007 differs significantly in a number of ways from the last boom phase from 1997 to 2000. The most recent upswing was about one year shorter. A comparison of the two cycles also shows considerable differences in the structure of economic development: in...

The world economy continues to expand at a vigorous rate for the fifth year in a row, with real output growth exceeding 5 percent. Downside risks to global economic activity have increased mainly because of the aggravation of the real estate crisis in the USA, where real estate prices have been...

In the run-up to the economic crisis, distinctive macroeconomic imbalances emerged in the euro area. Greece, Ireland, Italy, Portugal and Spain experienced a considerable deterioration of their international competitiveness and incurred high current account deficits. By contrast, Germany, among...

During the forecast period 2012-2016 growth will be weaker than in the recent past. On average real GDP is expected to increase by 1.6 percent per year. Thus, the Austrian economy will expand at a slower pace than on average during the years preceding the financial and economic crisis. The...

Economic activity lost momentum globally and especially in the euro area over the course of 2011. In the euro area, economic indicators point to persistent stagnation in the first half of 2012. This development is also weighing on the Austrian economy. However, signs are also emerging that it...

The business cycle upturn in Austria is set to continue. Lively global demand is driving up exports, and also investment in machinery and equipment should post strong gains over the forecast period. Short-term indicators nevertheless point to some slackening during the remainder of the year. The...

Relative unit labour costs vis-à-vis trading partners are an important indicator of international competitiveness in the manufacturing sector. Unit labour costs are the main determinant for prices and consequently also for the competitiveness of a given sector or the economy as a whole,...

The global economic environment continues to weaken. Notably the euro crisis has been contributing to heightened uncertainty. This is having a noticeable effect on economic activity in Austria.

The world economy has gone through two years of a mixed but relatively strong recovery. In the European Union, however, the rebound was much less pronounced than in the rest of the world. Strong exports to the fast-growing emerging economies lead to a powerful upswing in some countries of the...