After stagnation of the gross domestic product in the third and fourth quarters of last year, GDP expanded at a quarter-on-quarter rate of 0.2 percent in the first quarter of 2012. All demand components contributed to growth. On the production side, notably trade provided positive stimulus. Against the background of subdued global economic activity and markedly increased risk aversion in financial markets, Austria's growth prospects are deteriorating considerably. This development is also reflected in the results of WIFO's latest business cycle survey.