Global economic activity remains weak, although leading indicators suggest that it is slowly recovering. Confidence among businesses and private households is growing also in Austria, according to WIFO's most recent business cycle survey. At the end of last year, economic momentum still remained subdued, reflected in a decline in exports and in industrial activity. Retailers also reported a drop in sales. By contrast, a positive impulse has recently been provided by tourism. Inflation remained high also in December; price increases for mineral oil products are becoming increasingly less important in this context. The weak economy weighs on the labour market; employment growth stagnated again on a month-on-month basis. At the same time the number of unemployed people also rose further.