Cyclical Recovery Expected to Proceed Smoothly. Economic Outlook for 2002 and 2003

The business cycle recovery in the USA will have a positive impact on Europe already in the first half of 2002, leading to a pickup in economic growth. Activity in Austria should thus gain strength from quarter to quarter. As the recovery starts from a low level early this year, the average rate of growth in 2002 may only be 1.2 percent, before accelerating to 2.8 percent in 2003.