Industrial Activity Remains Lively, Consumption Slowed By Strong Inflationary Pressures

The Austrian economy grew by 3.4 percent in real terms year-on-year in the third quarter. The boom in the export industry continued, and the results of the WIFO business survey point to only a slight deceleration in the coming quarters. By contrast, consumption growth was very modest. Rising inflationary pressures exert a dampening impact on the growth of real disposable income and household consumption expenditure.