Crisis of European Monetary Union Weakens Austrian Economy
The global economic environment continues to weaken. The crisis exerts major strain particularly on the economies in the euro area. The slowdown is also noticeable in Asia's emerging markets. These developments dampen economic activity in Austria. Growth in the manufacturing industry is slowing. But the construction and services sectors are still performing strongly. The situation in the labour market is deteriorating as a result of this development. Inflation remains low, though.