Eurozone Crisis Leaves Its Mark on Economic Developments in Austria

After unexpectedly vigorous growth at the beginning of the year, the Austrian economy expanded by a mere 0.1 percent in the second quarter of 2012. Economic activity has thus slowed noticeably, but this development can be described as relatively good, given the recession in the euro area. The outlook, however, is subdued, and dampened not only by weak global activity, but also by the crisis in the euro area. Economic output contracted by 0.2 percent on euro area average between April and June 2012.