Austria's Economy in 2013: the Aftershocks of the 2008-09 Recession

In 2013, Austria's economy grew by just 0.4 percent, the slowest growth rate since the recession of 2008-09 when overall production had shrunk by 3.8 percent. Both the investment volume and private household consumption declined in real terms. Unemployment rose sharply to a new height of 7.6 percent. Inflation weakened but was still relatively high compared to other European countries.