Austria's Economy in Recession – Inflation Declines

The weakness of global industrial activity is slowing economic development in the euro area. Austrian GDP declined by 0.6 percent in the third quarter and household consumption fell significantly. According to the WIFO-Konjunkturtest (business cycle survey), companies' economic assessments remained predominantly sceptical. Inflation slowed to 5.4 percent in October, while the unemployment rate stood at 6.3 percent.