{"id":112588,"date":"2024-01-22T17:39:39","date_gmt":"2024-01-22T16:39:39","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/112588\/"},"modified":"2024-11-07T04:05:57","modified_gmt":"2024-11-07T03:05:57","slug":"oesterreichs-wirtschaft-im-jahr-2008-internationale-wirtschafts-und-finanzmarktkrise-belastet-heimische-konjunktur","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/112588\/","title":{"rendered":"Austria's Economy in 2008: International Economic and Financial Crisis Distresses the Domestic Economy"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-112588","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"In 2008, Austria's economy grew by 1.8 percent in real terms. The year started out with a solid growth rate but ended with the country in recession. Economic stagnation in the third quarter was followed by a decline over the previous quarter of the seasonally and working day-adjusted GDP. Flagging international demand impacted on export-oriented manufacturing which recorded a perceptible check, especially in the second half of the year. In the fourth quarter, value added in the manufacturing sector fell by 1.4 percent against the previous quarter, a contraction of a scope similar to that in the autumn of 2001. The services sector constituted a stable pillar in 2008, and the tourism industry recorded a successful year. Fuelled by a steep rise in raw material prices, especially for crude oil and food products, inflation approached the 4 percent mark in summer. Once crude oil prices reversed their upward trend, inflation in turn began to recede in October. As a lagging indicator, until the end of 2008, the labour market responded only slowly to the cyclical downswing, and employment once again increased substantially in 2008.","onlinedate":"2009-04-01 02:00:00","lang":"German","publication_series":"","publication_date":"20090401","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[\"Wirtschaftsbericht 2008 Wirtschaftssektoren Monet\u00e4rer Bereich Au\u00dfenhandel Konsum Preise L\u00f6hne Arbeitsmarkt Sachg\u00fcterproduktion Bauwirtschaft Energiewirtschaft Verkehrswirtschaft Landwirtschaft Forstwirtschaft Holzwirtschaft\"]","jelcodes":"[]","related_publications":"[]","pdf":333166,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"82","monthly_report_pages":"261-318","monthly_report_pages_sort":"261","issue":"4","journal":"WIFO-Monatsberichte","publisher":"","invisible":false,"external":false,"embargo_date":null,"types":[44312],"research_groups":[3500,3510,3491,3481,3655],"collaboration":"","persons":[3872,13585],"persons_data":"[{\"personId\":3872,\"personName\":\"Sandra Steindl\",\"organisationNames\":[]},{\"personId\":13585,\"personName\":\"et al.\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - 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