{"id":263242,"date":"2024-01-22T17:21:16","date_gmt":"2024-01-22T16:21:16","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/263242\/"},"modified":"2024-11-07T07:38:44","modified_gmt":"2024-11-07T06:38:44","slug":"oil-price-hike-driving-up-inflation-dampening-economic-growth-economic-outlook-for-2008-and-2009-3","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/263242\/","title":{"rendered":"Oil Price Hike Driving Up Inflation, Dampening Economic Growth. Economic Outlook for 2008 and 2009"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-263242","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"In 2008, the Austrian economy is set to grow by 2.3 percent in volume. While lively activity in manufacturing, construction and tourism boosted GDP in the first quarter more strongly than expected earlier this year, a cyclical slowdown is under way. A major factor is the unabated increase in oil prices on world markets, which drives up inflation to a projected average rate of 3.5 percent this year. The implicit squeeze in household real disposable income restrains the growth of private consumption. The business cycle downturn spreading from the USA to the other industrialised countries will weigh on growth of Austrian exports, industrial output and investment. In 2009, therefore, GDP growth is expected to moderate to 1.4 percent. Whereas employment is posting strong gains in 2008, the downward trend in unemployment may turn around next year.","onlinedate":"2008-07-10 02:00:00","lang":"English","publication_series":"","publication_date":"20080601","publication_date_year":"","publication_date_full":false,"publication_num_pages":"16","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":412466,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"","journal":"WIFO-Konjunkturprognose","publisher":"","invisible":false,"external":false,"embargo_date":null,"types":[44368],"research_groups":[3500],"collaboration":"","persons":[4043],"persons_data":"[{\"personId\":4043,\"personName\":\"Markus Marterbauer\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Marterbauer, M.<\\\/span> (2008). <span>Oil Price Hike Driving Up Inflation, Dampening Economic Growth. Economic Outlook for 2008 and 2009<\\\/span>. <span><em>WIFO-Konjunkturprognose<\\\/em><\\\/span>. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/32879\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/32879<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Marterbauer M<\\\/span>. <span class=\\\"title\\\"><span>Oil Price Hike Driving Up Inflation, Dampening Economic Growth. Economic Outlook for 2008 and 2009<\\\/span><\\\/span>. <span>WIFO-Konjunkturprognose<\\\/span>. 2008 Jun.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{fa737f60b4bb4e59bcd3312d2d91b641,<\\\/div><div>  title    = \\\"Oil Price Hike Driving Up Inflation, Dampening Economic Growth. Economic Outlook for 2008 and 2009\\\",<\\\/div><div>  abstract = \\\"In 2008, the Austrian economy is set to grow by 2.3 percent in volume. While lively activity in manufacturing, construction and tourism boosted GDP in the first quarter more strongly than expected earlier this year, a cyclical slowdown is under way. A major factor is the unabated increase in oil prices on world markets, which drives up inflation to a projected average rate of 3.5 percent this year. The implicit squeeze in household real disposable income restrains the growth of private consumption. The business cycle downturn spreading from the USA to the other industrialised countries will weigh on growth of Austrian exports, industrial output and investment. In 2009, therefore, GDP growth is expected to moderate to 1.4 percent. Whereas employment is posting strong gains in 2008, the downward trend in unemployment may turn around next year.\\\",<\\\/div><div>  keywords = \\\"WIFO Economic Outlook\\\",<\\\/div><div>  author   = \\\"Markus Marterbauer\\\",<\\\/div><div>  year     = \\\"2008\\\",<\\\/div><div>  month    = jun,<\\\/div><div>  language = \\\"English\\\",<\\\/div><div>  journal  = \\\"WIFO-Konjunkturprognose\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Oil Price Hike Driving Up Inflation, Dampening Economic Growth. Economic Outlook for 2008 and 2009<\\\/p><p>AU  - Marterbauer, Markus<\\\/p><p>PY  - 2008\\\/6<\\\/p><p>Y1  - 2008\\\/6<\\\/p><p>N2  - In 2008, the Austrian economy is set to grow by 2.3 percent in volume. While lively activity in manufacturing, construction and tourism boosted GDP in the first quarter more strongly than expected earlier this year, a cyclical slowdown is under way. A major factor is the unabated increase in oil prices on world markets, which drives up inflation to a projected average rate of 3.5 percent this year. The implicit squeeze in household real disposable income restrains the growth of private consumption. The business cycle downturn spreading from the USA to the other industrialised countries will weigh on growth of Austrian exports, industrial output and investment. In 2009, therefore, GDP growth is expected to moderate to 1.4 percent. Whereas employment is posting strong gains in 2008, the downward trend in unemployment may turn around next year.<\\\/p><p>AB  - In 2008, the Austrian economy is set to grow by 2.3 percent in volume. While lively activity in manufacturing, construction and tourism boosted GDP in the first quarter more strongly than expected earlier this year, a cyclical slowdown is under way. A major factor is the unabated increase in oil prices on world markets, which drives up inflation to a projected average rate of 3.5 percent this year. The implicit squeeze in household real disposable income restrains the growth of private consumption. The business cycle downturn spreading from the USA to the other industrialised countries will weigh on growth of Austrian exports, industrial output and investment. In 2009, therefore, GDP growth is expected to moderate to 1.4 percent. Whereas employment is posting strong gains in 2008, the downward trend in unemployment may turn around next year.<\\\/p><p>KW  - WIFO Economic Outlook<\\\/p><p>M3  - WIFO series<\\\/p><p>JO  - WIFO-Konjunkturprognose<\\\/p><p>JF  - WIFO-Konjunkturprognose<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","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 v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Oil Price Hike Driving Up Inflation, Dampening Economic Growth. 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