The Austrian economy continued to expand at a strong pace in the third quarter, with real GDP advancing at an annual rate
of 3.4 percent. Manufacturing and exports, benefiting from continued strong expansion of the world economy and the high price
competitiveness of Austrian companies, remained the main engines of growth. Investment has also gathered strength this year;
building investment growth contracted somewhat lately, whereas business spending on machinery and equipment gained momentum.
Private consumption expanded by only 1.9 percent in real terms year-on-year in the third quarter, mainly a result of weak
nominal income growth. The upward drift in prices also exerted a dampening effect lately, though. Inflation reached 2.8 percent
in October. Employment growth and the decline in unemployment reflect the favourable economic situation, but job vacancies
are hardly rising any longer.
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Forschungsbereich:Makroökonomie und öffentliche Finanzen