The global downturn is also taking hold of Austria. In the third quarter of 2008, Austria's real GDP grew at a seasonally
and working day adjusted rate of 0.1 percent quarter-on-quarter (+1.5 percent year-on-year). The export-driven manufacturing
sector registered a decline in value added, and activity in the construction sector began to gradually slacken. The demand
for equipment investment also fell, and private consumption growth stayed subdued. Inflation remained steady at 3.7 percent
in September. With crude oil and agricultural prices falling, the contribution of energy and food to headline inflation has
been declining since the summer.
Keywords:Business Cycle Report; Austria
Forschungsbereich:Makroökonomie und öffentliche Finanzen