At the beginning of 2011, Austria's economy also benefited from favourable developments in the world economy. Seasonally and working day adjusted GDP continued to grow briskly in the first quarter of 2011 (+1 percent compared with the previous quarter). WIFO's business cycle survey reflects great optimism by manufacturers regarding their current business. But they expect the pace of activity to slacken in the future. While employment growth did not strengthen further in March and April, unemployment continued to decline. Inflation accelerated in March, driven by price increases for mineral oil products.