The strong momentum in global economic development observed since the autumn of 2010 is likely to moderate somewhat. Buoyant growth in Asia's emerging economies continues to provide a strong impetus, while the indicators for the USA and Europe point to ongoing, albeit slowing expansion in the second quarter. The Austrian economy is also expected to grow at a somewhat slower pace in the second quarter compared with the first quarter. Inflation excluding energy and food remains moderate in the euro area, while in Austria it clearly exceeds the euro area average.