While the USA and Latin America are increasingly sending growth signals, economic activity in China has been losing some momentum since the start of this year. The euro area continues to struggle with problems. Business surveys conducted in April once more show increased scepticism about future economic developments. Much the same as the German economy, the Austrian economy also suffers from the slowdown in global demand. The OECD's Composite Leading Indicator suggests that global economic conditions will improve for the world economy as a whole from the second quarter of 2013. Austria's export sector may increasingly benefit from this development from the second half of the year. Activity remains subdued for the time being, and here, too, survey evidence shows that sentiment among domestic businesses is sceptical. In April, WIFO's leading indicator fell for the first time since October 2012. While inflation is receding, the job market reflects the impacts of the economic weakness. The number of persons employed is stagnant, while unemployment is rising.