Despite moderate economic growth, the international labour cost position of Austrian manufacturing improved with respect to the weighted sum of all trading partners in 2015. This improvement can be mainly attributed to the devaluation of the euro against other currencies. Compared to the EU's trading partners, price competitiveness of Austrian exports declined. In a longer-term perspective, the overall unit labour cost position of Austrian manufacturing has been subject to only moderate fluctuations since 2005, with a slight deterioration since the outbreak of the economic crisis.