Economic Revival in the EU and in Austria Remains in Low Gear

The global economy continues to recover, driven mainly by the USA and emerging Asia and Latin America. The US economy expanded at a rate of 0.8 percent in the first quarter, consumption and equipment investment remained robust. In the EU and in Austria, economic activity was subdued in the first quarter. While in Austria the construction sector suffered weather-related production losses, retail trade exerted a stabilising effect. The Austrian labour market is slowly beginning to stabilise.