Economy Stabilising after Slight Dip in Growth at the End of 2011

Austria's gross domestic product contracted at a quarter-on-quarter rate of 0.1 percent in real terms in the fourth quarter of 2011. The decline was dampened by gross investment and the persistent stability in private consumption. Industrial production declined markedly in December. Economic activity strengthened at the beginning of 2012, however, and a growing amount of evidence now points to an upward trend. Inflation continues to recede. The situation on the labour market was characterised by a weather-related increase in unemployment.