Moderate Economic Growth – Gaining Momentum in the Course of the Year. The Austrian Economy in 1999

Growing at a rate of 2.2 percent, the Austrian economy was expanding less strongly in 1999 than the year before. The slow-down of growth caused by falling exports in the summer of 1998 was still felt in the first half of 1999. However, the second half of the year saw a vigorous and accelerated expansion, which was still continuing at the end of the year. The recovery was accompanied by substantial employment growth and a declining rate of unemployment. Despite the steep rise of crude oil prices, the annual rate of inflation, standing at 0.6 percent, reached its all-time low in forty years.