The real economy is now feeling the full impact of the global financial crisis. The economic downturn, which started out with exports, is now spreading to all the other demand components. Real GDP barely grew quarter-on-quarter in the third quarter of 2008 (+0.1 percent). In year-on-year terms,...

The slide on stock markets has shaken confidence of consumers and business world-wide. The business cycle recovery is thereby being delayed. The Austrian economy is projected to grow by barely 1 percent this year, and by over 2 percent in 2003. The slow pace of activity is causing a sharp rise...

The business cycle should have reached its lower turning point in the first quarter, and a recovery is expected to gather momentum from now. Because of the negative carry-over from last year, GDP growth on annual average 2002 may not exceed 1.2 percent, accelerating to 2.8 percent in 2003. While...

Recent months have seen a further improvement in business and consumer sentiment. Companies intend to invest considerably more than last year. Real retail sales also picked up at the turn of the year. The modest rise in prices contributed to a strengthening of purchasing power at the beginning...