In response to the sovereign debt crisis in the euro area, many member countries apply cuts to their government finances. This will weigh on internal demand and output growth in the euro area, at a time when also the cyclical momentum of the global economy decelerates. For the year to come,...

Domestic and international business surveys have been signalling a business cycle slowdown for some time. Moreover, uncertainty about the course of economic activity has markedly increased with the sovereign debt crisis in the euro area still unresolved. As a consequence, firms have turned more...

The most severe economic crisis since World War II will lead to a fall in demand and output in Austria by 3.4 percent in real terms this year. Policy action taken at home and abroad to stem the recession are increasingly having a stabilising effect. As a consequence, GDP in Austria will head up...

The global economic crisis leaves deep traces in the EU countries. In Austria, too, GDP will suffer a marked decline by 2.2 percent this year. While exports and investment are falling steeply, consumption will maintain a moderate upward path due to the counter-cyclical policy action taken. The...

The cyclical downturn of the world economy is being severely exacerbated by the international financial crisis. The real economy in Europe suffers from its repercussions to a surprisingly large extent. GDP in the euro area is projected to fall by 1.2 percent in volume in 2009. The Austria...