Austrian Economy Slowly Decelerating

In the fourth quarter of 2007, the Austrian economy expanded by 0.6 percent compared to the proceeding period (seasonally and working day adjusted), still at a vigorous pace. However, there has been a steady decline in growth momentum already since the second quarter of 2007 and also in the first months of 2008, as business surveys show. Until January no signs were yet apparent that this trend was accelerating as a consequence of the slowing US economy, but in February the assessment of the production outlook deteriorated markedly. The exchange rate development is posing a rising threat to Europe's export industry.Konjunkturbericht Österreich