Austria's Economy in 2009: Worst Crisis Since More than 60 Years

In the turmoil caused by the international financial crisis the global economy has, for the first time in many decades, suffered a shrinkage. Austria's economy did not escape the negative forces either. Like many other countries, Austria introduced a large range of economic policy schemes to cushion the downturn, but domestic GDP still declined by 3.6 percent in real terms in 2009. The collapse in the prices for raw materials and weak demand for some time depressed the general price level. As an annual average, inflation slowed down to 0.5 percent. The economic crisis impacted rather quickly on the domestic labour market. Even though its negative effects were dampened by the public financing of short-time working schemes, unemployment shot up and employment rates tumbled.Monetärer Bereich Preise Außenhandel Tourismus Einkommen Arbeitsmarkt Sachgütererzeugung Bauwirtschaft Verkehr Landwirtschaft Forstwirtschaft