Economic activity in Austria is receding. In the first quarter 1993, exports fell 8 percent year-on-year, industrial output 5½ percent and the rate of unemployment moved up almost 1 percentage point. Industrial orders and capacity utilisation have weakened further, according to the latest WIFO business survey of end April. Domestic demand continues to give support, although construction investment and retail sales are also losing momentum. Winter tourism was buoyant, adding to the small surplus on current account. Inflation is abating only slowly; the annual rate was 4 percent in the first quarter.
Volume (Year): 66 (1993)
Issue (Month): 6 (June)
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