Recovery Eases Budget Problems and Accelerates Employment Growth. Economic Outlook for 1998 and 1999
As in other EU-member countries, economic recovery is gaining momentum in Austria. The economy is projected to grow by 2¾ percent in 1998 and by 3 percent in 1999. The export sector is able to maintain its competitive position and remains the mainstay of the revival in economic activity. Domestic demand is gradually emerging from the recession. Investment activity in the business sector is lively; consumption may also pick up, if fiscal policy turns less restrictive. The acceleration in economic growth will relieve the labor market and the public sector budgets; employment is expected to expand by 18,000 in 1998 and by 27,000 in 1999, and the financial balance of general government will improve to somewhat more than –2 percent of GDP by 1999. Inflation remains subdued; in 1998 and in 1999, consumer prices are forecast to increase by 1½ percent. With the trade deficit likely to fall to ATS 90 billion, the current balance is expected to stabilize at –1¾ percent of GDP.
Volume (Year): 3 (1998)
Issue (Month): 1 (January)
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