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Activity Staying Robust, Driven by Manufacturing and Construction. Economic Outlook for 2007 and 2008

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  • Marcus Scheiblecker

Abstract

The business cycle upturn that started in 2005 is continuing throughout the current year. After an increase of 3.1 percent in 2006, real GDP is expected to expand by 3.2 percent in 2007. While export growth is gradually decelerating, investment is gaining momentum to become the key driver of the upswing. Private household consumption, while picking up this year, still lags behind its normal cyclical profile. The strong pace of growth is leading to a marked increase in the number of jobs and a further decline in unemployment. In 2008, GDP growth is likely to decelerate to 2.5 percent, due to slackening activity in the USA, the strength of the euro and the rise in long-term interest rates.

Suggested Citation

  • Marcus Scheiblecker, 2007. "Activity Staying Robust, Driven by Manufacturing and Construction. Economic Outlook for 2007 and 2008," WIFO Economic Outlook, WIFO, number 29558, November.
    • Handle: RePEc:wfo:wkprog:29558
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    WIFO Economic Outlook;

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