First Quarter Sees Austrian Economy Expand – European Sovereign Debt Crisis Dampens Outlook

The Austrian economy expanded at a quarterly rate of 0.3 percent in the first quarter of 2012. All demand components contributed to growth. On the production side, notably trade and other economic services provided positive stimulus. The results of WIFO's latest Business Cycle Survey and the slight flattening of the global economy suggest that economic activity in Austria will slow somewhat in the coming quarters.