Brisk Consumer Demand Fuels Austrian Economy in 2016

In 2016, economic growth in Austria further accelerated to 1.5 percent, powered by a strong demand for consumer goods and an increase of investments. Given the weak global economy, exports grew at a sluggish rate only. Manufacturing and construction industry were going well. Trade and tourism provided positive stimuli, too. Inflation was 0.9 percent, same as in 2015. With the economy in good condition, employment rates grew as well. Nevertheless, unemployment did not decline, since the supply of labour increased once again, and the unemployment rate remained at a constant 9.1 percent.