Smaller Employment Gains

The slowdown in the international economy has left its mark on the Austrian economy. Austria's exports were very sluggish and in September even fell below last year's level. Production in the manufacturing sector (on seasonally adjusted level) has stagnated since the spring and employment in this sector was on the decline. The only sectors propping up the Austrian economy were the construction sector, tourism, and wholesale and retail trade, sectors which benefitted from the rising supply of foreign labour.