Austrian Economy Barely Grew in Third Quarter

Austria's real GDP grew at a seasonally and working day adjusted quarterly rate of 0.1 percent in the third quarter of 2008 (after +0.3 percent in the second quarter). Compared with the same period last year, the growth rate was 1.5 percent (second quarter +2.2 percent). Notably the export-driven manufacturing sector has been experiencing a marked slowdown on the back of the global downturn. While activity in the construction sector has also begun to slacken, tourism is still providing a stimulus. Leading indicators suggest that the downturn in the industrial sector is likely to accelerate in the fourth quarter.