Growth Slowing Moderately from High Levels

Following buoyant growth from autumn 2010 onwards, global economic activity appears to be easing somewhat. While Asia is still providing a strong impetus to growth, latest data for the USA and the euro area point to continuing expansion in the second quarter, albeit at a slower pace. Economic growth in Austria is also expected to weaken somewhat in the second quarter compared with the first quarter. Inflationary pressures as measured by core inflation (excluding energy and food) remain moderate in the euro area, but in Austria clearly exceed the euro area average.