Upturn in the Industrial Economy Slows Down

After the global economy had recovered very quickly from the slump caused by the COVID-19 crisis, the development recently lost momentum. Especially in industry, the upswing is being dampened by material and supply bottlenecks. Confidence indicators, however, remain at a high level. In Austria, economic output grew robustly in the third quarter of 2021. This growth was driven by a strong increase in consumer demand from private households. The service sectors, which are strongly dependent on private consumption, also expanded significantly. The expansion of employment continues. With the rise in commodity prices, inflation accelerated further in October.