Weakness of Aggregate Demand to be Gradually Overcome. Economic Outlook for 2003 and 2004

The Austrian economy will only grow by about 0.7 percent in 2003. While retail sales and investment are proving relatively robust, exports and manufacturing output have not strengthened so far. Opinion surveys among firms and households across Europe indicate a tentative brightening of expectations. If the improvement in sentiment is confirmed by a recovery of production, GDP in Austria may expand by 1.4 percent in volume in 2004.