Stabilisation of Global Economy in Sight. Business Cycle Report of August 2009

The global economic situation eased in the second quarter of 2009, following the strong contraction in the last six months of 2008. Austria's real GDP also shrank by a mere 0.4 percent quarter-on-quarter (after –2.7 percent in the first quarter). Confidence indicators point towards a further improvement in the situation in the third quarter. Global economic conditions are nevertheless likely to remain fragile for a protracted period of time.