The Austrian Institute of Economic Research (WIFO) underlines that the economic slowdown comes to a standstill.
Until the end of 2012, the Austrian growth rates were very decent. However, according to WIFO, a stop of the downward trend is foreseeable. “The global trade and the global industrial production begin to stabilize slowly. Particularly in Asian emerging markets, dynamics comes back. However, the industrialized countries show only small growth rates. At least, the decline of the industrial production slows down.” WIFO reports.
WIFO refers to the economic report issued by the EU Commission in January. According to the report, the economy shows an upward trend. The upward trend is extending over all important sectors, WIFO explains. The construction industry, the service sector, the consumption and the retail industry are moving upwards.
“Also in Austria, the results of the latest business surveys are indicating a cautious upward trend. Although the negative statements still outweigh the positive ones, the outlook in the business sector brightens.” In Austria, the uncertainties in the business and in the household sector are decreasing slowly, WIFO says.
The industrial and the commercial sector performed rather weak. By contrast, the tourism sector could record a growth in turnover. What is more, Austrian consumers tend to more optimism, WIFO says. At the moment, the seasonally adjusted unemployment rate comes at 7.2%. In the next months, the unemployment quota is expected to increase slightly.