Austria: Consumers Become More Cautious

BusinessEconomy ♦ Published: November 19, 2013; 19:27 ♦ (Vindobona)

Weak consumption is the main reason for the stagnation in Austria.

Austria: Consumers Become More Cautious / Picture: © Vindobona.org

Due to the growing unemployment and the declining real incomes, private consumption is under pressure. This year, private consumption is expected to shrink 0.2%. As a result, the performance of the Austrian economy remains rather weak. Only because of the slight increase in exports, Austria will not fall into a recession next year. According to the OECD, Austria´s GDP will only grow by…