Austria: Second Recession Ahead

BusinessEconomy ♦ Published: November 15, 2012; 20:42 ♦ (Vindobona)

The double-dip scenario becomes more and more likely. In the third quarter, Austria´s GDP was down for the first time since 2009.

Austria: Second Recession Ahead / Picture: © Banco Santander

The second wave of the economic crisis in Europe has finally reached Austria. According to the Austrian Institute of Economic Research (WIFO), Austria´s GDP was down by 0.1% against the second quarter. Exports and domestic demand performed rather weak. Consumption of private households is stagnating since the beginning of the year.

Due to the higher government spending, domestic…