Austrian Industry: Downward Trend Continues

BusinessEconomy ♦ Published: October 22, 2012; 19:59 ♦ (Vindobona)

According to IV (Federation of Austrian Industries), the industrial production is stagnating. A trend reversal is not foreseeable. Pessismism is growing and unemployment will grow substantially.

Austrian Industry: Downward Trend Continues / Picture: ©

IV´s chief economist Christian Helmenstein expects that the economic upswing will not take place before mid-2013. “The Eurozone is affected by another recession. The feared double-dip scenario became reality not in the U.S., but in Europe.” Christoph Neumayer, secretary general of IV. “Until now, the strong ties between the Austrian and the German economy and the activity of…