Europe Hinders Austrian Economy

BusinessEconomy ♦ Published: July 17, 2012; 15:28 ♦ (Vindobona)

Due to the European economic weakness, Austria almost stagnates. Slight corrections in austerity programmes, weaker euro and lower oil prices indicate an economic stabilisation in late 2012 though.

Europe Hinders Austrian Economy / Picture: ©

The storm clouds in the Austrian economic sky have grown even darker in recent weeks. “After five consecutive increases, the Bank Austria Business Indicator posted a significant decline in June. The slide to a value of exactly zero indicates that the economy will approach stagnation in the very near future,” explained Stefan Bruckbauer, chief economist at Bank Austria. The domestic…