Austria's present strong economy will continue into Autumn, though growth momentum appears to have reached its peak, Bank Austria stated in a press release on Friday.
While the bank's economic indicators are at their second-highest point in the past six-and-a-half years, chief economist Stefan Bruckbauer said that as they now show a slight decline, this would indicate the growth tempo will not accelerate further for the time being.
While the overall mood in Austria is still very positive, disparities are showing in different economic sectors.
Optimism in the construction industry has improved even further from summer, though in the services sector it has seen a notable decline. In the industrial sector the mood is also not as positive as it was in summer, Bruckbauer noted.
The strong growth in the economy will also not be able to significantly reduce unemployment due to a growing labour force, both this year and next. Enditem
While the bank's economic indicators are at their second-highest point in the past six-and-a-half years, chief economist Stefan Bruckbauer said that as they now show a slight decline, this would indicate the growth tempo will not accelerate further for the time being.
While the overall mood in Austria is still very positive, disparities are showing in different economic sectors.
Optimism in the construction industry has improved even further from summer, though in the services sector it has seen a notable decline. In the industrial sector the mood is also not as positive as it was in summer, Bruckbauer noted.
The strong growth in the economy will also not be able to significantly reduce unemployment due to a growing labour force, both this year and next. Enditem
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