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Strong Growth in Manufacturing and Sizable Employment Gains. Economic Outlook for 1998 and 1999

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  • Markus Marterbauer

    (WIFO)

Abstract

Strong growth of merchandise exports and of machinery and equipment investment characterize the business cycle in 1998. Austrian GDP is set to increase by 3 percent in volume. With new jobs being created to a large number and income growth resuming, private consumption should strengthen. Construction investment may lag the general recovery, due mainly to falling residential building. In 1999, the current upturn may attain a first peak, at a projected GDP growth rate of 3.2 percent. The strong momentum of output and employment gains will allow unemployment to recede in 1999. Inflation is expected to stay very low, at 1.2 (1998) and 1½ percent (1999). The current account deficit should narrow to 1.4 percent of GDP, while government net borrowing may remain broadly stable at a ratio of 2.4 percent.

Suggested Citation

  • Markus Marterbauer, 1998. "Strong Growth in Manufacturing and Sizable Employment Gains. Economic Outlook for 1998 and 1999," Austrian Economic Quarterly, WIFO, vol. 3(3), pages 115-122, July.
    • Handle: RePEc:wfo:wquart:y:1998:i:3:p:115-122
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