Turbulence in Financial Markets, Economic Growth in Austria Remaining Robust. Business Cycle Report of September 2007

Sandra Steindl

Austrian Economic Quarterly, 2007, vol. 12, issue 3, pages 158-166

Abstract: The Austrian economy expanded at a quarterly rate of 0.9 percent in real terms (seasonally and working day adjusted) in the second quarter of 2007, or by 3.5 percent on a year-on-year basis. The industrial sector, which is expanding at a vigorous pace, remains an important pillar of the boom, although growth in industry seems to be already past its peak. In Europe, leading indicators point to ongoing robust expansion despite a slowdown in the second quarter. The US housing crisis and the ensuing financial market turbulence have, however, heightened the risks facing both the USA and Europe.

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