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The Austrian Economy
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The Austrian economy still shows no sign of a distinct recovery, and thus the average rate of increase in GDP in 2002 is expected to amount to no more than 1% (real). GDP will grow by 1.9% in 2003, which is below the long-term path of growth.
While the recessionary phase was only of short duration in Austria, the subsequent recovery has proved to be slower than expected. In the first quarter of 2002, real economic growth of just over zero was achieved, both relative to the comparable month in the previous year and to the previous month. Based on preliminary data, there were no signs of a return to growth in the second quarter of 2002.
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