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Recent prognoses by the OECD indicate robust growth for the Austrian economy over the next few years. The nation's gross domestic product is projected to rise 3 percent in 1998, although the expected turbulence in Asian markets will slow economic growth to 2.8 percent in 1999. There's also good news for the Austrian labor market: the unemployment rate is projected to fall to 5.5 percent in 1998 and to sink further to 4.8 percent by 1999.
Gross domestic product Unemployment rate
(growth in %) (%)
1998 1999 1998 1999
USA 2.7 1.9 4.7 5.0
Japan 1.7 2.1 3.4 3.3
EU 2.8 2.8 10.9 10.5
Austria 3.0 2.8 5.5 4.8
Source: OECD, 1997
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