Austrian economy suffers throwback

I read an article on austriantimes.at the other day and it talks about that the Austrian economy.

Basically what it says is that the Austrian gross domestic product (GDP) shrank by 0.3 per cent in the first three months of 2010. It is also said that soaring mineral oil prices would not only keep investments low but also lead to declining spendings by Austrians.

The WIFO meanwhile stressed the Austrian economy would continue to recover from the impact of the economic crisis, but added that this process would occur slower than initially inspected.

What shocked me most was the fact that the Austrian gross domestic product (GDP) shrank by 0.3 per cent in the first three months of 2010. It also shocked me that the process of recovering of the economic crisis would occur slower than initially inspected.