Economic Crisis Unleashes Deep Recession in Austria – Stabilization Expected at Year-End
According to the June 2009 economic outlook of the Oesterreichische Nationalbank (OeNB), the Austrian economy is projected to enter a deep recession in 2009 owing to the global slump in growth, with real GDP set to shrink by 4.2%. After further declining by a modest 0.4% in 2010, positive real annual GDP growth of 1.2% will reemerge only in 2011. Compared with the OeNB December 2008 economic outlook, growth expectations for 2009 and 2010 were downgraded by 3.9 and 1.2 percentage points respectively. This major revision reflects the steep slump in the demand for exports and investment – unparalleled in the post-war period. The current downturn is so pronounced that GDP levels seen in 2007 will not return until 2011. HICP inflation will ease from 3.2% in 2008 to a mere 0.4% in 2009 and rise modestly to 1.1% and 1.2% in 2010 and 2011 respectively.
Decline in National Product Albeit by a Smaller Margin than in the Euro Area. Sharp Drop in Inflation
According to the December 2008 outlook of the Oesterreichische Nationalbank (OeNB), the Austrian economy is expected to enter into recession in 2009 as a result of the financial crisis and the global economic slump. On the strength of the buoyant first half of 2008, real GDP is projected to grow by 1.6% in 2008; in 2009, however, it will shrink by 0.3%. In 2010, the Austrian economy is expected to bounce back modestly, posting GDP growth of 0.8%. Compared with the OeNB June 2008 outlook, growth expectations for 2009 and 2010 were slashed by 2.0 and 1.6 percentage points, respectively. Owing to both commodity and oil price rises, inflation will reach a record annual high (since 1992) of 3.3% in 2008. In 2009 and 2010, however, it is expected to drop sharply to 1.4% and 1.6%, respectively.
France in the Middle Ages 987-1460 : from Hugh Capet to Joan of Arc
Translatora s Note. Foreword. List of Illustrations. List of Genealogical Tables. Part I: The Inheritance: . 1. The Empire. 2. The Frankish People. 3. The Principalities. 4. Disturbances. Part II: Lordship:. 5. The Village. 6. The Castle. 7. The Church. 8. King and Lord. Part III: Origins of State and Nation:. 9. The Great Age of Progress. 10. Louis VII. 11. Philip Augustus. 12. The South. 13. The Thirteenth Century. 14. The Fourteenth Century. 15. The Maid of Orleans. Epilogue. Chronology. Bibliography. Index.