Economic situation far worse

The economic situation at the end of November was far worse than at the end of October. This is mainly the result of declining economic growth. Almost all indicators showed further deterioration. The heart of the scatter in the Business Cycle Tracer is firmly located in the recession stage. Thirteen of the fifteen indicators are currently below the level of their long-term average.

Economic growth declined further. The volume of the gross domestic product (GDP) was 1.1 percent higher in the third quarter of 2011 than in the same quarter last year. In the second quarter the economy still grew by 1.6 percent. Taking calendar and seasonal effects into account, the economy contracted by 0.3 percent in the third quarter compared to the preceding quarter, after growing continuously for the past two years.

Consumer confidence remained stable in November. The mood among manufacturers deteriorated. Providers of business services were less optimistic about their future turnover.

The capital market interest rate rose to 2.5 percent in October. The inflation rate dropped marginally (0.1 of a percentage point). Selling prices in manufacturing industry were 8 percent higher than one year previously.

Seasonally adjusted unemployment increased by 17 thousand in October. In the third quarter, fewer hours were worked in temp jobs than in the second quarter. There were also slightly fewer job vacancies, but the number of jobs of employees remained stable.

Gross domestic product (GDP)

Gross domestic product (GDP)

More figures can be found in dossier Business cycle.