VIENNA, June 11 (Xinhua) -- A cooling of Austria's economic growth is beginning to impact a previously resilient labor market, according to a leading economic institute.
In a flash report Tuesday, the Austrian Institute of Economic Research (WIFO) said the employment situation is still favorable, with an increase in non-self-employed workers in the country of 74,000 in May.
From the perspective of unemployment, however, the rate has stagnated, leading the WIFO experts to deem this an end to the recovery in jobless figures seen in recent years.
Austria saw 0.4 percent GDP growth in the first quarter, with WIFO having expected 1.7 percent growth for the year in a recent prognosis. This follows 2.7 percent GDP growth seen in 2018.
WIFO said domestic demand is continuing to remain a stable pillar for the Austrian economy, including private consumption and construction investments, while export growth has recently been subdued.