Austrian industry’s turnover up

Turnover of Austria’s productive sector improved by more than seven per cent year on year in July, it has been reported.Statistik Austria said today (Fri) the companies in the country’s industrial and construction branch rose by 7.7 per cent to 19.3 billion Euros.The sector’s metal production department did best. The sector’s monthly turnover soared by 32.1 per cent to 1.2 billion Euros.These figures come on the heels of news that the International Monetary Fund (IMF) has decided to lower its 2011 forecast for the Austrian economy.The body said recently it expected the country’s gross domestic product (GDP) to grow by 1.6 per cent year on year in 2011. IMF announced in April the Austrian GDP was set to climb by 1.7 per cent next year compared to 2010.IMF warned the Austrian unemployment rate – currently the lowest in the European Union (EU)  – will edge up by 0.1 per cent to 4.2 per cent next year.A few days after the IMF’s announcements were made, the Lisbon Council said Austria had the second-best competitive edge among the 16 EU member states which have adopted the Euro as their sole currency (Eurozone).The Brussels-based think tank said Germany did best, while Austria reached second place ahead of the Netherlands in its study.