But in the interest of keeping things simple, let me focus on my main point; that growth in potential output equals the growth in the total hours supplied by the labour force – what economists call "trend labour input growth" – plus the growth in trend labour productivity.
Let me give you a few figures that attest to the favorable economic development in Austria following its accession to the EU: •  Goods exports increased considerably from 25% of GDP in 1995 to 38% in 2004. •  The trade deficit had been widening until 1995, but this trend clearly reversed following EU accession.