Following several years of solid foreign demand for Austrian exports and record employment growth, the financial crisis and global economic downturn in 2008 led to a sharp decrease in economy and employment. Subsequently, Austrian economy contracted to 3.9% in 2009 but recorded a growth rate of about 2% in 2010. However, Unemployment has not risen as steeply in Austria as elsewhere in Europe, partly because its government has subsidized reduced working hours schemes to allow companies to retain employee.