Austrian 2017 economic growth to be higher than expected: research institutes

BY  | FROM  | 2017-06-30 14:51

Two leading Austrian research institutes believe the domestic economy will grow more than previously expected in 2017 on the back of strong export growth and private consumption.

In new forecasts released on Thursday, experts from the Austrian Institute of Economic Research (WIFO) are now anticipating 2.4-percent gross domestic product (GDP) growth for the year, up from a two-percent growth expectation in March.

Meanwhile, experts from the Institute for Advanced Studies (IHS) in Austria are also optimistic, believing the economy will grow 2.2 percent for the year, up from an earlier prognosis of 1.7 percent.

The increased expectations are in part due to a very good start to the year that saw the highest growth rate since 2011.

WIFO said this was partly due to positive developments in East Asia.

Further, declining domestic unemployment is expected to increase disposable income, which will provide a boost to private consumption.

    Related News

      Financial Times

    • Fed fears market misreading of guidance
    • The US Federal Reserve is keen to revamp its forward guidance about future interest rates but terrified of a market misunderstanding, according to the minutes of its September meeting


    • Asian shares rebound after Fed renews dovish credentials
    • Asian shares bounced back and the dollar fell on Thursday after minutes of the U.S. Federal Reserve's latest policy meeting showed policymakers have some concerns about downside risks to the global economy and the dol...


    • Nigeria succeeds at containing Ebola
    • People here are shaking hands again, kissing, hugging, touching. These days, shops are open, people are working, and children are finally going back to 
    Chinese Dictionary: