The Austrian economy is on track for steady growth of an average 1.7
percent each year until 2021, a leading research institute said on
Wednesday.
In its latest medium-term prognosis for the domestic economy, the
Vienna-based Institute for Advanced Studies (IHS) said after many years
of weak growth, the positive start to 2017 will be maintained going
forward, albeit at a slightly lesser rate.
The anticipated growth rate will put Austria on par with growth
expectations for the remainder of the eurozone, and be about one percent
higher than average growth seen between 2012 and 2016.
The improved situation is largely expected to come from a strong
increase in private consumption, as well as an increase in demand for
exports on the back of an improvement in global trade.
The present trend toward an improved situation on the job market is
also expected to continue, including an improvement in new jobs
available as well as a continued drop in unemployment.
The latter will however still remain at a relatively high eight
percent as per Austria's domestic calculation method by 2021, IHS noted.