Austrian economy to see continued solid growth to 2023

Source: Xinhua | 2019-07-25

The Austrian economy will continue on a solid upward trajectory over the next five years with average annual GDP growth of 1.6 percent, according to a leading economic institute.
In its latest mid-term prognosis released on Wednesday, the Vienna-based Institute for Advanced Studies (IHS) said the growth rate from 2019 to 2023 would come in lower than the 1.8 percent seen in the previous five years, but still more than the 1.4 percent projected for the remaining euro area.
It said private consumption will continue to be a pillar for the economy, though investments and exports, two formerly strong sectors, will slow somewhat due to a cooling of the global economy.
Positive developments in the employment sector will likewise probably not continue going forward, the IHS projecting the unemployment rate in 2023 to sit at 7.2 percent per Austria's domestic criteria, or 4.5 percent as per EU calculation criteria.
The institute said it expects 3.4 percent growth for the global economy over the same five year period.