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Austrian economy set to grow again from 2010

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A recovery from the global economic crisis also looks likely in Austria. Following a fall in GDP of 3.5% for the current year, the Austrian National Bank predicts an upsurge as early as 2010, with a plus of 1.2% forecast.

The latest economic forecasts from the Oesterreichische Nationalbank (OeNB) show a significant rise in the economic growth of Austria compared to the original forecasts issued in June. At that time there was talk of a rather slow recovery, set to begin in 2011. Now the OeNB predicts economic growth of 1.2% in 2010 and even 1.6% growth for 2011. Both Austrian economic research institutes (Wifo and IHS) concur with this view of the situation and have forecast a plus for 2010 of between1.3% and 1.5%.

According to OeNB the main reason for this upwards revision in the overall economic outlook is a recovery in Austria’s export markets. Regarding foreign trade, the OeNB predicts an increase in exports of 2.8% in 2010 and 3.9% in 2011, following a sharp fall in exports of 12.9% in 2009.