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Austria's economy growing faster than EURO Zone

Statement © photocase.com/apfelholz

© photocase.com/apfelholz

4 September 2007

The Institute for Advanced Studies (IHS) predicts annual GDP growth of 2.6% for 2007-2011. 190,000 new jobs will be created by 2011 - exports and private consumption are the pillars of the domestic economy.  

Austria is set to grow faster than the rest of the EURO zone in 2007-2011, continuing the trend of the last five years, according to a study from the Institute for Advanced Studies ( IHS ) . Austrian GDP is predicted to grow by an average 2.6% annually between 2007 and 2011, in contrast to 2.25% growth in the other EURO countries. The job market should continue to improve thanks to the economic boom which started last year; by 2011, there should be 190,000 new jobs and the unemployment rate is expected to drop from 6.8% (2006) to 6%. Positive growth factors will continue to come from the export economy and  consumer spending. The IHS expects GDP growth of 3.1% this year (2006: 3.3%).

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