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Austria: Faster Economic Recovery Than Expected

Austria's Economy © photocase.com/checka

© photocase.com/checka

October 7, 2010

Austrian economy to grow by 2% in 2010 and 2011

The leading Austrian economic research institutes expect the Austrian economy to grow faster in 2010 and 2011 than predicted only a few months ago. According to Wifo and IHS, the Austrian gross domestic product (GDP) will increase by some 2.0% in 2010 and also in 2011. This positive trend is driven mainly by strong export demand. Austrian exports are likely to grow by over 10%. Austria seems to have coped with the crisis better than other European countries. The most recent forecasts assume a decline in unemployment and an improvement in public finances. At 4.3% Austria has the EU’s lowest unemployment rate.

However, economic analysts also warn against euphoria, highlighting the ongoing high risks (economic slowdown in the USA and China, appreciating Euro, high government debt, unstable financial sector, low investment levels).

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