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Austria set for remarkable growth

January 20, 2014

Growing strongly at the end of 2013, Austria speeds up further in 2014 through exports, investments and rising consumption

Austria's economy will grow by 2 % this year, predicts one of the leading Austrian banking corporations (Bank Austria). End of last year, the Austrian economy already showed strong signals of acceleration. In the fourth quarter of 2013, GDP-growth was almost one per cent and the growth rate is set to double this year.

Driver of this development is the strong export industry, since business prospects are improving for almost all Austrian partner countries in trade. The domestic economy still shows a moderately increased unemployment rate which is about to improve soon this year. At the same time, investments are expected to rise and will contribute to the positive economic development, followed by private consumption, which will take effect later this year and should grow by 0,7 %.

Bank Austria preditcts a GDP growth in 2015 of even more than two percent. In addition, the unemployment rate will decrease and consequently push private consumption. Austria is set to achieve remarkable growth rates again and repeatedly proves as attractive business location and trade partner.