Austrian central bank revises up its GDP forecast for 2017

0 Comment(s)Print E-mail Xinhua, November 18, 2017
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VIENNA, Nov. 17 (Xinhua) -- The National Bank of Austria (OeNB) on Friday revised up its forecast for the country's GDP growth for 2017 by 0.15 percent to 2.9 percent.

In its newest quarterly economic forecast, the central bank anticipates 0.8 percent growth for the final quarter of the year, lifting its previous forecast in August.

The revision also brings its 2017 expectation higher than two leading economic research institutes, WIFO and IHS, whose most recent forecasts were 2.8 percent and 2.6 percent respectively.

The OeNB said the Austrian economy is presently in a boom, with both domestic and foreign demand strong.

The export market has been gaining momentum since the fourth quarter of 2016 on the back of positive developments in the international economy, it was noted. Domestic industry has been able to profit from this, and present indicators point to a lasting trend.

Production, investments, and construction have all performed well, while tax reforms implemented in 2016 have led to growth in private consumption and personal savings. Enditem

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