VIENNA, March 26 (Xinhua) -- The Austrian National Bank has lowered its forecast for the country's gross domestic product (GDP) growth this year to minus 0.1 percent, according to a latest report on the bank's website.

In its previous forecast in December 2024, the central bank predicted a GDP growth at 0.8 percent for 2025.

The downward revision indicates the country is facing a third year of recession. In 2024 and 2023, Austria's economy contracted by 1.1 and 0.8 percent, respectively.

In spite of the downward outlook, the bank expected the economy to stabilize this year, citing stable inflation and falling interest rates as major contributors, which will help reduce cost pressure on companies and private households.

It also forecast a 1.2 percent growth for both 2026 and 2027. Enditem

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