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Austrian central bank increases GDP growth forecast for 2016

Xinhua, June 9, 2015 Adjust font size:

The National Bank of Austria (OeNB) increased its GDP growth forecast for the Austrian economy for 2016 to 1.9 percent, its governor Ewald Nowotny said at a press conference on Monday.

The central bank had previously expected 1.6 percent GDP growth for the coming year. Its 0.7 percent growth forecast for 2015 however remains unchanged.

"We expect 2016 to finally bring an end to the four-year economic slowdown," Nowotny said of the newest calculations.

Because growth will still remain muted for the current year the OeNB expects a continued increase in unemployment for 2015 to 5.7 percent, which will remain stable in 2016 before easing slightly to reach 5.5 percent in 2017.

Inflation meanwhile will continue to remain at a low level of 0.9 percent for the current year, but will increase in 2016 and 2017 to 1.9 and 2 percent respectively as the national economy picks up momentum, the central bank said. Endit