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Austria's economy to grow 1.5 pct annually to 2021: institute

Xinhua, November 1, 2016 Adjust font size:

Austria's economy is expected to grow 1.5 percent annually over the next five years, the Austrian Institute of Economic Research (WIFO) said in a press release on Monday.

In its latest mid-term prognosis, WIFO said the average gross domestic product(GDP) growth from 2017 to 2021 will be significantly higher than the 0.6 percent annual growth rate seen between 2012 and 2015.

The institute said private consumption will be a driving factor, expected to increase 1.25 percent in the coming five years, on the back of anticipated annual increases in disposable income.

Exports are also expected to perform well, increasing 2.9 percent each year, up 0.75 percent compared with the the past five years' average. With slightly lower growth expected for imports, this sector will have a minor positive contribution to growth.

WIFO said it does not expect improvement in the labor market, with one percent of new jobs created each year, which is below the 1.1 percent growth in available job vacancies in the past five years. Endit