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Austrian economy to grow 1.4 pct in 2016: central bank

Xinhua, December 13, 2016 Adjust font size:

The Austrian economy is to grow 1.4 percent in 2016 and 1.5 percent in the following three years, the National Bank of Austria (OeNB) stated in its latest economic growth forecast on Monday.

The figures remained unchanged from the central bank's last forecast in September, and down slightly from an earlier forecast in June.

Primary drivers for growth are expected to be private consumption on the back of increased disposable income, and equipment investments.

The OeNB also expected unemployment to continue on its upward trend, climbing from 5.7 percent in 2015 to reach 6.3 percent in 2017 and 2018, before falling slightly in 2019 to 6.2 percent.

It is also anticipating a budget deficit of 1.6 percent in 2016 due to one-off impacts caused by tax reforms as well as costs related to asylum seekers. An improved economy is to reduce this to 1.2 percent in 2017, 0.9 percent in 2018, and 0.6 percent in 2019. Endit