Austria’s economy will grow by 2¾% in 2017

Gerhard Fenz (), Friedrich Fritzer () and Martin Schneider ()
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Gerhard Fenz: Oesterreichische Nationalbank, Economic Analysis Divison, http://www.oenb.at
Friedrich Fritzer: Oesterreichische Nationalbank, Economic Analysis Division, http://www.oenb.at

Monetary Policy & the Economy, 2017, issue 3, 6–12

Abstract: In the first half of 2017, Austria’s economy gathered further momentum. With growth rates by 0.8% in both the first and the second quarters, Austria recorded its strongest economic growth in six years. The broad-based cyclical upswing is being underpinned by both domestic and foreign demand and will continue in the second half of the year. Based on its quarterly forecasting exercise, the Oesterreichische Nationalbank (OeNB) expects real GDP to expand (quarter on quarter) by 0.7% in the third quarter and by 0.6% in the fourth quarter of 2017. For the year as a whole, economic growth in Austria will thus come to 2¾%. Compared with the OeNB’s June 2017 outlook for GDP growth, this implies an upward revision of 0.5%. Distinctly higher growth rates were last recorded in the boom period of 2006 and 2007, when economic growth accelerated to 3½%.

Date: 2017
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