Austria’s economic growth will be muted over the next five years because of continued weakness in the euro zone and weak consumption at home, the state-supported Wifo research institute said.
Gross domestic product, the value of goods and services, will increase an average 1.7 percent annually through 2017, Wifo said today in an e-mail.
“After the 2012 dip in growth, the economic outlook in the medium term remains muted,” Vienna-based Wifo said. “The expansion won’t be enough to reduce unemployment trends.”
Austrian unemployment will grow to about 7.2 percent in 2017 from 7 percent last year, according to Wifo. The institute confirmed its GDP growth forecasts of 1 percent this year and 1.8 percent in 2014. Economic growth in the period will peak in 2015 at 2 percent, Wifo said.
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