March 21 (Bloomberg) -- Austria’s economy, driven by exports and buoyed by consumer spending, is set to expand in the face of risks posed by other countries sharing the euro currency, the state-supported Wifo research institute said.
Wifo reiterated its forecast that gross domestic product, the sum of all goods and services, will expand 1 percent this year and 1.8 percent in 2014, according to an e-mailed statement from the Vienna-based group. Exports, about a third of which go Germany, are expected to increase 3.8 percent this year and 6 percent next year.
“The domestic economy is still poised for a long and broad-based recovery,” Wifo said. “There are still risks, however in the external environment.”
Private consumption will increase 0.6 percent in 2013 and 0.9 percent next year, Wifo said.
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