AUSTRIA: WIFO ECONOMIC FORECAST UNTIL 2005

Article Abstract:

Austrian economic research institute Osterreichisches Institut fur Wirtschaftsforschung (Wifo) expects the Austrian economy to recover again from 2002. Austria's gross domestic product (GDP), which grew by 3.3% in 2000, should rise by 1.7% in 2001, by 2.2% in 2002, 2.4% in 2003, 2.7% in 2004 and 3.0% in 2005. The inflation rate should rise from 1.9% in 2000 to 2.6% in 2001, before declining again to 1.9% in 2002 and 1.3% in 2003. For 2004 and 2005, Wifo forecasts 1.5% and 1.6%, respectively. The unemployment rate should continue to decline from 5.8% in 2000 to 5.7% in 2001 and 2002, 5.5% in 2003, 5.4% in 2004 and 5.2% (or 180,000 people) in 2005.

Employment

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AUSTRIA: LESS OPTIMISM FOR ECONOMIC GROWTH

Article Abstract:

Austria's two leading economic research institutes IHS and Wifo have revised downwards their forecasts for the country's GDP growth in 2001. Now the two institutes predict for 2001 a GDP growth rate of 2.5% (IHS) and 2.6% (Wifo) and for 2002 2.3% and 2.8%, respectively. This compares with a 3.3% growth expected by both institutes in year 2000, up from 2.8% in 1999. Private consumption is forecast to grow 2% in 2001 and 2%/2.3% in 2002, compared with 2.7% in 2000 and 2.3% in 1999. Consumer price inflation is estimated at 2.3%/2.4% in year 2000 (0.6% in 1999), 1.9%/1.5% in 2001 and 1.4%/1.3% in 2002.

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AUSTRIA: AUSTERITY BUDGET TO CURB CONSUMPTION

Article Abstract:

The Austrian economic research institutes IHS and Wifo have revised downwards their forecasts for the country's economic growth due to the government's tax measures and savings cuts and due to the high price of oil. Now the institutes predict the country's gross domestic product to grow 2.8% in 2001, compared with 3.4% (IHS)/3.5% (Wifo) in 2000 and 2.1% in 1999. Consumer price inflation is estimated at 2.2%/2.3% in 2000 and 1.9%/1.5% in 2001 and private consumption growth 3%/2.8% and 2.3%/2.0%, respectively. The forecast for the growth of mass income in 2001 was reduced by 1%-point to 0.8%.

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