Two leading Austrian research institutes believe the domestic economy will grow more than previously expected in 2017 on the back of strong export growth and private consumption.
In new forecasts released on Thursday, experts from the Austrian Institute of Economic Research (WIFO) are now anticipating 2.4-percent gross domestic product (GDP) growth for the year, up from a two-percent growth expectation in March.
Meanwhile, experts from the Institute for Advanced Studies (IHS) in Austria are also optimistic, believing the economy will grow 2.2 percent for the year, up from an earlier prognosis of 1.7 percent.
The increased expectations are in part due to a very good start to the year that saw the highest growth rate since 2011.
WIFO said this was partly due to positive developments in East Asia. Further, declining domestic unemployment is expected to increase disposable income, which will provide a boost to private consumption.
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