AUSTRIA: STRONG GROWTH SEEN FOR ECONOMY

Article Abstract:

Wifo, the Austrian Institute for Economic Forecasting, predicts Austria's economic growth in the period to 2004 to rise to 2.5% annually on average from 2.1% in the second half of the 1990s. In Austria, the peak is expected in 2000 an 2001 with a GDP growth of 2.8% each. The dynamism is attributed largely to keen export demand. With about 90,000 new jobs likely to be created, unemployment rate is predicted to fall from 6.7% in 1999 to 5.9% in 2004 (by calculation of the labour authority AMS). Consumer price inflation is estimated to slow down from 1.1% in 2000 to 0.9% in 2004. Current account deficit is forecast to fall from 2.3% of GDP in 1999 and 2000 to 1.9% in 2004.

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AUSTRIA: FASTER GDP GROWTH EXPECTED

Article Abstract:

The Wifo institute of economic research, which expected the Austrian economy to grow by 3.1% in 2000, is now expecting a 3.5% growth. The reasons for the optimism include the increasing export demand and the brisk private consumption. The rate of unemployment is expected to fall under 4% already in 2000, after 4.4% in 1999. The good economic conditions are expected to have a positive effect also on wages, which will keep demand at a high level. However, also consumer prices are increasing. The high oil prices are now boosting inflation, and higher tobacco, energy and motor vehicle taxes are to increase prices in the second half of the year.

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AUSTRIA: CURRENT ACCOUNT DEFICIT WIDENS IN 1999

Article Abstract:

In 1999 Austria's current account deficit rose from Sch 42bn to Sch 52.6bn. Deficit in goods trade rose from Sch 62.9bn to Sch 73.5bn, while the surplus of services balance rose from Sch 42.8bn to Sch 55bn, with tourism surplus growing from Sch 21.2bn to Sch 24.5bn. "Income" balance had a deficit of Sch 8.5bn, compared with a surplus of Sch 1.9bn in 1998. The surplus on capital balance rose from Sch 65.8bn to Sch 76.2bn. There was a deficit of Sch 14.9bn in direct investments, compared with a surplus of Sch 28.8bn in 1998.

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