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Austria's growth prospects downgraded

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Austria's growth prospects downgraded
Photo: APA/Techt
12:02 CET+01:00
The European Economic Forecast for Austria has significantly scaled down its prediction for growth - forecasting that it will have slowed to 0.8 percent this year.

In November, the European Commission predicted Austria’s growth prospects would be 1.2 percent.

This makes Austria one of the lowest ranked countries in the EU for economic growth, coming ahead of just Croatia, Cyprus and Italy.

A clear upswing is forecast for 2016, when growth is predicted to rise by 1.5 percent, according to the winter forecast from the European Commission.

Growth is expected for all 28 EU member states during the coming year.

Austria’s unemployment rate is forecast to rise slightly, to 5.2 percent, but remains the second lowest rate in the EU behind Germany (4.9 percent). It is forecast to fall to 5 percent in 2016.

Inflation is predicted to decrease to 1.1 percent, and to rise to 2.2 percent in 2016. The budget deficit is forecast to decline to 2 percent this year (from 2.9 percent in 2014), and to fall to 1.4 percent in 2016.

Austria’s national debt is predicted to fall from 86.8 percent of GDP to 86.4 percent. Greece still has the highest public debt in the EU, which is forecast to fall from 176.3 percent to 170.2 percent. 

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