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Austrian central bank sees slower growth, higher prices
Published in Saudi Press Agency on 09 - 06 - 2008


Austria's central bank Monday lowered its
predictions for economic growth in 2008 and 2009, largely as a result
of the global financial crisis and high commodity prices, reported dpa.
In a report, the bank forecast real GDP to grow 2.2 per cent in
2008, down 0.3 per cent from its December 2007 prediction. GDP growth
in 2009 is seen at 1.7 per cent, a downward revision of 0.6 percent.
Austria's GDP expanded by 3.4 per cent in 2007.
Although strong German growth buoyed economies in the Euro group
in the first quarter of 2008, the international financial crisis, the
economic downturn in the US and prices for raw materials would affect
Europe, the central bank said.
"After an excellent start into the year 2008, the outlook for
Austrian economic growth will turn noticeably dimmer," Josef Christl,
executive director of the Oesterreichische Nationalbank, said.
High commodity prices would also push inflation to 3.1 per cent in
2008, up from 2.2 per cent in the previous year.
Inflation will slow down in the following two years to 2.4 per
cent in 2009 and 1.9 per cent in 2010, the bank predicted.
Austrian exports are expected to grow 6.4 per cent this year, down
from 8.4 per cent in 2007. Austria's focus on Eastern European
markets, a diversified economy and competitive labour costs prevented
an even bigger slowdown, the bank said.


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