VIENNA, March 16 (Xinhua) -- Austria's economy is maintaining its strong growth momentum and will expand even more this year than previously expected, according to two leading economic research institutes.
In their latest forecasts released on Friday, the Austrian Institute for Economic Research (WIFO) and the Institute of Advanced Studies (IHS) are anticipating a growth of 3.2 percent and 2.8 percent respectively for the Austrian economy in 2018.
The growth will largely be driven by foreign demand for Austrian exports on the back of an improved global economy, along with robust private consumption and investments.
Unemployment will continue to decrease as a result, from the 8.5 percent it had already fallen to in 2017, to 7.7 percent this year, WIFO predicts. The IHS is marginally less optimistic, forecasting a drop to 7.8 percent for the year.
A boost in wage increases is also likely to follow, leading to greater disposable income.
For 2019 both institutes anticipate reduced momentum, WIFO expecting GDP growth of 2.2 percent, and the IHS 1.9 percent.
