Austria's Central Bank trims GDP outlook
2013-03-13 13:53:34
Austria's central bank on Wednesday downgraded its economic outlook underlining a difficult global environment.
The bank projects 0.1 percent sequential growth in the first quarter of 2013, down from the prior estimate of 0.4 percent. At the same time, the year-on-year growth was maintained at 0.2 percent.
The recovery signals are uneven and generally weak. For the second quarter, it forecasts 0.3 percent quarterly growth and 0.4 percent annual expansion.
The bank said the economy expanded 0.8 percent during the full year of 2012, up from its previous assessment of 0.6 percent.
The Austrian Institute of Economic Research, WIFO in January said the Austrian economy will log a muted growth in the next five years amid subdued domestic consumption and the ongoing economic crisis in Eurozone. The economy is forecast to expand on an average 1.7 percent during the 2012-2017 period.