VIENNA, March 29 (Xinhua) -- The previously robust Austrian economy will grow noticeably slower in 2019, with two leading economic research institutes lowering their growth prognoses on Friday.
The Austrian Institute of Economic Research (WIFO) lowered its previous gross domestic product (GDP) growth forecast for this year from 2 percent to 1.7 percent, while the Institute of Advanced Studies (IHS) revised its projection from 1.7 percent to 1.5 percent.
This comes on the back of 2.7 percent GDP growth registered in 2018.
Experts from the two institutes said strong growth in foreign trade experienced in recent years would in particular slow down, along with a drop in investments in certain sectors.
Downside risks also remain, such as a potential no-deal Brexit, renewed trade disputes between the European Union and the U.S., and the state of the Italian economy.
On the plus side, domestic unemployment is expected to decline continuously, and inflation will increase less than previously thought.
Both institutes have left their forecasts for 2020 unchanged, with WIFO expecting 1.8 percent growth, and IHS 1.6 percent growth.
