Nowotny: GDP Forecast Will not Hold

Politics ♦ Published: November 21, 2012; 18:35 ♦ (Vindobona)

The governor of Austria´s National Bank Ewald Nowotny admits that the forecast on Austria will have to be revised.

Nowotny: GDP Forecast Will not Hold / Picture: © Wikipedia / Christian Wirth (Wirthi)

Initially, OeNB predicted an economic growth rate of 0.8% for 2012. According to Nowotny, the growth rate will rather come at 0.5%. Next year, the National Bank forecasted a growth rate of 1.7%. Nowotny explains that the forecast for 2013 is highly uncertain as the German economy slows down further. As a result, he growth rate was revised down to 0.9%. OeNB will publish the official GDP…