RTTNews - Friday, the Institute for Advanced Studies or IHS lowered its forecast for Austria's economy to show a contraction of 4.3% this year from a previous forecast of 2.7% decline. In 2010, the economy is expected to expand by 0.3%, slightly down from 0.4% growth predicted in March.
On the same day, the Austrian Institute of Economic Research, or WIFO, revised its GDP outlook for 2009, while maintained forecasts for 2010.
WIFO now expects the economy to contract 3.4% this year, down from a 2.2% fall predicted in March. At the same time, WIFO retained its outlook for a 0.5% growth in 2010.
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