RTTNews - Friday, the Austrian Institute of Economic Research, or WIFO, revised its GDP outlook for 2009, while maintained forecasts for 2010.

The think tank 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.

In 2009, volume of exports is expected to fall 15.1%, while value is likely to decline 16.5%. Reflecting a weak demand at home, imports would drop 11.2% in volume and 13.6% in value terms. Private consumption expenditure may rise 0.2% and gross fixed capital formation is set to fall 5.9%.

For comments and feedback: contact editorial@rttnews.com