Austrian economy to grow 1.5% a year in 2016-20: Research forecast

VIENNA: Austria's gross domestic product is expected to grow on average 1.5 a year from 2016 to 2020, slightly higher than the 1.0 percent of 2011-2015 and roughly in line with the euro zone as a whole, the WIFO research institute said on Tuesday.

WIFO, whose forecasts help shape government economic policy, said a planned reform that is expected to lower taxes for many Austrians would bolster private consumption, but that unemployment would continue to rise until 2018.

In a separate forecast last month, WIFO predicted growth of 0.7 percent this year and 1.4 percent next year.