November 15, 2019 / 9:37 AM / 3 months ago

Austrian central bank cuts Q4 GDP growth forecast

Nov 15 (Reuters) - The Austrian National Bank (ONB) cut its economic growth forecast for the fourth quarter on Friday, as the country’s industry is lingering in recession and the services sector is growing just slightly.

The ONB now expects gross domestic product to grow 0.2% quarter-quarter in real terms - 0.1 percentage points lower than in a previous forecast issued in August, it said in a statement here

For 2019, the central bank now sees growth at 1.6%, up from 1.5% in a previous forecast.

“The economic indicators point to a continuation of the weak - but positive - growth momentum,” the ONB said.

For the first quarter of 2020, GDP growth is seen at 0.2% quarter-on-quarter. (Reporting by Thomas Seythal Editing by Francois Murphy)

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