July 24, 2019 / 8:06 AM / 4 months ago

Austria's economy to grow 1.6% on average over 2019-2023: IHS

BERLIN (Reuters) - Austria’s economy should grow 1.6% a year on average over the 2019-2023 period, helped by robust private consumption, economics think-tank IHS said on Wednesday.

IHS expects the growth rate to accelerate to 1.8% in 2021, before dropping to 1.4% in 2023 as a result of demographic shifts dragging on growth, it said.

“Private consumption remains a major driver of economic activity, while the momentum of investment and exports is expected to slow slightly due to the restrained pace of the global economy,” IHS said in a statement.

It sees private consumption at 1.5% between 2019-2023 compared to 1.0% in the previous five-year period. Inflation is expected to average 1.75% over the same period.

The unemployment rate will rise to 7.2% at the end of 2023 from its current level of 6.5%.

Reporting by Riham Alkousaa, editing by Thomas Escritt

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