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Banks Revise Growth Forecasts after Brexit Vote, Wifo Stands by Projection

Bank Austria, Erste Group and Raiffeisen are revising their growth forecasts following the Brexit vote and will likely present the updated projections next week.

June 24, 2016

Austrian Economic Growth to Speed Up in 2016/17

Economic growth in Austria will take off this year thanks to extraordinary factors like the tax reform favourable for consumption, next year due to global influences.

June 23, 2016

OeNB Cuts Austria's GDP Forecast for 2016

Central bank OeNB has reduced the growth forecast for Austria for 2016 and 2017, compared to its December estimates, by 0.3 percentage points, to 1.6 and 1.5 percent, respectively. However in 2018 the central bank anticipates a hike of the GDP by 1.5 percent. The tax reform and refugee spending will have a positive impact on economic growth, the analysts of OeNB believe.

June 6, 2016

Wifo: Austrian Economy Could Gain Momentum

Over the next months Austria’s economy could gain some own momentum, economic research institute Wifo believes, although only some lead indicators point to a continuous improvement, while others indicate a continuation of the market slump, Wifo experts explain.

May 12, 2016

Austria's Economy Seen Growing 1.5 Pct in 2016, Unemployment Rate at 9.5 Pct

The Austrian economy will likely grow by 1.5 percent y/y in 2016, above the 2015 growth rate of 0.9 percent, Bank Austria chief economist Stefan Bruckbauer told journalists in Vienna at the presentation of the bank's economic analysis. All federal regions should show growth, according to the bank's experts.

May 9, 2016

Austria's GDP Seen Growing by 1.2 Pct in 2016, 1.4 Pct in 2017 - IMF

The Austrian economy will likely grow by 1.2 percent in 2016 and by 1.4 percent in 2017, the IMF said in the latest set of forecasts World Economic Outlook.

April 12, 2016

OeNB - Inflation to Drop Further this Year

This year the rate of inflation in Austria will drop even further due to the low oil price. However, in 2017 it should grow substantially. The reason for the growth is the "base effect” expected to start in August, after 12 months cheap oil won't be effecting growth of prices any more.

April 5, 2016

Austria's PMI Hits Best Value in Two Years in Q1 - Bank Austria

The Austrian PMI hit the best quarterly value in two years, as the March increase to 52.8 points put the average Q1 2016 level at 52 points, Bank Austria said.

March 31, 2016

UniCredit Final Restructuring Program on Bank Austria's Retail Business

UniCredit announced a major step in its strategic plan execution, by launching a profound restructuring program on its Austrian retail business that will enable Bank Austria to develop its business in a sustainable way, while bringing down significantly its cost income ratio. The restructuring plan will allow to reduce by 2018 Bank Austria's overall costs by € 150mn per year on an ongoing basis on top of the Strategic Plan and with main focus on personnel expenses, leading to an overall cost decrease by almost € 300mn versus 2014 in order to ensure the business sustainability in the long-run.

December 15, 2015

OVAG to Merge With Another Bank?

A merger or collaboration of some sort with another bank may be in sight for Austrian bank group Osterreichische Volksbank AG (ÖVAG), Standard daily reports in its Tuesday issue. US investment bank Lazard is on lookout for offers.

September 9, 2014