VIENNA, June 9 (Xinhua) -- The National Bank of Austria (OeNB) on Friday announced a strong upward revision to its 2017 GDP growth prognosis of 0.7 percent.
This takes the new anticipated growth total to 2.2 percent, up 0.7 percent from the most recent prognosis made in December. It also indicates more significant growth acceleration in the domestic economy that has seen positive but muted forward progress in recent years.
The revised figures would also see the economy grow stronger than the anticipated Eurozone average of 1.9 percent.
OeNB governor Ewald Nowotny said the strong upward revision is sign of a "classic upswing" and can be attributed to consumption, export success, and business investments.
Further, increased real incomes on the back of tax reforms are also expected to benefit private consumption strongly this year.
"This is a textbook example of how to boost the economy," Nowotny said.
