Austrian Economy To Shrink By Up To 0.5 Per Cent In 2009

Vienna - Austria's economy will shrink by up to 0.

5 per cent in 2009, economists predicted Friday, as the global economic downturn leads to lower exports.

The WIFO institute lowered its projection to a contraction of 0.

5 per cent, while researchers at the IHS institute expect a decrease by 0.

1 per cent.

In October, the independent institutes had predicted growth rates between 0.

9 and 1.

2 per cent.

WIFO and IHS both forecast growth of 1.

8 per cent this year, a downward revision by 0.

2 percentage points, as the economy is expected to contract slightly in the fourth quarter.