We have cut our growth outlook for the Austrian economy by 0.1ppt and anticipate another contraction of 0.2% this year. We believe the economy will struggle to grow in the first half of the year, gradually improving towards year-end. US tariffs on EU goods, particularly the 25% tariffs on cars, pose significant headwinds for Austrian industry. We expect this to be partially offset by increased German fiscal spending next year, which will have positive repercussions for the Austrian economy due to its trade linkages with Europe's largest economy.
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