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Austrian cbank see growth pickup in eastern Europe |
Economic growth in central and eastern Europe will pick up speed this year, partly due to improvements in the euro zone economy, the Austrian National Bank said on Tuesday.
Poland's gross domestic product (GDP) is expected to rise by 5.8 percent this year, the central bank said in a statement.
Both Hungary and the Czech Republic should achieve almost 4 percent GDP growth annually "in the coming years", while Russia should see annual growth rates of around 6 percent through to 2006, the bank said.
"The economic revival in the euro zone accelerates the catch-up process in the new European Union member states," the bank said.
A sharp rise in investment and exports in line with continuous growth in the euro zone would be the main drivers of economic growth in the region. An increase in private consumption in Poland and Russia was also contributing to the general economic growth.
Source: Reuters
06.10.2004
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