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Austria faces deeper contraction, slower recovery due to COVID-19 -fin min

VIENNA, Nov 6 (Reuters) - Austria’s economy is likely to shrink more this year and recover more slowly next year than previously expected due to its second wave of coronavirus cases and restrictions imposed to curb it, the finance minister said on Friday.

Economic think-tank Wifo, which compiles gross domestic product (GDP) data for the government, now predicts GDP will shrink 7.7% this year, compared with its previous 6.8% forecast, Gernot Bluemel told a news conference.

GDP growth next year is now expected to be at 2.8% instead of the previously forecast of 4.4%, he said. (Reporting by Francois Murphy; Writing by Kirsti Knolle; Editing by Hugh Lawson)