After a stronger-than-expected 7.7 percent GDP growth in Q2 2022 and due to what they described as "an excellent tourist season," analysts of the Raiffeisenbank Austria (RBA) increased their projected GDP estimates for 2022, state agency Hina said on Friday citing unnamed analysts, without saying what their latest projection is.

On Friday, the state statistics bureau published their provisional Q2 2022 estimate which said that GDP posted a 7.7 percent growth year-on-year. This is a faster growth than in the previous quarter, when GDP grew by 7.0 percent, and also the fifth quarter in a row with positive growth.

“After a higher-than-expected growth in the second quarter, strong growth is expected in the third quarter too,” Hina said, without clarifying what the expected growth rate was.

“The economic indicators so far point to an excellent performance of the peak tourist season and further improvements in the labor market. With that growth in the second quarter, the industry’s resilience is greater than initially expected. That will have a positive impact on the economic performance in the third quarter, which should also bring a solid rate and widespread growth,” Hina cited unnamed RBA analysts as saying.

“With the real annual growth rate exceeding 7.0 percent in the first half of the year, we have revised upward our GDP estimate for 2022 from the current 4.4 percent,” the report said, without disclosing the latest estimate.

“However,” Hina added, “analysts expect a slowdown in economic growth at the end of this year and the beginning of next year,” without saying why.