Austria's economy is expected to slow in 2023, according to forecasts by two leading economic institutes published on Thursday, as high energy costs and waning foreign demand take their toll.

The WIFO institute said it expects gross domestic product to increase by 0.3% next year following 4.7% growth in 2022, largely in line with its previous forecasts from October.

According to the IHS institute, Austrian GDP is expected to grow by 4.8% this year and 0.4% next year.

"The international economic downturn also impacted the Austrian economy in the second half of 2022," WIFO economist Stefan Ederer said, adding that foreign trade should pick up again in spring next year. (Writing by Rachel More Editing by Paul Carrel)