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Allianz: Austria´s Economic Position Improves

Published: November 26, 2012; 16:14 · (Vindobona)

According to the German insurance group, the economic situation of ten out of 17 Eurozone member countries has worsened. Austria could make up one place.

Allianz: Austria´s Economic Position Improves / Picture: © Vindobona.org

Today, Allianz published its “Allianz Euro Monitor” report. Compared to 2011, Austria´s economic situation remained stable. In ten Eurozone countries, the economic situation has deteriorated, however. According to Allianz, the economic integration in the EU and the improvement of the foreign trade balance of South European countries will contribute to let the debt crisis abate gradually.

Among the 17 Eurozone countries, Austria has gained one place and now ranks second. The main weakness of Austria is still the relatively high public debt quota. “In order to become the best, Austria would have to improve its fiscal situation.” Martin Bruckner, Chief Investment Officer of Allianz Austria explains.

The „Allianz Euro Monitor“ measures 14 economic indicators. In the best case, a country can reach ten points and one point in the worst case. Germany still ranks first (7.7 points) and is followed by Austria and Luxembourg (7.0 points both).

Regarding the unemployment quota, Austria clearly ranks first. Concerning the category “competitiveness and domestic demand”, Austria ranks second. Austria´s employment quota is the third-highest in the Eurozone. The main weaknesses are the high budget deficit (rank 8) and the high debt service payments (rank 9). The private indebtedness is still moderate (rank 2). Regarding the energy efficiency, Austria ranks third.

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