The Importance of Migrant Businesses for Vienna's Economy
It is common to see migrants run and maintain many businesses in Vienna. They offer a variety of different products and services, but they all share one thing: they make a significant contribution to the Viennese economy. In a new study, migrant businesses were examined and their impact on Austria's capital was clearly demonstrated.
Vienna's streetscape is characterised by a multitude of small shops and businesses which are run and maintained by migrants. / Picture: © Wikimedia Commons, Herzi Pinki, CC BY-SA 4.0
Vienna's streetscape is characterised by a multitude of small shops and businesses that give life to the city. Many of these businesses are run and maintained by migrants. From Asian supermarkets to Croatian plumbers, they are everywhere.
In addition to a variety of different products and services that such businesses offer to local residents, they have one thing in common: their enormous importance for Vienna's economy. A new study by the Vienna Chamber of Commerce examined the influence of migrant businesses on the economy of Austria's capital and came to a clear conclusion.
Vienna is home to 34,000 companies with a migration background. These employ around 21,000 people. The most important sector in which migrant companies are active is trade. Incidentally, migrant businesses have in common companies whose entrepreneur either does not have Austrian citizenship or was not born in Austria.
Due to the conspicuous amount of business conducted by just such persons, the Vienna Chamber of Commerce (WK) for the first time surveyed the economic importance of migrant enterprises.
According to the "Kurier", those 34,000 migrant enterprises generate a total annual turnover of 6.4 billion euros and generate a gross value added of 7.45 billion euros, which is not to be neglected. They thus contribute almost ten billion euros to Austria's gross domestic product (GDP) and generate around 3.7 billion euros in taxes and duties per year.
But not only the value added and taxes are of enormous importance for Vienna's economy. Altogether, companies run by non-Austrians employ around 21,000 people and thus indirectly create 45,500 full-time jobs (among other things through subcontracting and other inputs).
The strongest sector of migrant-managed enterprises is trade with an annual value added of about 1.8 billion euros. In second place is real estate and housing with 760 million euros, in third place professional technical services with 708 million euros.
Walter Ruck, President of the Vienna Chamber of Commerce, said on this topic: "The fact that the Viennese entrepreneurial landscape is so colourful is the best proof of the integration-promoting function of the economy. It is clear that self-employed people with a migration background are an integral part of the Viennese economy and are indispensable."