Get the latest business news and analysis on the Austrian economy, including news on economic policies, foreign trade, financial developments and investments
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Vienna International Business News | Economic | Investment | Financial

Development of Tourism and Travel in Austria

Currently the Austrian economy is in a phase of extraordinarily strong growth. More than 16 million holidays were taken last year. However, the current economic upturn seems to have passed its peak. Read the following article to find out how the development of tourism and travel in Austria will continue in the current year.

Yesterday

Sberbank Europe Generates Net Profit of EUR 34 Million

Vienna based Sberbank Europe looks back at its best annual result since the acquisition of Austrian Volksbank International in 2012.

April 11, 2019

Traffic Development at Vienna Airport on the Upswing

The passenger volume rose by 10.8%, the number of aircraft movements rose significantly and 74 airlines regularly flew to Vienna. New additions included the long-haul destinations Tokyo, Cape Town and Shenzhen, according to the annual financial statements and management report 2018 of Vienna Airport (Flughafen Wien AG).

April 11, 2019

Forty Tax Offices Become One Tax Office Austria

The structures will be flattened and work processes made more efficient in such a way that 40 authorities will become a single authority with 33 departments at the 79 existing facilities.

April 10, 2019

McDonald's Austria: Record Year for System Catering Market Leader

With an increase of 52 million euros (+ 8%), the Austrian subsidiary of the US system gastronomy market leader McDonald's achieved sales of 674 million euros in 2018.

April 9, 2019

Organized International Cum-Ex Tax Fraud in Austria - 183 Million Euros Damage

In connection with dividend stripping, the tax fraud model "Cum-Ex" was created, which deliberately allows the multiple refund of capital gains tax paid only once. According to a report in today's Ö1-Morgenjournal, presumably mainly Arab investors, in cooperation with domestic financial advisors and banks, caused Austrian taxpayers a loss of 183 million euros.

April 9, 2019

Casinos Austria Appoints Bettina Glatz-Kremsner as New CEO

Ms Bettina Glatz-Kremsner succeeds Mr Alexander Labak as Director of the Management Board of Casinos Austria AG.

April 6, 2019

Congress Tourism in Vienna Continues to Boom

Vienna as a congress destination is booming. Last year, the metropolis achieved record figures for conference participants and added value. Around 631,000 participants (plus three percent) attended 4,685 congresses and company events (plus 15 percent), which resulted in 1,925,000 overnight stays (plus three percent). A single congress participant spends 541 euros per day.

April 5, 2019

Economic Mission to Cambodia and Laos

The Vienna Chamber of Commerce visited the Southeast Asian countries Cambodia and Laos in the context of an economic mission with 15 participants to meet ministers and establish contacts for future participation in tenders for infrastructure projects.

April 4, 2019

Vienna Stock Exchange: High Dependence on UK Traders

In 2018, around 60% of the equity turnover on the Vienna Stock Exchange came from UK trading participants. Hence equity turnover declined by 16.3% compared to the previous year. The most active stocks were Erste Group, OMV and Voestalpine. The SME segment "direct market plus" started with 8 companies, including 4 new listings.

April 3, 2019

International Financial Institutions World Bank Group and IMF Expand Presence in Austria

Important success for Austria's business location policy. According to media reports, the IMF International Monetary Fund will move to Vienna in June, while the World Bank Group will double the staff and size of its Vienna office.

March 29, 2019

Austrian Service Providers and Trade with Revenue Growth for 2018

In 2018, Austrian service companies achieved a nominal increase in turnover of 5.7% compared to 2017. Trading recorded a nominal increase of 3.7% compared to the previous year, adjusted for inflation a sales increase of 1.3% was calculated.

March 28, 2019

Austria to Become Most Sustainable Tourism Destination in the World

Sustainability Minister Elisabeth Köstinger presented the "Plan T - Master Plan for Tourism" in Salzburg. This strategy paper is intended to ensure that Austria not only remains one of the leading tourist destinations, but that this position is further strengthened. For the first time sustainability is anchored as a basic principle for tourism. The strategic realignment of Österreich Werbung (ANTO Austrian National Tourist Office) is also on the agenda.

March 26, 2019

Austria's Trade Balance Deficit Rises in 2018

The deficit of the Austrian trade balance amounted to 5.71 billion euros in 2018, after 5.60 billion euros in the same period of the previous year. Imports of goods worth 155.71 billion euros (plus 5.5%) opposed exports worth 150.0 billion euros (plus 5.7%). The product group machinery and vehicles was again by far the most important in Austrian foreign trade.

March 26, 2019

Kurz in the Emirates and in Kuwait - A Lipizzaner Stallion for the Monarch

Chancellor Kurz visited the UAE United Arab Emirates and the State of Kuwait with an extensive business delegation. Main purpose were deals in in the fields of energy, sustainability, infrastructure, transport and health. Also on the trip were 25 Lipizzan stallions of the Spanish Riding School including riders, which were on a tour in the Emirates. Kurz presented the Crown Prince of the UAE, Mohammed bin Zayed Al Nahyan, with a Lipizzan stallion as a gift from the Republic of Austria.

March 25, 2019

Tourism Location - Austrian National Tourist Office Invests in Digitalization

ÖW Österreich Werbung (ANTO Austrian National Tourist Office) sees very good chances in the dynamic of digitisation for the domestic tourism location to assert itself as a quality destination in global competition.

March 22, 2019

Vienna-Campus of Central European University to be Temporarily Set Up in Southern Vienna

The CEU Central European University of George Soros announces that it has opted for an interim location in Vienna's Favoriten, the "heart of the multicultural 10th district". This campus is scheduled to start operations in autumn 2019. By 2023, the university will be moved as planned to the premises of the Otto Wagner Hospital on Baumgartner Höhe in Vienna's 14th municipal district.

March 22, 2019

Ryanair's Austrian Subsidiary Laudamotion Renamed to Lauda

The Austrian Ryanair subsidiary, the low-cost airline Laudamotion, has separated from the name "Motion" for marketing reasons and is now called only "Lauda". In addition, the fleet will be expanded and more destinations will be served.

March 22, 2019

Vienna International Airport Permitted to Build Third Runway

The Austrian Administrative Court has rejected objections from citizens' initiatives and residents and confirmed the authorization for the construction of the third runway at Vienna Schwechat Airport.

March 21, 2019

Viennese Merchants' Guild Prepares for Chinese Century

Something is happening in the Viennese school system. The VBS Vienna Business School will offer its students the opportunity to learn Chinese (Mandarin) at all six school locations from autumn onwards and to take advantage of an extensive range of Chinese language and culture courses.

March 18, 2019

Welcome Expats - Vienna Remains the Most Livable City in the World

In 2019 Vienna was again rated by the international consulting agency Mercer as the city with the highest quality of life worldwide. In the special evaluation on the subject of personal security, however, Vienna was only ranked 6th.

March 14, 2019

Iraqi Expert Roundtable in Vienna - How to Reconstruct the City of Mosul?

More than 70 experts from Iraq, Austria and the relevant international community met in Vienna at the invitation of the Austro-Arab Chamber of Commerce to discuss the reconstruction of the devastated northern Iraqi city of Mosul and find solutions. Here is the report of the Expert's Round Table on the Reconstruction of the City of Mosul.

March 14, 2019

What is Lukoil and What Does It Do in Austria?

Lukoil Oil Company is the second largest Russian oil multinational with a turnover of USD 102 billion, of which approximately USD 250 million comes from Austria. Lukoil has been represented in Austria since 1995 and currently operates from Vienna four subsidiaries with activities in 40 countries.

March 13, 2019

Bolivia - Doppelmayr Completes the World's Largest Urban Cable Car Network

The world's largest ropeway network with a length of 33 kilometers in the Bolivian capital La Paz has recently been completed by a tenth and final line from Doppelmayr/Garavanta.

March 13, 2019

Is Benko's Chrysler Deal in the Big Apple a Bargain?

The New York property firm RFR Holding LLC of German-American Aby J. Rosen, together with Signa Holding of Tyrolean real estate investor Rene Benko, is buying the traditional Chrysler Building in New York City for around 150 million dollars. The land is not part of the deal and the rent amounted to USD 32.5 million in 2018 and will continue to rise to USD 41 million a year by 2028.

March 11, 2019

Minister of External Affairs of India Sushma Swaraj Met Karin Kneissl

Karin Kneissl, Austrian Minister for Europe, Integration and Foreign Affairs accompanied by senior officials of her Ministry recently visited India. The visit of Minister Kneissl is part of the regular exchange between the two countries. During the visit, Minister Kneissl had a meeting with External Affairs Minister, Smt Sushma Swaraj, in New Delhi.

March 7, 2019

Emir of Qatar Struggling for Survival Visited Vienna

The 38 year old Emir of Qatar, Sheikh Tamim bin Hamad Al-Thani, who 5 years ago ascended the throne as successor of his father Hamad bin Khalifa Al Thani and is now fighting under pressure of his neighbours, especially Saudi Arabia, for the survival of his monarchy, came to an official visit to Austria to talk about business.

March 7, 2019

Austria's Dependence on Russian Gas Increased by 33 Percent

The effects of the amendment to the contract on gas supplies from Russia to Austria signed last year become visible. A meeting in Moscow between Rainer Seele, Chairman of the Executive Board of OMV, and Alexey Miller, Chairman of the Gazprom Management Committee, revealed that gas deliveries between January 1 and March 5, 2019 increased by 32.9 per cent compared to the same period last year.

March 6, 2019

Vienna in Airport Ranking only in Midfield

According to a comparative study entitled "Airport Worldwide Rankings 2018" with 141 airports surveyed worldwide, Vienna International Airport occupies only 49th place.

March 5, 2019

Barnier Meets the Austrian Government - What's the Point of a Brexit Postponement?

The Brussels chief negotiator for the Brexit, Michel Barnier, visited Vienna for talks with Foreign Minister Kneissl, Chancellor Kurz and Chancellery Minister Blümel. The agenda of the meeting included an exchange on the current state of the Brexit negotiations and the future relationship between the European Union and the United Kingdom.

March 1, 2019

InvestInAustria - Business Location Initiative Creates Jobs and Prosperity

At "InvestInAustria" 100 international companies from 16 countries were represented. Three new investments (Heitec , Port Energy Logistic, Lasertec ) with a total investment volume of 30 million Euro could be secured and will create jobs and added value in Austria. As an output of the previous event, investments amounting to around 380 million euros were made in Austria and more than 450 jobs were created.

March 1, 2019

Benko-Hyatt Project - New Luxury Lifestyle Hotel Opens in Vienna in April 2019

The first Andaz Hotel in Austria, the boutique hotel "Andaz Vienna Am Belvedere" at the new Vienna Central Station, opposite the 21er Haus and the Schweizergarten, next to the park apartments at the Belvedere, is to be opened on 17 April 2019. It is the second project and a 50:50 joint venture between René Benko's Signa Group and Andaz Hotels, an affiliate of Hyatt Hotels Corporation.

March 1, 2019 · Sponsored Content

Austria is Booming with Chinese Tourists - Number of Overnight Stays Six Times Higher

In tourism, China is currently one of the most dynamically growing foreign markets of origin. In the 2018 calendar year, the number of overnight stays by Chinese guests in Austria increased almost sixfold (+491%) compared to 2008, reaching around 1.4 million overnight stays.

February 28, 2019

Burger King Austria Acquires Rosenberger Motorway Restaurants

The Austrian franchisee TQSR of the US fast food chain Burger King has purchased 100% of the shares in Rosenberger Restaurant GmbH, which is currently undergoing restructuring, and is financing the 20% quota offered to creditors in the restructuring plan. The transaction value for the 14 Rosenberger Restaurant locations, including the net financial liabilities assumed, amounts to approximately EUR 9 million.

February 27, 2019

Huawei Austria Sponsors Austrian Chinese Business Association

The Chinese technology group Huawei and the ACBA Austrian Chinese Business Association have sealed their cooperation at an evening event entitled "Huawei - Inside & Outside" at the Grand Hotel Vienna. Huawei is disputed internationally because of its 5G wireless network technology and its close connection to the Chinese government. Huawei maintains good business relations with the largest carriers in Austria, A1 Telekom Austria (America Movil), Hutchison Whampoa (Drei Austria) and T-Mobile Austria and supplies them with expensive 5G network equipment. In addition, Huawei will open its first flagship store outside China in downtown Vienna in the summer of 2019.

February 27, 2019

Chancellor Kurz in Washington, D.C. - Trump Demands Higher Military Expenditures

US President Donald Trump and Chancellor Sebastian Kurz met in the White House for a working meeting. The trade relations, the demand for higher military expenditures for Austria, the Nord Stream 2 pipeline project and the Serbia-Kosovo conflict were addressed.

February 21, 2019

Meeting with US Secretary of State Mike Pompeo - Focus on Middle East Conflict

The meeting between US Secretary of State Mike Pompeo and Austrian Federal Chancellor Sebastian Kurz focused on the Middle East conflict. According to Kurz, the USA is currently working on "a solution to the situation in the Middle East". The US will therefore "probably present a proposal" before the end of this year.

February 21, 2019

Austria's Population Growth - Lowest Rise in Years

At the beginning of 2019, 8,859,992 people were living in Austria, +0.43% more than one year earlier. Thus, in 2018 Austria recorded the lowest population increase in the last seven years.

February 21, 2019

Foreign Citizens Make up More Than 30% of the Viennese Population

At the beginning of 2019, 30.2% of people living in Vienna had foreign citizenship. Nationwide this figure is 1,439,401 or 16.2% of the total population.

February 19, 2019

USA Visit by Federal Chancellor Kurz - Focus on Economic Relations

Chancellor Sebastian Kurz travels to the USA on an official working visit. During the trip, Kurz will meet US Secretary of State Mike Pompeo, National Security Advisor John Bolton, Ivanka Trump, and Trump's son-in-law Jared Kushner. The one-on-one meeting with Donald Trump in Washington will last only about 15 minutes.

February 19, 2019

What Does No-Deal Brexit Really Mean for British-Austrian Travel Behaviour?

As of March 29, 2019 at 11.00 p.m. (UTC Universal Time Coordinated) or March 30, 2019 at 00:00 (CET Central European Time) the United Kingdom is no longer an EU member and is to be treated as such by Austria. In order to close the legal gaps in the course of a disorderly Brexit, a comprehensive law is in preparation. This law will be subject to numerous amendments in several Austrian ministries. The main areas affected are civil rights (in particular right of residence, social security), transport and customs. In following we look at the effects of the No-Deal-Brexit on travel behaviour.

February 13, 2019

Austrian State Visit to the Mutually Hostile Countries Japan and South Korea

The two East Asian states, South Korea and Japan, which have been enemies for more than 100 years, are visited by Chancellor Kurz as part of the trip to East Asia. The trip is focusing on the economy, digitisation, education and transport. Meetings with South Korean President Moon Jae-in and Prime Minister Lee Nak-yeon are held in Seoul and with Japanese Prime Minister Shinzo Abe in Tokyo.

February 11, 2019

Kazakh-Austrian Economic Relations - Digitization, Housing and the New Silk Road

After the oil price collapse and the significant currency devaluation thereafter, the economic downturn has bottomed out and the Kazakh economy is experiencing a moderate upswing. For 2018, the Kazakh government again expects growth of +4%. The country's priority economic tasks include digitization, housing construction and the New Silk Road Project.

February 11, 2019

Astana and Vienna Celebrate 27 Years of Diplomatic Relationships

Kazakhstan marks the 27th anniversary of diplomatic relations between the Republic of Kazakhstan and the Republic of Austria, the Federal Republic of Germany and the Kingdom of Spain. According to the Ministry of Foreign Affairs of the Republic of Kazakhstan, Austria generated a trade surplus of 156.3 million US dollars last year.

February 11, 2019

OMV Doubles Net Profit and Achieves 2018 Most Profitable Result in Company History

Austria's largest and listed industrial company, the oil and gas group OMV, achieved its most profitable result in the company's history in 2018 with a net profit of almost two billion euros.

February 7, 2019

Israel and Austria Sign Agreement on Continued Business Cooperation

On the sidelines of the state visit to Israel and the Austrian-Israeli Business Forum at the Hotel Intercontinental in Tel Aviv, the Economy ministers from Israel and Austria signed an agreement to accelerate business and entrepreneurial cooperation.

February 6, 2019

Founder of Global Peter Drucker Forum Honored as Excellent Management-Ambassador

Dr. Richard Straub, who resides in Paris for more than two decades, received the Grand Decoration of Honour for Services to the Republic of Austria (Große Ehrenzeichen für Verdienste um die Republik Österreich) at the Austrian Embassy in Paris.

February 5, 2019

Visit to the Palestinian Territories: Austria's Van der Bellen for a Two-State Solution

Federal President Alexander Van der Bellen met Palestinian President Mahmoud Abbas in Ramallah: "We are friends of Israel AND of the Palestinians. We want to deepen relations with both sides". Mahmoud Abbas thanked Austria for the "historical relationships" cultivated since Bruno Kreisky.

February 5, 2019

What Does the EU-Japan Economic Partnership Agreement Mean for Austria?

The Federal Ministry for Digital and Economic Affairs has calculated that the savings potential through the elimination of customs duties amounts to around one billion euros across the EU and to around EUR 34 million for Austria. For Austria this means a rather modest growth effect of 0.011 percent of GDP.

February 4, 2019

EU-Japan Agreement Secures EUR 34 Million in Jobs and Prosperity in Austria

The EU's Economic Partnership Agreement with Japan entered into force on 1 February 2019. For Austria, Japan is by far the second most important market in Asia and the third most important overseas trading partner. About 1000 Austrian exporters are active in Japan, 80 companies have local branches. In 2017 the trade volume reached an all-time high of 3.5 billion euros.

February 4, 2019
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