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Get the latest business news and analysis on the Austrian economy, including news on economic policies, foreign trade, financial developments and investments
Wirecard Trial: Entire Wirecard Asia Business Made Up
Wirecard's insolvency administrator, Michael Jaffe, has confirmed that the company's deal with supposed partners in Asia was completely fabricated, according to recent findings. This is according to Jaffe's fifth status report to the Munich District Court.
June 27, 2023
European Movement Austria Presents Reform Ideas for the EU Single Market
Europe has achieved a level of prosperity that no previous generation has experienced. The EU Single Market, which celebrates its 30th anniversary this year, is the key to this success. The future of the Single Market was the focus of a panel discussion of the European Movement Austria (EBÖ) at THE LEO GRAND in Vienna.
June 27, 2023
European Forum Wachau: Building a Resilient, Green, and Competitive Europe
The event under the general theme "Building a Resilient, Green and Competitive Europe" takes place for the 27th time. This year, the Europa Forum Wachau invited top-class guests to discuss the most important European issues. Among others also the topic of illegal migration, the war in Ukraine, and the Euro-integration of the Western Balkan states.
June 25, 2023
OMV Gives Final Investment Decision for Gas Project in Romania
OMV announced the final investment decision by OMV Petrom, the largest integrated energy company in Southeast Europe, for the Neptune Deep natural gas production development project.
June 22, 2023
Mansion in Austrian Kitzbühel Bought by Sanctioned Russian Oligarch
Russian oligarch and confidant of President Vladimir Putin, Arkady Rotenberg, is said to have financed a house in Kitzbühel, where Putin's daughter is also said to have spent time, according to media reports.
June 21, 2023
Austria Tumbles in Gender Equality Index
Austria has plummeted to 47th place out of 146 countries in the global ranking of gender equality published by the World Economic Forum (WEF).
June 21, 2023
OPEC and Non-OPEC Participating Countries Agree on Crude Oil Production Adjustments
In a bid to maintain stability in the oil market, OPEC and non-OPEC Participating Countries have announced key decisions during the 35th OPEC and non-OPEC Ministerial Meeting held in Vienna. The meeting emphasized the commitment to achieving a stable oil market and providing long-term guidance for the industry.
June 19, 2023
Preliminary Presentation in Vienna of UN Study Results on Fast Fashion and Old Clothes
The Austrian-based foundation COMÚN and the Chilean study author, Beatriz O'Brien, exclusively show the disastrous consequences of "waste colonialism" in research ordered by the UN in the run-up to the "Austrian Consumer Dialogues: Textiles".
June 19, 2023
Austrian National Bank Publishes Macroeconomic Forecast for 2023 to 2025
According to the published forecast of the Oesterreichische Nationalbank (OeNB), the Austrian economy is expected to pick up speed in the second half of 2023, with GDP growing by 0.5 percent in 2023. Accelerated growth of 1.7 percent is forecast for 2024. Although HICP inflation will fall steadily after the highs at the beginning of the year, it will still be above average at 2.9 percent in 2025.
June 18, 2023
Research Presentation: Western Balkans 20 Years after the EU Summit in Thessaloniki
On Friday, June 30, 2023, at 09:00, the Bertelsmann Stiftung and the Vienna Institute for International Economic Studies (wiiw), together with prominent politicians from Austria and the Balkans, will present their new study on the EU's geo-economic influence in the Western Balkans. The event will take place in the Reitersaal of the Oesterreichische Kontrollbank in Vienna.
June 15, 2023
NEFI Study Shows Paths to Climate-Neutral Industry in Austria
A recent study by the innovation network NEFI - New Energy for Industry has provided important impetus for a climate-neutral future for Austrian industry. In 2021, the domestic manufacturing industry was responsible for more than one-third of the total CO2 emissions in Austria. The NEFI experts have now developed three scenarios that show concrete ways to transform the industrial energy system.
June 11, 2023
Vienna Business Agency and Climate Lab For Sustainable Economic Development
Since its founding in September 2022, the Climate Lab has strived to achieve Austria's climate neutrality targets and the goals of the Austrian circular economy strategy as quickly as possible through innovative collaborations and alliances.
June 4, 2023
New Unitary Patent Paves the Way for Innovative Companies in Europe
As of June 1, 2023, a unitary patent (unitary patent) will be introduced that will be valid in most member states of the European Union. Austria already ranks eighth in the EU for future technologies.
June 1, 2023
Austria's Best Tax Consultants Were Awarded
The Institute for Investment Consulting (IFA AG) and the daily newspaper "Die Presse" presented the coveted "Tax Consultant of the Year" award to the best tax consultants in Austria. The festive award ceremony took place in the Sofiensälen in Vienna and was accompanied by Federal Minister of Finance Dr. Magnus Brunner as keynote speaker. More than 16,000 nominations demonstrate appreciation for both the industry and the award.
May 25, 2023
Austrian National Bank: Monetary Policy Strategies Must Act
In his speech at the opening of this year's Economics Conference, Austria's National Bank - Governor Robert Holzmann shed light on the importance of a robust and resilient monetary policy in uncertain times. Given the recent financial market turmoil, he stressed that monetary policy strategies must not remain empty words and that the instruments must work.
May 24, 2023
Austria Shows Interest in Developing the Railroad Infrastructure to the Slovenian Port of Koper
Despite expansion projects, rail capacity remains limited compared to road. The seaport in Koper, Slovenia, which is important for Austria, is an example of current efforts in rail expansion, but at the same time shows the limits of rail-bound freight transport. With regard to Koper, Austrian experts emphasized the importance of an efficient rail connection for freight traffic.
May 24, 2023
European Ministers of Serbia and Austria Emphasize the Importance of Relations
During her working visit to Belgrade, Austrian Minister for European Affairs Karoline Edtstadler met with Serbian Prime Minister Ana Brnabić and her ministerial colleague Tanja Miščević.
May 22, 2023
Gazprom Austria Inventory is Now Being Auctioned Off
The Gazprom subsidiary in Austria has become insolvent, and now its assets are being auctioned off at the Aurena auction house. The offer includes 240 exhibits and the purchase of Russian business memorabilia.
May 22, 2023
Austrian Business Leaders and Government Officials Discuss Economic Ties with South Korea
The President of Austrian Chamber of Commerce Harald Mahrer welcomed South Korean Prime Minister Han Duck-soo. South Korea will be a global hotspot for future technologies of central importance for Austria.
May 14, 2023
India and Austria Sign Migration and Mobility Agreement
In a significant development, Austria and India have signed a comprehensive Migration and Mobility Partnership agreement to strengthen cooperation on legal migration and repatriation.
May 14, 2023
Vienna Stock Exchange Reports High Profits for Third-Year Running
Vienna's stock exchange, Wiener Börse AG, has announced high profits for the third year in a row, despite the turbulent economic environment of 2022. Vienna's stock exchange plans to continue its focus on consistent market modeling and alignment with international standards and is calling on the government to act to take advantage of the capital market's potential as a powerful lever.
May 10, 2023
Political Support for Southern Hydrogen Corridor: Austria, Germany, and Italy Sign Joint Letter
The Southern Hydrogen Corridor, developed by major European transmission system operators, aims to connect North Africa, Italy, Austria, and Germany to supply important European demand clusters with competitive renewable hydrogen.
May 10, 2023
Austrian and Costa Rican Foreign Ministers Celebrate 150 Years of Diplomatic Relations
The Minister of Foreign Affairs of Costa Rica, Dr. Arnoldo André, met with his Austrian counterpart, Alexander Schallenberg, to discuss a broad agenda of bilateral and multilateral issues in the context of the celebration of 150 years of diplomatic relations between both countries.
May 9, 2023
Austria's Foreign Disaster Fund is Increased
Vice Chancellor Werner Kogler and Foreign Minister Alexander Schallenberg have praised the increase of the Foreign Disaster Fund (AKF) to 77.5 million euros in 2023 before the Council of Ministers.
May 4, 2023
Trilateral Meeting Discussed Energy Transition and Energy Innovation
A trilateral conference was held at the Technical University of Vienna, where Italian, French, and Austrian energy actors discussed the topics of energy innovation and the energy transition. The discussion panels included topics such as the role of gas and nuclear power in European decarbonization, the importance of renewable energy sources, and the potential of solar energy in Europe.
May 3, 2023
Austrian President Van der Bellen Welcomes Slovenia's First Female President on Inaugural Visit
The new Slovenian President, Nataša Pirc Musar, paid her inaugural visit to Vienna, where she was welcomed by Austrian President Alexander Van der Bellen with military honors. "It is an honor to receive today in Vienna the first female head of state of Slovenia," Van der Bellen said.
May 2, 2023
German-Speaking Foreign Ministers Discuss International Trouble Spots in Salzburg
The German-speaking Foreign Ministers Alexander Schallenberg from Austria, Annalena Baerbock from Germany, Dominique Hasler from Liechtenstein, Jean Asselborn from Luxembourg, and Ignazio Cassis from Switzerland met to discuss global and European challenges.
May 2, 2023
City Administrations in Focus: Vienna Conference on Human Resources
Demographic development, inflation, and international crises have an impact on all areas of our lives and bring new challenges for cities. Particularly in the area of human resources, cities must adapt to changing conditions and find new ways to attract and retain qualified personnel.
May 2, 2023
Space Diplomacy: International Space Partnership Funding by the UK Space Agency
In support of international partnerships, the UK Space Agency is launching a £20 million fund to leverage the UK's strengths, support new capabilities, and catalyze investment.
April 26, 2023
Tax Burden in Austria Still High According to OECD
According to a study conducted by the Organization for Economic Cooperation and Development (OECD), taxes and duties for Austrian employees continue to be high in international comparison.
April 25, 2023
New Austrian Award for Champions of Regional Cooperation
In recognition of Erhard Busek's tireless commitment to bringing the countries of Eastern and Southeastern Europe closer to the European Union, the Austrian Foreign Ministry, together with the Regional Cooperation Council (RCC), the successor organization to the Stability Pact for Southeastern Europe headed by Erhard Busek from 2002 to 2008, is offering the Champion of Regional Integration Erhard Busek Award.
April 23, 2023
Austrian Leadership Programs Begins With the Subject of “Life Science”
The Austrian Leadership Programs (ALPs) will run its 15th edition this year from April 17 to 21. Young leaders from around the world will gather in Vienna to discuss and represent the topic of “Life Science”
April 18, 2023
Polish President Says that We Should Not Be Afraid of Russia
Polish President Andrzej Duda met with Austrian Federal President Alexander Van der Bellen in Vienna. There he assured further military support for Ukraine
April 18, 2023
New Chinese Ambassador Held Welcome Reception at Vienna International Center
The new permanent representative of the People's Republic of China to the international organizations in Vienna, Li Song, held a Welcome Reception at the Vienna International Center.
April 13, 2023
Science Museum Vienna: 150 Years Women's Pavilion of the Vienna World's Fair
Starting next month, the Vienna Museum of Science and Technology will present an anniversary show focusing on women's work, referring to 150 years of the Women's Pavilion at the Vienna World's Fair.
April 12, 2023
EU Approves 2 Billion Euros in State Aid for Wien Energie
The European Commission has approved 2 Billion Euros in state aid for Austrian energy supplier Wien Energie. This was done to accelerate the energy transition and reduce fuel dependency in the context of the Russo-Ukrainian war, according to the EU Commission.
April 5, 2023
Nehammer and Kogler Have Announced a New Security Strategy
Austrian Chancellor Karl Nehammer and Vice Chancellor Werner Kogler have announced a new security strategy for Austria in „ZIB". Experts have been calling for a change in this regard for a long time.
April 4, 2023
Norwegian Aker BP and Austrian OMV Cooperate for CO2 Storage License
Norwegian oil and gas company Aker BP ASA and the Norwegian offshoot of Austria's OMV AS have signed a cooperation agreement on carbon capture and storage (CCS). As a result, both companies have been granted a license under CO2 storage regulations on the Norwegian continental shelf.
April 3, 2023
OPEC+ Surprisingly Cuts Oil Production
The OPEC+ alliance has announced a surprise cut in oil production. There will probably be a reduction of about one million barrels per day from May onward.
April 3, 2023
New Chairpersons of the Austrian Citizens' Forum Europe
The ordinary general assembly of the Citizens Forum Europe (BGFE) in Vienna elected a new board. While Othmar Karas was reconfirmed as chairman, ex-Chancellor Christian Kern and ex-Vice President of the European Parliament Ulrike Lunacek will be his deputies in the future.
April 2, 2023
President Van der Bellen Reassured Austria’s Support to Pendarovski
Austria’s Federal President Alexander Van der Bellen Went on an Official Visit to North Macedonia and Met with his Macedonian Counterpart Stevo Pendarovski. Van der Bellen reassured support for North Macedonia’s EU accession and opted for constitutional Change in the country.
March 30, 2023
French Embassy in Vienna Held the Day of Francophonie
The French Embassy celebrated Francophonie Day in the form of an exchange on French as a "business language" at the Austrian Federal Chamber of Commerce.
March 30, 2023
Patents Issued by Austria Reached Record Levels
In 2022, Austrian companies have filed more inventions with the European Patent Office than ever before. Semiconductors increased strongly.
March 29, 2023
Austrian Airlines Is Threatened With a Strike from its Personnel
In a work meeting on Tuesday, Austrian Airlines' (AUA) onboard staff rejected the proposed new collective agreement. There is now a deadline of April 6 for the negotiations to continue. A strike is imminent if no agreement is reached.
March 28, 2023
Austrian OMV Declares Exit from Russian Gas as "Extremely Difficult"
The CEO of the Austrian energy group OMV, Alfred Stern, currently sees hardly any possibility to get out of the Russian business with natural gas. He also sees no alternative to fossil fuels in the short term and talked about relations with Asia-Pacific.
March 28, 2023
President Van der Bellen Visited his Albanian Counterpart in Tirana
Austrian Federal President Alexander Van der Bellen started his official Western Balkans visits on Sunday. The first country he visited was Albania, where he met with his counterpart Bajram Begaj. They discussed the ongoing reforms in Albania and Austria supporting those reforms.
March 27, 2023
Austria Wants to Bring New EU Anti-Money Laundering Authority to Vienna
Austria is bidding for the seat of the new EU Anti-Money Laundering Authority (AMLA) and wants to bring it to Vienna, Finance Minister Magnus Brunner said. However, it is still unclear whether this is feasible in the current climate of Austrian politics.
March 23, 2023
First European Gaia-X Community Event in Vienna
The European Association for Data and Cloud (AISBL) of the European Gaia-X Initiative, in collaboration with Gaia-X Hub Austria, hosted the first European Market-X Community Event at the Aula of the Sciences in Vienna. At this event, Market-X brings together stakeholders from different industries to shape the digital future of Europe.
March 19, 2023
Congo’s Foreign Minister Visited Vienna
Austrian Foreign Minister Alexander Schallenberg welcomed his Congolese counterpart Jean-Claude Gakosso to a meeting in Vienna. They discussed the economic relations between the two countries and Congo’s security issues.
March 16, 2023
OPEC Fund Approves New Financing to Fulfill its Climate Action Plan
The OPEC Fund for International Development (OFID) approved more than $300 million in new funding in the first quarter of 2023, reflecting the institution's commitment to fulfilling its Climate Action Plan. Three of the four projects approved by the OPEC Fund's Governing Board directly support climate finance.
March 15, 2023
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