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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
Financial Assets of Austrian Households Decline for the First Time Since the Financial Crisis
The economic crisis, high inflation, falling share prices and rising energy prices are now taking their toll. According to a new study, average household wealth in Austria fell in recent months for the first time since the 2008 financial crisis.
October 31, 2022
New Museum for the Vienna Prater
Construction work has begun on May First Street. A sustainable wooden building, the Prater Museum, will be built there by 2024. The museum, which will do justice to the presentation of the more than 250-year history of the Viennese amusement park, will be one of the first public wooden buildings in Vienna and a model for the integration of ecological and social sustainability.
October 30, 2022
Weekly Briefing: Austria Celebrates Its National Day
The Find out more about this week's developments. Austria celebrated its most important national holiday. Diplomacy and some international organizations celebrate their anniversaries. Read about the latest developments in diplomacy in Vienna and Austria.
October 27, 2022
Austrian Airlines Repays State Loan Ahead of Schedule
Austrian Airlines recently announced that it plans to repay the government loan granted in 2020 to bridge the COVID-19 pandemic by the end of 2022. This is possible due to the increasing number of passengers and a particularly profitable summer.
October 27, 2022
Horizon Europe Awards Synergy Grants to Four Austrian Researchers
The European Research Council (ERC) has announced the research groups that will be awarded the prestigious Synergy Grant in the first call for proposals in the new Horizon Europe research framework program. Among them are four groups in which scientists from Austrian research institutions are involved with their teams and will collaborate with top researchers from other countries in the coming years.
October 25, 2022
Inflation in Austria: Highest Value Since Post-War Period
Inflation in Austria is getting higher and higher. At 10.5%, it has now exceeded the magic limit of 10 percentage points and is thus considered the highest inflation in Austria since the post-war period. Read on if you want to know which products have become more expensive!
October 25, 2022
Austria's Richest Man Passed Away: What Happens to His Red Bull Imperium?
Dietrich Mateschitz passed away last weekend at the age of 78. The richest Austrian leaves behind a corporate empire and was considered one of the richest people in the world with an estimated fortune of over 27 billion US dollars.
October 24, 2022
Diplomats as Economic Bridge Builders: Austrian Companies Present Themselves to the Diplomatic Corps
International investors and cross-border business relations were what Tyrolean and Vorarlberg company representatives hoped for at the recently held "Business Location Austria" event. This brought together representatives from business, tourism and entrepreneurship with diplomats accredited in Austria to network with each other.
October 21, 2022
Weekly Briefing: Former Austrian Chancellor Kurz Incriminated
The Find out more about this week's developments. Former ÖBAG head Thomas Schmid incriminates former Chancellor Sebastian Kurz before public prosecutors for corruption. Austria forges new partnerships with other states against illegal migration. Read about the latest developments in diplomacy in Vienna and Austria.
October 20, 2022
Trade Between Tiger States and Austria at a High Level
The great potential for Austrian companies that emanates from the so-called tiger states in Asia was the main point of the Asia conference recently held by the WKO. Singapore, Hong Kong, Malaysia and South Korea are considered global hotspots for innovation and new technologies.
October 20, 2022
Corruption in Austria: Thomas Schmid Wants to Become a State Witness and Incriminates Kurz Government Heavily
The former head of ÖBAG and Secretary General in the Ministry of Finance, Thomas Schmid, has heavily incriminated ex-Chancellor Sebastian Kurz (ÖVP), his former close companion, in the Casag proceedings triggered by the Ibiza video and wants to become a state witness in the proceedings against Kurz. This was announced by the Economic and Corruption Prosecutor's Office (WKStA). Schmid had approached the investigators with the request, but a formal application had not yet been made.
October 19, 2022
Ankara and Vienna Sign Cooperation Agreement
The capitals of Austria and Turkey, Vienna and Ankara, will intensify their cooperation in the future. Vienna's Mayor Michael Ludwig received the Mayor of Ankara, Mansur Yavas, in the City Hall. Both mayors signed a cooperation agreement to this effect in Vienna City Hall.
October 19, 2022
Promising Austrian Start Ups Receive Important European Innovation Funding
The European Innovation Council (EIC) Accelerator programme is designed to help Europe's most promising innovators achieve an international market breakthrough. Four Austrian companies are also among the 75 start-ups that have received funding.
October 19, 2022
Intercultural Achievement Awards 2022 Awarded by Austria's Ministry of Foreign Affairs
For the 9th time, the Austrian Ministry of Foreign Affairs presents the Intercultural Achievement Awards (IAA) to international and national projects. The award ceremony was opened by Secretary General for Foreign Affairs, Peter Launsky-Tieffenthal, at the Vienna Jazz Club Porgy & Bess.
October 18, 2022
Vienna Among Europe's Most Expensive Cities
Living in cities is expensive. A study by management consultants Mercer ranks the most expensive cities in the world. Vienna is ranked high as one of the most expensive cities in Europe. Read on if you want to know where life is most expensive.
October 18, 2022
Vienna Airport Affected by Eurowings Pilots' Strike
The strike by Eurowings pilots continues, and passengers in Vienna are also affected. After the strikes it has become known that already 18 flights have been canceled, will not be carried out tomorrow another 14 flights, the airport announced. Destinations in Germany such as Düsseldorf, Hamburg, Cologne and Stuttgart are particularly affected.
October 17, 2022
City of Vienna Establishes Energy Crisis Unit
The City of Vienna established an advisory committee on energy supply, which will work as a crisis unit on energy supply issues. Together with the crisis unit that has existed since the Covid pandemic, it is to accompany the preparations for the winter and make proposals for measures to secure energy supplies.
October 17, 2022
Austria Increases Contribution to World Food Program to 60 Million Euros
The Russian invasion of Ukraine has brought the issue of food supply into global focus. Therefore, the Austrian Federal Ministry of Agriculture and Forestry budget will be increased to 20 million euros annually from 2023-2025. A strategic partnership between Austria and the World Food Programme (WFP) is also in the works.
October 16, 2022
Every Third Austrian Had to Suffer Income Losses in the Last Year
The COVID-19 pandemic and the many current crises have left a mark on the Austrian population. According to a recent survey, more than one third of Austrians suffered a loss of income within the last 12 months.
October 14, 2022
Austrian Foreign Minister at the Young Entrepreneurs Summit in Germany
Austria's Foreign Minister Alexander Schallenberg took part in the Young German Entrepreneurs Summit this year. The annual event took place this year under the motto "The World in Transition" and focused on the economic and social consequences of the Russian invasion of Ukraine.
October 14, 2022
Weekly Briefing: Reelection of President Van der Bellen
The Find out more about this week's developments. The Austrian president has been re-elected and diplomacy is in full swing in Vienna. Various diplomatic forums and conferences were held. Read about the latest developments in diplomacy in Vienna and Austria.
October 13, 2022
Austria Calls for Common European Gas Price Cap at EU Summit in Prague
At the first meeting of the "European Political Community", the informal summit of EU heads of state and government in Prague, Austria attracted particular attention by wanting to define a common EU gas price cap. For Austria's Chancellor Karl Nehammer it was clear in Prague that there would be "no embargo via the back door" when it comes to Russian gas.
October 11, 2022
Vienna Airport to Run CO2-Neutral Business in the Future
At a recent meeting, international airports agreed to become carbon neutral by 2050. This also applies to the airport in Vienna-Schwechat. However, this airport is pursuing a much more ambitious goal: it wants to be completely CO2 neutral by 2023.
October 11, 2022
Austria's Economy Threatens to Fall Into Stagflation
After the recovery of the national economy in the previous year as well as in the first half of 2022, the Economic Research Institute and the Institute for Advanced Studies see Austria in a downturn phase. Stagflation is looming next year.
October 10, 2022
Austria Boosts its Defense Budget
As many European countries increase their defense budgets in the wake of the war in Ukraine, Austria is no exception. The Austrian army will receive more money in the coming years, a total of 16 billion euros until 2026, the federal government of Austria announced.
October 9, 2022
Foreign Companies Provide Every 5th Job in Austria
A new statistic examines the question of how many jobs in Austria depend on foreign companies and what share these companies have in the Austrian economy. Read on if you want to know more!
October 8, 2022
WKO Calls for Coordinated Action to Combat Energy Crisis Ahead of EU Summit
The Austrian Federal Economic Chamber (WKO) recently called for a joint Europe-wide approach to combating the energy crisis. In doing so, it criticised the EU with its cautious attitude and national solo efforts.
October 8, 2022
Weekly Briefing: Presidential Elections in Austria
The Find out more about this week's developments. In Austria, the presidential elections will be held on Sunday. There are new diplomatic and economic developments in Vienna. And there is new art in town! Read about the latest developments in diplomacy in Vienna and Austria.
October 6, 2022
Vienna Conference against Human Trafficking in October
The Vienna Conference against Human Trafficking will be held on October 13, 2022. The event will be held under the title „No Future for Trafficking“, in cooperation between the Vienna Institute for International Dialogue and Cooperation (VIDC), the International Organization for Migration (IOM), the OSCE, and again with the Principality of Liechtenstein at the Diplomatic Academy of Vienna and online.
October 4, 2022
Born Global Academy: Initiative of the Austrian Federal Chamber of Commerce
Internationalization is high on the agenda of many Austrian startups. According to Start-up-Monitor, 80 percent planned to export their business model this year. The Born Global Academy was launched last year by Aussenwirtschaft Austria and weGrow International offers an internationalization program for startups.
October 3, 2022
German-Austrian Technology Forum Deals With Change Towards Sustainable Economies
The question of industry in a more sustainable world has been a key issue in business for many years. Now, the German Chamber of Commerce in Vienna organised an event that invited industry representatives to discuss the shift towards sustainable business.
October 3, 2022
OPEC Plus Aims to Raise Oil Price
According to insiders, OPEC+ is planning to reduce the amount of oil produced in order to increase the price of oil. This decision is to be published in Vienna on 5 October. In addition, the main OPEC organisation is planning to hold the 8th OPEC International Seminar at the Hofburg in Vienna next year. This is one of the premier events in the energy industry calendar.
October 3, 2022
Weekly Briefing: 66th General Conference of the International Atomic Energy Agency
The Find out more about this week's developments. Diplomacy is working at full speed and is already preparing exciting glimpses of the fall. The IAEA is holding its 66th General Conference and there are new economic developments in Austria. Read about the latest developments in diplomacy in Vienna and Austria.
September 29, 2022
How International Direct Investment and Skilled Workers Influence the Austrian Economy
A new study deals with the question of the extent to which foreign companies and workers influence Austria's value creation. The results show a clear outcome. Read on if you want to learn more!
September 28, 2022
Natural History Museum Vienna Returns Bones of Members of the Māori and Moriori to New Zealand
Bones of members of the Māori and Moriori people were returned to Aotearoa, New Zealand, during a repatriation ceremony at the Natural History Museum in Vienna.
September 27, 2022
Austria's Economy Demands Help with Energy Crisis
Many companies in Austria are currently struggling with the high energy prices. Now the Austrian Federal Economic Chamber and the Federation of Austrian Industries are calling for political intervention to prevent company closures.
September 27, 2022
Working in Austria: Further Facilitation of the Red-White-Red Card
Applying for a Red-White-Red Card is made easier again! Skilled workers who intend to work in Austria will find it easier to obtain a work permit in the future. Read this article to find out which simplifications have been decided.
September 26, 2022
European Cooperation with Austria's Educational Institutions
During an Erasmus+ networking meeting, the new European digital hub "European School Education Platform" was presented at a gala event. Furthermore, the European Innovative Teaching Awards (EITA) were awarded to three Austrian schools.
September 25, 2022
Weekly Briefing: New Ambassadors in Vienna
The Find out more about this week's developments. In Vienna, several new ambassadors were accredited, who will represent their respective countries bilaterally as well as multilaterally at the OSCE and the international organizations in Vienna. Read about the latest developments in diplomacy in Vienna and Austria.
September 22, 2022
Austria Becomes Member of Methane Reduction Coalition
Austria joins the international initiative to reduce methane emissions founded a year ago. The goal of the now more than 100 countries is to reduce methane emissions by 30 percent by 2030 compared to 2020.
September 22, 2022
Global Wealth Report: Austrian Financial Wealth Increased
A new analysis of global wealth shows that private financial assets have increased internationally, but also in Austria. In this article you can find out how strongly Austria's economy has developed in recent years and how much the average Austrian has in his or her bank account.
September 21, 2022
Reopening of the Bilateral Icelandic Embassy in Vienna
As a part of the reopening of the bilateral Icelandic Embassy in Vienna, Foreign Minister Alexander Schallenberg met with his Icelandic counterpart Thórdís Kolbrún Reykfjörd Gylfadóttir. Aside from bilateral issues, Iceland's upcoming presidency of the Council of Europe and the security situation in Europe were also discussed.
September 19, 2022
Weekly Briefing: Bilateral Diplomacy in Vienna
The Find out more about this week's developments. Diplomacy is back from the summer break in Vienna. The bilateral relations in Vienna produced some meetings, demonstrating that diplomacy is always present in Vienna. Read about the latest developments in diplomacy in Vienna and Austria.
September 15, 2022
State of the EU 2022 Speech: Austria Wants to Usher in a Modern EU Future
The State of the EU address by Commission President Ursula von der Leyen addressed many acute issues, including the war in Ukraine and its international repercussions. Austria's Minister for Europe responded.
September 15, 2022
Strengthening Italian-Austrian Economic Relations: Italy Receives Austrian Federal President
With a delegation of business representatives, Austria's Federal President, Alexander Van der Bellen, visited Rome this week. The delegation of Austrian entrepreneurs was led by Harald Mahrer, President of the Austrian Federal Economic Chamber. A major focus of the companies accompanying the delegation was renewable energies, where Italy as a major trading partner is expected to offer some lucrative contracts.
September 15, 2022
Austro-Arab Chamber Organised the “Ambassadors’ Meeting at Vienna School for International Studies”
The Vienna School of International Studies hosted the "Ambassadors' Meeting at Vienna School of International Studies", organized by the Austro-Arab Chamber (AACC).
September 14, 2022
Lufthansa and OMV Cooperate Over Sustainable Aviation Fuel
OMV, the international integrated oil, gas and chemical company headquartered in Vienna, and Lufthansa Group are expanding a partnership on sustainable aviation fuels. Germany's Lufthansa plans to stock up on sustainable aviation fuel (SAF) from OMV in the future.
September 13, 2022
Austria's Best Wines Are Awarded
One of the most famous Austrian wine competitions has tested 275 wines this year. SALON as the competition is called has chosen 21 of them as winners. For the first time, the wines were tasted and evaluated according to their origin and not by grape variety.
September 12, 2022
Austrian Gas Storage Facilities Over 70 Percent Full
Austria's gas storage facilities are already more than 70 percent full. The contingency plans to secure gas supplies that were put into action as a result of the war in Ukraine and the ongoing energy crisis go according to plan as announced by Austria's government.
September 12, 2022
Global Business Campaign ReFocus Austria to Be Continued
A lot of attention was given this year's Ambassadors' Conference in Vienna to Austria's export economy as well as to ReFocus Austria, the successful economic campaign that has now been continued.
September 9, 2022
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