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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
Increase in Financial Aid for Companies in Austria Introduced
Austria's Minister for Finance Gernot Blümel has presented an increase of measures to alleviate companies from the hardships of the Covid-19 crisis. Funding for the turnover loss bonus has been increased and compensation for vacation days during short-time work has been introduced.
March 11, 2021
Vorarlberg Eases Lockdown on March 15
The model region Vorarlberg will start the easing of its lockdown on March 15. Opening steps as announced by the Austrian Health Minister and Vorarlberg's Governor include the sectors of restaurants, youth sports, events and self-help groups. The whole project will be accompanied scientifically.
March 10, 2021
Crisis in Yemen: "Humanitarian Aid is Vital for Survival"
In order to alleviate the humanitarian crisis in Yemen, the Austrian government has decided to provide EUR 3 million for the malnourished and diseased people from Yemen. The funds will be provided to the International Committee of the Red Cross, which is currently working in Yemen to better the situation for the Yemeni population.
March 9, 2021
International Women's Day 2021: Gender Pay Gap in Austria Still Significant
Since the International Women's Day is on March 8, Statistics Austria has revealed some data that show the still significant differences between women and men in Austria's workforce. On average, women earn around 14 percent less than men and only 3.8 percent of employed women hold managerial positions, compared to 8.1 percent of employed men.
March 5, 2021
EC Supports 7 Austrian Projects to Boost Economic Growth
The European Commission (EC) will support seven Austrian projects under the Technical Support Instrument (TSI). In total 226 projects in all of the 27 EU Member States were approved to receive funding, which will attempt to design and implement national reforms to boost economic growth in the respective countries.
March 5, 2021
Swiss President Visits Austria
The new Swiss President Guy Parmelin conducted his first trip abroad to meet with Austria's Federal President Alexander Van der Bellen and National Council President Wolfgang Sobotka in Vienna. The politicians discussed the Covid-19 situation in Europe, the Swiss relations with the EU and bilateral cooperation between Switzerland and Austria.
March 4, 2021
Vienna Stock Exchange: EVN Replaces Telekom Austria in ATX
The semi-annual review of the Austrian leading index ATX has shown a change in the composition. EVN AG will replace Telekom Austria AG. Furthermore, voestalpine AG is included in the ATX five, which comprises the five largest listed companies, instead of Raiffeisen Bank International AG.
March 3, 2021
Austrian Minister for Economics Met German, Swiss and Liechtensteiner Counterpart
At the Quadrilateral Meeting between the Ministers of Economy from Austria, Germany, Switzerland and Liechtenstein, the topics comprised the impact of the Covid-19 pandemic on national and international economies, global trade policy and digitalization in Europe's single market system.
March 3, 2021
Covid-19 in Austria: Slight Easing of Regulations
The Austrian government has announced some new regulations with regard to the Covid-19 situation in Austria. The province of Vorarlberg will be facing relaxations of the current regulations as early as March 15, while the rest of the country will need to wait until the end of March and April for the opening of gastronomy and the cultural sector.
March 2, 2021
Austria Enters for the First Time as U.S. Exits Top Ten in Bloomberg's Innovation Index
Austria moves up one place to 10th place in the latest Bloomberg Innovation Index, while the U.S. dropped out of a top 10 that features a cluster of European countries. The Bloomberg index analyzes dozens of criteria using seven equally weighted metrics, including research and development spending, manufacturing capability and concentration of high-tech public companies.
March 2, 2021
Austria's Culture Sector Met With German Scientists to Discuss Opening Steps
Austria's State Secretary for the Arts and Culture Andrea Mayer and other representatives of the arts industry met with the authors of two German studies which concluded "that the risk of infection in the theater, cinema, opera or concert hall is a calculable one".
March 1, 2021
Vienna Ice Dream Concludes Extraordinary Season
The 26th Vienna Ice Dream has closed its doors for this season. After 66 days of ice skating under special circumstances, the organizers are pleased about the results and are particularly delighted about the fact that there was not a single reported case of infection which happened on the venue.
March 1, 2021
Schramböck and Baldwin at International Research Conference
At the research conference hosted by the Research Center International Economics (FIW), Austria's Economics Minister Margarete Schramböck had the opportunity to take part in discussions with the star economist Richard Baldwin and a number of other important representatives of international economics research.
March 1, 2021
WIFO Director Badelt Sees Climate Issue as "Biggest Problem for Austrian Economy"
The Austrian Institute of Economic Research (WIFO) director Christoph Badelt emphasizes the need for public discussion of the current climate crisis and demands a "comprehensive transformation process" driven by Austria's Environment Minister Leonore Gewessler in order to battle the ongoing climate change.
February 26, 2021
WKO President Mahrer Demands Tourism Opening in March
At the so-called "opening summit" initiated by Austria's Federal Chamber of Commerce (WKO), the president of the WKO Harald Mahrer and other representatives of the affected businesses demand to open up the tourism and leisure industry. The currently successful model of entry tests for body-related services could be expanded to these industries as well, Mahrer emphasized.
February 26, 2021
Austria Continues to Invest In Bicycle Transportation
Austria's Ministry of Climate Protection continues to support the purchase of e-bicycles and transport bikes. Enterprises, associations and individuals will benefit from the increased subsidy amount and a reduction of value-added tax for bicycle repair services.
February 26, 2021
Kurz Demands Benefits for Covid-19 Vaccinated
In a video summit with other EU heads of states, Chancellor Kurz promotes a so-called "green passport", which would allow Covid-19 vaccinated, tested and recovered to have certain benefits. The opinions of the different EU countries vary and a consensus is yet to be found in this matter.
February 25, 2021
Vienna International Center Provides Heating for Viennese Households
With a new energy recycling plant, the Vienna International Center's (VIC) air conditioning system can now provide heat for around 2,400 households in the near proximity. Waste heat of the VIC's cooling system will flow into the district heating system, which can save around 3,400 tons of CO2 each year.
February 23, 2021 · Updated: February 23, 2021; 14:55
Čaputovà and Van der Bellen Demand Sustainable Relaunch After Covid-19
The Slovak President Zuzana Čaputovà met Austria's Federal President Alexander Van der Bellen virtually in order to discuss the Covid-19 pandemic, Austrian aid to Slovakia and the climate crisis. Both head of states demand that the "relaunch of the economy in the EU must be sustainable" after the Covid-19 crisis.
February 19, 2021
Equal Pay Day: Austria's Women Earn 14.3 Percent Less
On February 21, 2021, Austria "celebrates" its Equal Pay Day. The current gender gap in income is at 14.3 percent, which amounts to 52 days of the year in which women work uncompensated. Austria's Women's Minister Susanne Raab uses the occasion to install certain measures that aim to reduce this difference.
February 19, 2021
ÖBB Is Internationally Recognized for Sustainability
The international rating agency ISS has awarded ÖBB-Infrastruktur AG the first place out of 55 international transport companies for its commitment to sustainability, climate protection and eco-efficiency. Austria's Climate Protection Minister Gewessler is delighted about the international recognition for ÖBB and emphasizes that climate protection is the right path for the future.
February 19, 2021
New EU Trade Strategy: Schramböck Welcomes Proposal
Austria's Minister of Economics Margarete Schramböck welcomes the European Commission's document on a new EU trade strategy. The proposal incorporates various topics that will determine the EU's trade strategy for the next few years. Lessons learned from the Covid-19 crisis with regard to inner-European policy as well as international trade is accounted for in the proposition.
February 18, 2021
Corona Short-Time Work in Austria Is Extended
Austria's Labor Minister Martin Kocher has announced a new phase for the so-called Corona Short-Time Work in Austria valid from April 1, 2021, to June 30, 2021. The conditions of the new phase are similar to the current regulations. The aim for after June is to gradually phase-out the short-time work where possible.
February 17, 2021
Austria's Economy Is Far Behind EU Average
According to the latest numbers issued by the EU's statistics office Eurostat, the gross domestic product of the EU fell by 0.6 percent in Q4 2020 compared to the third quarter of the same year. Austria, however, has performed the worst out of all EU member states and saw a GDP decline of 4.3 percent.
February 17, 2021
Austrian Initiative Receives Civil Society Solidarity Award
The Austrian initiative #EUROPAgegenCOVID19 has received the European Economic and Social Committee's (EESC) Civil Society Solidarity Award for its effort in the Covid-19 crisis. The non-profit organization focuses on debunking false theories and myths with regard to the Covid-19 pandemic.
February 16, 2021
WKO: Austria Needs to End Lockdown in March
After the recent announcement of Austria's federal government to have restaurants, hotels and the cultural sector closed until Easter, the heads of the Austrian Federal Chamber of Commerce (WKO) demand opening steps for March. They emphasize that all the current tools, such as mass testing, entry tests and stricter distance rules, would allow a safe gradual opening of the currently closed sectors.
February 16, 2021
Germany Extends Entry Ban for Tyrol
The German government has decided to extend its entry ban for Tyrol until March 3, 2021. The German Health Minister Spahn sees this step as "necessary" in order to prevent the South African Covid-19 mutation from spreading in Germany. Austria's government and the EU Commission demand more coordination and dicussion.
February 16, 2021
Down Under Hotel Flair for Vienna
Adina Apartment Hotels, a hospitality brand and a market leader in high-quality apartment-style hotels originating from Australia, has announced its flagship Adina brand will debut in Vienna. One of only seven hotels to offer a swimming pool in Vienna, the "Adina Apartment Hotel Vienna Belvedere", developed by Signa Real Estate Management GmbH, will literally make a splash in Vienna’s ultra-modern Quartier Belvedere when it opens in April of 2021, completed with a heated indoor pool and sauna.
February 15, 2021 · Sponsored Content
Deadline for Austrian "Reemployment Promise" Gets Extended
To further support the hard hit Austrian economy, the Minister of Labor and Minister of Tourism have decided to extend the deadline for the so-called "reemployment promise". This allows employers to lay off their employees and agreeing to re-hire them, once the sector is allowed to open up again. The affected employees receives unemployment benefits without any placement activities by the Austrian Arbeitsmarktservice.
February 15, 2021
Covid-19 in Austria: Hotels And Restaurants Closed Until Easter
After easing the latest lockdown for the retail sector and schools in Austria on February 8, the opening of restaurants and the cultural and tourism sector was heavily discussed. However, Austria's government has announced that hotels, restaurants, cultural establishments and recreational facilities will remain closed until further notice.
February 15, 2021
Vienna - Salzburg: Frequent Intervals Will Be Maintained
The important rail connection between Vienna and Salzburg will keep having regular intervals due to an emergency award by the Austrian Ministry of Climate Protection. The ministry will continue to order trains from the Austrian Railways (ÖBB) and Westbahn in order to assure a frequent rail connection until April 7.
February 15, 2021
Naturalizations in Austria Decline Heavily
The number of naturalizations in Austria has also been affected by the Covid-19 pandemic. After nine years of constantly rising numbers, naturalizations have decreased by 15.2 percent in 2020 compared to the previous year. Almost 9,000 people have gained Austrian citizenship, a third of them having Bosnian, Serbian or Turkish citizenship before naturalization.
February 12, 2021
Austria's and EU's GDP Forecast Gives Hope
In the EU winter forecast for the level of economic output in the near future, Austria's and the whole Euro area's GDPs are said to grow by almost 4 percent in 2021 and 2022. Although the economies declined in the fourth quarter of 2020 and first quarter of 2021 due to the impact of the second wave, the economic outlook is still promising for the remainder of 2021 and 2022.
February 12, 2021
WKO: Austria's Tourism Industry Needs Every Possible Help
The chairman of the division responsible for tourism in the Austrian Federal Chamber of Commerce, Robert Seeber, demands all possible help for the hard-hit Austrian tourism industry. Seeber emphasizes the need for urgent measures, so the tourism sector can once again "act as an economic locomotive and employment engine to boost the entire national economy."
February 10, 2021
Finnish Speaker of Parliament Met Sobotka
Anu Vehviläinen, the Finnish Speaker of Parliament since June 2020, and Wolfgang Sobotka, Austria's National Council President, met for the first time and discussed current issues, such as the Covid-19 pandemic, security of parliaments, the IPU World Conference and the accession negotiations with the Western Balkans.
February 9, 2021
Vienna Stock Exchange: New Calculation Technology Increases Quality
The Vienna Stock Exchange (Wiener Börse AG) has implemented a new index calculation technology, called "Vienna Index Engine" (VIE). The new software will allow even higher processing speed and stability for indices available on the exchange, which will also benefit more than 140 global financial institutions that rely on the indices of the stock exchange.
February 9, 2021
How the EU-Japan Economic Partnership Agreement Benefits Austria
The EU-Japan Economic Partnership Agreement (EPA) celebrates its second anniversary by adding 28 protected geographical indications, one of them important for Austria, and facilitating trade in wine and vehicles. The agreement does not only benefit the EU as a whole, but has also immediate impact on Austria's economy.
February 8, 2021
Slovenia's Foreign Minister and State Secretary Met Edtstadler
Slovenia's Foreign Minister Anže Logar and State Secretary Gasper Dovžan met with Austria's Minister for European Affairs Karoline Edtstadler in Ljubljana to discuss about a possible European vaccination certificate, EU enlargement and about the future of the European Union.
February 8, 2021
Microsoft Investment in Cloud Data Center Adds €2 Billion in Value for Austria
The data center for Austria, which Microsoft announced last fall as a milestone, is taking concrete shape. Microsoft has acquired operational building land for this purpose. The data center ecosystem is expected to include more than 4,000 local partners and cloud-using customers. It also announced investments in a new Center of Digital Excellence and skills training for up to 120,000 Austrians by 2024.
February 5, 2021
WKO Heads: Easing of Lockdown Was Necessary
Both, the Austrian Federal Chamber of Commerce's (WKO) President, Harald Mahrer, and Secretary General, Karlheinz Kopf, are pleased by the government's decision to open the retail sector and body-related service providers again. They furthermore demand a clear perspective for industries that are yet to be opened.
February 4, 2021
Vienna Stock Exchange: Herrmann Joins Boschan and Koblic on the Management Board
The Vienna Stock Exchange (Wiener Börse AG) has announced that its Supervisory Board has decided to appoint Andrea Herrmann as a third member of the Management Board (CFO).
February 4, 2021
Swedish Digital Platform Sellpy Launches in Austria
The e-commerce platform for selling second-hand fashion has now also been launched in Austria, following Sweden, the Netherlands and Germany. As a result, Sellpy, which is part of the H&M Group, is now active in four countries.
February 3, 2021
Vienna Hopes for Revival as Congress Metropolis
The Covid-19 pandemic has influenced numerous different industries. Conventions, congresses and large-scale corporate events have not been possible, although they were important drivers for Vienna's tourism and international standing as congress metropolis. For 2021 and the upcoming years, the city hopes to experience a revival of this particular industry.
February 3, 2021
Austria's National Budget: EUR 22.5 Billion Deficit
The Covid-19 crisis has severely impacted Austria's economy and national budget. The Ministry of Finance has issued its financial results for the year 2020, which shows a deficit of EUR 22.5 billion. Higher expenditures for measures in connection with Covid-19 and a decrease in public levies are the main reasons for the bad results.
February 3, 2021
Covid-19 in Austria: New Rules Apply From February 8
Austria's federal government has announced a slight relaxation of the current lockdown. Shops and schools will reopen under certain requirements, but penalties for disregarding measures and and entry into Austria will be tightened. The aim of the government is to contain the current virus mutations from the UK and South Africa.
February 2, 2021
Blümel: EU's Raise of State Aid is Necessary Step
The European Commission has extended its framework for state aid to support companies that are affected by Covid-19. In addition to the extension, the current thresholds have been raised, which was a highly necessary decision according to Austria's Finance Minister Gernot Blümel.
January 29, 2021
European Battery Initiative Launches With Austrian Participation
The European Commission has approved a EUR 11.9 billion large-scale battery project. Austria will play a decisive role in this initiative having involved six companies. The aim of the project is to create a competitive, innovative and sustainable value chain for batteries and thus working towards achieving the European Green Deal.
January 28, 2021
Construction Works for Vienna's New Metro Line Have Begun
The construction works for Vienna's public transport extension has begun. The U2xU5 project, which will result in a whole new metro, the U5, and an extension of the current U2 line is set to be completed by 2026 and 2028, respectively. Austria's Federal Ministers for Finance and Climate Protection as well as Vienna's City Councillor for Public Transport took part in the groundbreaking ceremony.
January 28, 2021
Schallenberg Delighted About Prohibition of Nuclear Weapons
Austria's Foreign Minister Alexander Schallenberg is delighted about the Treaty on the Prohibition of Nuclear Weapons entering into force. 90 days after ratification by the 50th signatory country, the Treaty entered into force on January 22, 2021. Schallenberg emphasizes the importance of destroying nuclear weapons "before they destroy us."
January 27, 2021
Austria Joins International Renewable Energy Agency
Since January 1, 2021, Austria is member of the International Renewable Energy Agency (IRENA). During the Agency's General Assembly, Austria's Climate Protection Minister demands a transformation of the world's energy system towards 100 percent renewables and is pleased that Austria will make a contribution to this change.
January 26, 2021
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