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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
US Ambassador Traina Leaves Austria
The U.S. Ambassador to Austria Trevor Traina has concluded his mission and returns to his home country. Austria's Chancellor Kurz and Foreign Minister Schallenberg thank Traina for his commitment to better the bilateral relations between the two countries, while Traina himself bids farewell in a video starring highlights of his term.
January 26, 2021
Investment Subsidy Program Gets Extended
The Austrian government has announced an extension of the investment period for which subsidies will be granted. The high demand for the subsidy shows that many companies are hoping for a quick recovery from the current pandemic, which secures important jobs and strengthens Austria as a business location.
January 25, 2021
EU Future Conference: Edtstadler Demands Action
At an an informal video conference of the EU's Ministers for European Affairs, Austria's responsible Minister, Karoline Edtstadler, once again demanded an early start of the EU Future Conference. Although the Covid-19 pandemic might have shown some strengths and weaknesses of the current EU, Edtstadler demands a clear path into the future of the Union.
January 25, 2021
Austria Extends Lockdown Until February 7
The Austrian government has announced an extension of the current lockdown until at least February 7, 2021. Due to only a very slow decline in Covid-19 cases and the virus mutations from Great Britain and South Africa, which are more contagious and spread actively through the EU, the lockdown was extended and wearing a FFP2 mask in public transport and stores will be mandatory.
January 22, 2021
New US Presidency: Austria and EU Welcome New Chapter
Joe Biden, as new President of the United States, and Kamala Harris, as new Vice President, were inaugurated on January 20, 2021. The reactions from politicians throughout the European Union and Austria to the inauguration and the President's first acts were filled with hope and positivity.
January 22, 2021
Brexit: Austria to Receive EUR 16.8 Million to Cushion Impact
To alleviate the likely negative effects of the United Kingdom leaving the European Union, the European Commission has set up a reserve, from which EU member states will receive funding. Austria is entitled to EUR 16.8 million, while other member states, which have closer trade links to the leaving party, will receive more.
January 15, 2021
Brexit Agreement: Austria's Economy Significantly Better Off
The Austrian Institute of Economic Research (WIFO) has issued a study in which the effects of the post-Brexit trade agreement between the United Kingdom and the European Union was compared to a no-deal scenario. The results of the study show that the Austrian economy be happy with the negotiated agreement.
January 14, 2021
International Start-Ups Are Attracted by Vienna
The Vienna Business Agency has received more applications for the Vienna Startup Package in 2020 than ever before. Out of 321 applications, the Agency has selected 16 winners from nine different countries, which will be able to take advantage of a package that includes coaching sessions, consulting and networking opportunities.
January 13, 2021
WKO: Vaccination in Austrian Businesses Possible
Austria's companies could be used as part of the vaccination strategy. This is what many major companies and Austria's Federal Chamber of Commerce suggest. The readily available infrastructure could provide testing and vaccination facilities for up to 500,000 employees in the various industries.
January 12, 2021
Speaker of Swedish Parliament Met Sobotka
The Speaker of the Swedish Parliament Andreas Norlén met virtually with his Austrian counterpart, National Council President Wolfgang Sobotka. The main topics of the meeting comprised the fight against the Covid-19 pandemic, parliamentary security and foreign relation issues.
January 12, 2021
Eurochambres President Demands Repositioning of EU
After the post-Brexit trade deal between the EU and the United Kingdom has finally been set up, Eurochambres President Christoph Leitl demands repositioning of the European Union and does not only see negative impacts of the UK leaving the single market and the customs union.
January 11, 2021
Austria Has New Federal Minister for Labor
After the resignation of Susanne Aschbacher as Federal Minister for Labor, Chancellor Kurz has presented her successor. Martin Kocher, Professor of Behavioral Economics and Director of the Institute for Advanced Studies (IHS) will take over the Federal Minister position as an independent expert.
January 11, 2021
Additional 6 Million Doses of Covid-19 Vaccine for Austria
Due to the recent order activity of the European Union at BioNTech/Pfizer, Austria will receive an additional 6 million doses of the Covid-19 vaccine - 1.5 million already in the second quarter of 2021. In total, the EU has secured itself the right for additional 300 million doses from BioNTech/Pfizer.
January 8, 2021
Austro-American Society Celebrates 75th Anniversary
The Austro-American Society (ÖAG) celebrated it 75th anniversary on January 6, 2021. The Austrian Ambassador to the USA, Martin Weiss, the U.S. Embassy in Vienna, and the heads of the ÖAG used this occasion to underline the goals of the society's. These comprise the strengthening of the Austro-American relations in the aspects of social, economic, cultural and public life.
January 7, 2021
WKO: Lockdown Extension a "Blow For Domestic Trade"
Once again the Austria's Federal Chamber of Commerce (WKO) does not entirely support the federal government in its decision to extend the lockdown and cancel the opportunity to escape the lockdown with a negative Covid-19 test. The WKO demands plans for the affected companies and aid for the suppliers indirectly affected by the crisis.
January 5, 2021
Austria's Real Estate: Single-Family Houses Expensive, Offices Cheap
Also as a result of the Covid-19 crisis, living spaces with a garden, a balcony or a terrace see a significant increase in demand, while office spaces and other commercial real estate loses value. Another new aspect of the real estate market in Austria is the rise in demand for single-family houses in the outskirts of bigger cities.
January 5, 2021
Austria's Unemployment Rate at 11 Percent
Crisis-related unemployment, especially due to the lack of a seasonal start in tourism, has a huge impact on the unemployment rate in Austria at the moment. More than 500,000 people are currently seeking for jobs, which is an increase of more than 63,000 compared to the previous. month.
January 5, 2021
Austrian Lockdown Continues Until January 24
The initially planned "free-testing" to escape the lockdown will not be possible. The opposition parties have resisted this intention by the government, which now means an extension of the current lockdown until January 24. Whether or not schools will return to their normal operations on January 18 has not been decided yet.
January 4, 2021
Investment Agreement with China Opens Doors
The European Union and China have agreed on a joint investment agreement. The core elements of the "Comprehensive Agreement on Investment" (CAI) include better market access, sustainability and a level playing field for European and Chinese companies. Considering the fact that China will be the biggest economy of the world in the near future, the agreement opens doors to a huge market.
December 30, 2020
Schramböck: "UK Will Remain Important Partner in Europe"
Although the United Kingdom will be leaving the European Union's customs union and single market at the end of 2020, Austria's Economics Minister Schramböck assures that "Austria's companies will continue to play a significant role in the UK markets" in the future. The newly negotiated agreement between the UK and the EU will provide a proper framework for these business relations.
December 30, 2020
Selmayr and Beste Meet to Discuss German EU Council Presidency
Ralf Beste, Germany's ambassador to Austria, and his fellow countryman Martin Selmayr, representative of the European Commission in Austria, met to discuss the year of 2020 and the German Presidency of the EU Council, which will be ending on December 31. Both politicians underlined the importance of the European Union in finding solutions for international problems.
December 29, 2020
Vienna's Air As Good As Never Before
Even without the lockdown, Vienna would have had a decent year with regard to air quality. Due to the city's investment into climate protective measures in the recent years, the pollution level has decreased and has lead to the best air quality since measurements began 50 years ago.
December 29, 2020
Impact of Internationals in Austria Remains Huge
According to recent numbers, Austria's official residence secures more almost 19,000 jobs and has an economic impact of EUR 1.35 billion gross value added. This is a significant increase from 2018 although Covid-19 has turned diplomatic relations and encounters into a virtual setting.
December 29, 2020
Brexit Agreement: Federation of Austrian Industries and WKO Welcome Agreement
With regard to the finalized Brexit negotiations, the Federation of Austrian Industries and Chamber of Commerce showed themselves relieved after the EU and the United Kingdom have finally come to an agreement which will regulate the relations between the leaving party and the member countries of the European Union starting from January 1, 2021.
December 28, 2020
German Wind Farms Sold to Austrian Energy Provider
Austria's Wien Energie managed to acquire 49 percent of the wind farm portfolio of the German Encavis in Austria. This deal will further reduce the CO2 emissions of the energy company and adds an additional 37 gigawatt hours of renewable energy for households in Vienna and the surrounding area.
December 23, 2020
WKO: Importance of Trade Agreements
The chairman of the Federal Board for Foreign Trade in the Austrian Federal Economic Chamber (WKO), Karl Pisec, underlines the importance of international trade agreements for the European Union as well as for Austria. As an example to show benefits of trade agreements, he uses the EU's agreement with the Mercosur states and the Regional Comprehensive Economic Partnership in Asia.
December 23, 2020
Legal Certainty for British in Austria
Austria gives Britons in Austria legal certainty with regard to residence. Although the United Kingdom left the European Union at the beginning of this year, the European Union and many member countries for themselves have ensured a smooth transitions for British citizens currently residing in EU countries.
December 22, 2020
Austria Ranks Fifth in Share of Renewable Energy Sources
In a newly published report by the European statistics office Eurostat, Austria is one of the most environmental-friendly EU member countries with regard to energy sources. Austria ranks fifth in a statistics that gathers data about the share of renewable energy sources in the total gross energy consumption of a country.
December 21, 2020
North Macedonia's Foreign Minister Visited Schallenberg
North Macedonia's Foreign Minister Osmani visited Vienna and met his Austrian counterpart Schallenberg to discuss the ongoing EU accession process of his country and the Covid-19 pandemic. Both parties are eager to start negotiations about the accession as soon as possible.
December 21, 2020
Czech President of the Parliament Met Sobotka
The Czech and Austrian Presidents of the Parliaments, Vondráček and Sobotka, met virtually to discuss the experiences of the pandemic and EU topics, such as the accession talks with North Macedonia and Albania, the EU's financial framework and the EU budget negotiations.
December 1, 2020 · Updated: December 21, 2020; 10:55
WKO Heads Demand Clear Plan for Path to Normality
The heads of Austria's Federal Economic Chamber demand a clear plan that shows a step-by-step path to normality. They demand regular mass testing, where negative test results are connected to more freedoms. According to them, the lockdown immediately after Christmas will hit many companies particularly hard.
December 18, 2020
ECJ Bans Exhaust Software: Anschober and Gewessler Demand Changes
The European Court of Justice has decided to ban software used to embellish exhaust emission values in diesel cars. Austria's Climate Protection Minister Gewessler and Consumer Protection Minister Anschober hope for a move by the car manufacturers in order to provide retrofits and compensate injured consumers.
December 17, 2020
Funding for Erasmus Program Is Increased
One of the European Union's most successful programs, the Erasmus+, will once again receive an increase of funding. In 2019 alone, the program supported almost 1 million learning stays abroad and provided funding for more than 100,000 organizations and about 25,000 projects.
December 16, 2020
Re-Invent the EU: Austria Discusses the European Union
The future of the European Union is at stake. Austrian politicians and EU experts discuss the future of the Union in Austria in order to "make Europe a little bit better every day". A series of debates, conferences and other events are initiated to make sure that Austria stays in the right track when it comes to its contribution to the European Union.
December 15, 2020
65th Anniversary of Austria's UN Membership
On the occasion of the 65th anniversary of Austria's UN membership, Foreign Minister Schallenberg underlines the importance of the cooperation between the member countries, especially in times like these. He stresses that Austria will continue to do everything in its power to maintain and enhance the functioning international cooperation.
December 15, 2020
European Innovation Council Funds Austrian Projects
Two projects with Austrian-based research are involved in a new funding project of the EU's European Innovation Council. A total amount of EUR 74 million is distributed among 18 projects that research in cutting-edge technologies. Additionally to the funding, coaching and business development supported is provided by the Council.
December 14, 2020
New European Climate Target: Kurz and Gewessler Delilghted
The European Council has agreed on a new climate target for 2030. The member states want to decrease annual greenhouse gas emissions by at least 55 percent and also take other steps on their path to climate neutrality until 2050. Austria's Chancellor Kurz and Minister Gewessler are pleased with the agreement.
December 11, 2020
European Council: Kurz Hopes for Rapid Approval of Vaccine
Prior to the European Council, Austria's Chancellor Kurz hopes for a rather fast approval process of a Covid-19 vaccine and is looking forward to a succession of close cooperation between the EU and the United States. Other relevant topics for the Council will be sanctions for Turkey, Brexit negotiations, EU climate targets, and the joint fight against terrorism.
December 10, 2020
WKO and IV: Need for "Climate Protection with Common Sense"
The heads of the Austrian Federal Chamber of Commerce (WKO) and the Federation of Austrian Industries (IV) demand appropriate framework conditions for climate-friendly behavior instead of the race for ever higher climate targets. Both Secretary Generals want "climate protection with common sense".
December 10, 2020
International Visitor Leadership Program Celebrates 80th Anniversary
The International Visitor Leadership Program (IVLP), U.S. Department of State’s premier professional exchange program, celebrates its 80th anniversary. The program has opened doors for more than 225,000 participants from all over the globe and has connected current and emerging leaders to US culture and society.
December 9, 2020
EU Ministers Issue Declaration on "Digital Government"
The EU Ministers responsible for Digitalization have agreed on a joint declaration that focuses on digital society and value-based digital government. Austria's Minister Schramböck sees Austria already on the right track with its various e-government tools and is delighted about the European plans.
December 9, 2020
Schramböck: Deepening Digitalization in the EU
The EU member states aim to create synergies between national research and investment initiatives and to ensure a coherent European approach with sufficient scope. Joint Support for European electronics value chains will try to establish leading capabilities in various digital competencies.
December 7, 2020
Ryanair to Close its Base in Vienna
The low-cost airline Ryanair will be closing down its base in Vienna. According to a leaked internal report, the parent company of Austrian Laudamotion, will move the base of its three Boeing planes to a not yet disclosed European airport and close down the base on Vienna's airport.
December 4, 2020
Vienna Ice Dream Will Start Ahead of Schedule
Although the famous Vienna Christmas Market on Rathausplatz has to be cancelled due to Covid-19 restrictions, the City of Vienna is able to antedate the Vienna Ice Dream, which will now start just in time for the Christmas festivities on December 24. Since ice skating counts as an outdoor sports, it is allowed under certain circumstances.
December 3, 2020
EIB Group Cooperates with Hypo Vorarlberg
The European Investment Bank (EIB) has decided to support Austria's economy by unlocking part of Hypo Vorarlberg's regulatory capital. These funds will be used to invest in energy efficiency projects which are directly in line with the EIB's commitment to increasing its climate action lending.
December 1, 2020
Further Increase of Investment Subsidy
The Austrian government has decided to increase its budget for investment subsidies. The high demand for this subsidy by companies located in Austria has exceeded the expectations of the government and is therefore adjusted upwards by another EUR 1 billion in order to further promote investments into digitalization, sustainability and other sectors.
November 30, 2020
Vienna Prepares for Mass Testing
The City of Vienna prepares to test its population for Covid-19. The responsible city departments, emergency organizations, and the Austrain Armed Forces have taken measures to provide test capacities for the period from December 4 to December 13. Within this period, every Viennese resident above the age of 10 is eligible for testing.
November 30, 2020
Eurostat: Austria Is Second in EU With Research Expenditures
In its recent publication, the statistical office of the European Union, Eurostat, put Austria on second place for research expenditure relative to GDP. Austria has invested 3.19 percent of its gross domestic product in R&D, which is only surpassed by Sweden with 3.39 percent of the country's GDP.
November 27, 2020
Von der Leyen and Kurz: Light At the End of the Tunnel
After a virtual meeting between EU Commission President Ursula von der Leyen and Austria's Chancellor Kurz both assured that there is a light at the end of the tunnel of the Covid-19 pandemic. The two politicians have discussed EU's vaccine strategy and other topics regarding the ongoing pandemic.
November 27, 2020
Austria's Top Managers Launch Economy4Future Initiative
Some of Austria's top managers have launched the economy4future initiative, which focuses on the fight against climate change. The campaign wants to promote dialogue between big companies and young people in order to better shape the economic future in harmony with the resources of the planet.
November 26, 2020
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