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Austria and Croatia - Read the latest headlines about bilateral relations in the areas of economy, business, investment, diplomacy, culture and tourism

Moody´s Downgrades Croatia

The U.S. rating agency justifies the downgrade with the “bad economic outlook” and the “inflexible fiscal policy”.

February 2, 2013

Croatia: New Difficulties for Banks Ahead

Croatia´s National Bank is said to increase the coverage ratio for non-performing loans.

February 1, 2013

Slight Upward Trend for CESEE Countries

The economic crisis in the Eurozone has hit the CESEE countries particularly hard, EBRD reports. 2013 will be a better year.

February 1, 2013

OMV Sells Its Marketing Subsidiary in Croatia

With this transaction OMV Refining and Marketing has completed the next step in implementing the defined divestment program.

February 1, 2013

“Operations of Austrian Banks in CESEE Region Are a Success Story“

Regarding the Austrian banking sector, governor of OeNB (Austrian Central Bank) Ewald Nowotny demonstrates cautious optimism.

January 30, 2013

IMF: Growth in CESEE Region to Accelerate

In the next three years, economic growth rates in central, eastern and southeastern Europe will return to the pre-crisis level, IMF says.

January 23, 2013

Erste Group´s CEO Wants to Create CESEE Stock Exchange

Andreas Treichl, CEO of the Austrian banking group, would like to create an alliance between CEE Stock Exchange Group (CEESEG) and Warsaw Stock Exchange (WSE).

January 23, 2013

Croatia: Austerity Policy Faces Difficulties

Croatia´s Minister of Finance Slavko Linic thinks that the austerity policy cannot be continued.

January 22, 2013

Serbia: Dinkic Underlines Importance of South Stream Pipeline

The South Stream pipeline is a “national project” and of vital interest for Serbia, Minister of Economics Mladjan Dinkic says.

January 19, 2013

Croatia: Dispute with Slovenia May Postpone EU Accession

In July, Croatia should become a member country of the EU. However, the legal dispute with Slovenia is still an obstacle. The neighbor country may cause a delay of Croatia´s accession.

January 17, 2013

Croatia Finds Compromise with Gazprom

Croatia will be connected with the South Stream pipeline. The construction costs will total € 60m.

January 17, 2013

Croatia: One Step Closer to the EU

According to their own statements, the Croatian government has fulfilled eight out of ten tasks, which must be finalized until July 2013. However, Croatia´s economic problems are far from being solved.

January 15, 2013

Fitch: Austrian Banking Industry Depends on CESEE

According to the U.S. rating agency, the situation of Austrian banks strongly depends on the development in central, east and southeast Europe.

January 14, 2013

First Signs of Economic Recovery

Liquidity is driving the markets, global monetary policy remains heavily expansive. Muted growth outlook for CEE.

January 10, 2013

“2013 will be a better growth year for CEE than 2012”

Unlike 2012 the new year starts with much less financial stress and easier monetary policy. Central and Eastern Europe has still considerable potential to outperform EMU, differentiating on domestic policies, Bank Austria says.

January 7, 2013

CESEE: Economy Slows Down Further

CEE macro downturn to hit trough in Q1 2013; forecast GDP growth 2013: Poland 2.2%, Slovakia 1.3%, Romania 1.1%, Erste Group says.

January 7, 2013

CESEE Equity Market: Upside Trend after Slow Start

Country allocation: An overweight on Russia is a strong bet for the coming quarter and mostly based on liquidity searching for an option after Turkey performing so strongly, Erste Group says.

January 7, 2013

Croatia Faces Stagnation

Last year, Croatia´s economy shrank substantially. In 2013, the country will recover, economists say.

January 5, 2013

Favorable Economic Outlook for Croatia

After a severe setback since 2009, the country is expected to register substantial growth rates again, Erste Group says. Above all, the EU accession is expected to boost the country´s economy.

December 28, 2012

Austrian Purchasing Power Abroad Shrinks

For Austrians, Hungary and Croatia still leading the list of top destinations. The Holiday euro is worth slightly more in many Eurozone countries than in Austria.

December 28, 2012

WIFO: „Shut Down Hypo Group“

The Austrian Institute of Economic Research (WIFO) recommends closing the nationalized banking group. The number of banks is expected to shrink radically.

December 27, 2012

CESEE: Deposit Growth Slows Down

Given the sketched regional loan growth dynamics and their most important drivers it comes as no surprise that deposit growth rates in CEE also decelerated in recent months, Raiffeisen Research states.

December 21, 2012

CESEE Asset Quality: “Not out of the woods”

In terms of asset quality the banking sector trends in CEE remain a mixed bag, Raiffeisen Research says.

December 20, 2012

S&P Downgrades Croatia

Croatia´s Minister of Finance Slavko Linic does not exclude that Croatia needs support from the IMF next year.

December 17, 2012

Croatia Considers Leasing Out Highways

In order to reduce the budget deficit, Croatia plans to privatize its highway network.

December 8, 2012

Croatia: EU Scepticism Grows

After German officials considered postponing Croatia´s EU accession, Croats become more critical to the European Union.

December 8, 2012

Hypo Group: Deadline Expires

Today, the first deadline for the sale of Hypo Group´s subsidiaries in Southeast-Europe expires.

December 7, 2012

Hypo Group Sold AluFlexPack to MTC

After months of negotiations, the Austrian nationalized bank sold the Croatian aluminum company to the Switzerland-based Montana Tech Components.

November 30, 2012

Fitch Cuts Croatia´s Credit Rating Outlook

The U.S. rating agency argues that the economic development in Croatia is substantially behind the expectations.

November 30, 2012

"Croatia on the final stretch towards EU membership"

Austrian State Secretary encourages Zagreb to take final steps of reform.

November 30, 2012

CESEE: Russia Has Best Growth Prospects

Next year, Russia is expected to record a GDP growth rate of 3.8%, Vienna Institute of International Economic Studies (wiiw) says.

November 26, 2012

Croatia Plans to Introduce Property Taxes

Croatia´s Finance Minister Slavko Linic plans to introduce a property tax next year. The rate will come at 1.5%.

November 23, 2012

Hypo Group: Cash Contributions Come at € 500m

The Austrian state has to inject another € 500m in the financially stricken nationalized bank. Furthermore, guarantees will increase by € 1.0bn.

November 14, 2012

CESEE: Massive Capital Outflow

In the second half of 2011 and in the first half of 2012, foreign banks withdrew about € 55bn from the region.

November 14, 2012

CESEE: Lending Shrinks

Foreign banks reduce lending in Central, Eastern and Southeastern Europe. Hungary and Southeastern Europe are most affected.

November 12, 2012

Hypo Group Starts Selling Business in SEE

The nationalized Austrian banking group has to downsize drastically. Today, Hypo Group started to put the subsidiaries in Southeastern Europe for sale.

November 6, 2012

Croatia Does not Participate in South Stream Pipeline

The Russian gas pipeline South Stream will not run across Croatia. Initially, Croatia was viewed as transit country.

November 5, 2012

South Stream Pipeline: Gazprom Concludes Contract with Hungary

The Russian energy group Gazprom has negotiated the last conditions of the contract with Serbia and Hungary.

November 2, 2012

Purchasing Power: Austria Ranks 6

Regarding the purchasing power per head, Austria is significantly above the European average of € 12,802.

October 31, 2012

Telekom Austria´s Vipnet Invests in Croatia

Telekom Austria´s Croatian subsidiary Vipnet Acquires 10 MHz of 800 MHz Spectrum for approximately € 20m in Croatia.

October 30, 2012

Foreign Banks Withdraw Funds from Croatia

Due to the difficult economic situation in Croatia, foreign banks reduce their exposure in Croatia.

October 24, 2012

Albania to Become Official Candidate

The Western Balkan country was recommended by the EU Commission. Serbia and Kosovo must reach a “sustainable solution”.

October 10, 2012

CEE Countries Must Work Upon Economic Convergence

CEE countries are struggling with weaker external demand and uncertain consumers, whereas in most cases fiscal policy is under control. Labour productivity, costs and competitiveness of CEE region give reason for optimism.

October 5, 2012

Nine Prime Minister Discuss EU Budget in Bratislava

The Prime Ministers of nine countries of Central and Eastern Europe will meet in the Slovak capital on October 5.

October 3, 2012

RBI: Poland Shows Stability

In Poland, Raiffeisen Bank International´s NPL ratio comes at 8%. By contrast, Ukraine and Poland are much more problematic.

October 1, 2012

MOL Announces Massive Investments in Hungary

The Hungarian oil group plans to make investments of € 1.1bn in the next three years.

September 25, 2012

Croatian EU-Accession: Slovenia as Obstacle

Slovenia may put a veto on Croatia´s EU accession. Croatia should withdraw lawsuits against the biggest Slovenian bank NLB, Slovenia says.

September 22, 2012

Croatia: Recession Aggravates

According to the Croatian Statistical Office, GDP was down by 2.2% compared to last year.

September 20, 2012

Croatia Wants to Join the Eurozone

In July 2013, Croatia becomes the 28th member of the EU. After the accession, the Croatia should join the Eurozone too, the government says.

September 19, 2012

New Record in Croatian Tourism Sector

In the first eight months of 2012, about 10 million tourists came to Croatia. This is a new record level.

September 15, 2012