Eastern European Countries and Austria | Bilateral Relations

Austria and Eastern European countries - Latest headlines about bilateral relations in the areas of economy, business, diplomacy, culture and tourism

Slovakia: Turnover in Internal Trade Decreasing

In October, the Slovak retail trade sector shrank by 1.8%. The wholesale sector still expands.

December 5, 2012

Hungary: Tourism Industry Booms

In October, public accommodation establishments saw a 9.1% rise in arrivals.

December 5, 2012

Czech Republic: Retail Industry Shrinks

In October, sales in retail trade including automotive segment after seasonal adjustment decreased by 1.5% at constant prices, month-on-month, and working days adjusted by 3.0%, y-o-y.

December 5, 2012

Serbian Government Emphasizes Austerity Policy

Next year, the Serbian budget deficit is expected to come at 3.3% of GDP. Until 2015, the deficit will be lowered further, the government says.

December 4, 2012

Poland: Another Rate Cut Expected

The Polish National Bank (NBP) will lower the interest rate one more time this year, analysts say.

December 4, 2012

Immofinanz: Major Contract in Budapest

Immofinanz Group announces extension of three leases covering 18,000 sqm at Atrium Park in Budapest.

December 4, 2012

Czech Republic: Decline in Real Wages Continued

In real terms, wages declines by 1.8% in the third quarter.

December 4, 2012

Verbund Sells Enerjisa to E.ON

Verbund, Austria’s leading utility, and E.ON, one of the world’s largest energy providers, have reached an agreement on an asset swap.

December 3, 2012

Poland: Economic Growth Flattens Further

The crisis in the Eurozone also hits Poland. In the third quarter, the economic growth rate only came at 1.4%.

December 3, 2012

Poland: Piechocinski to Become New Deputy Prime Minister

After the resignation of Waldemar Pawlak, the Polish government will not collapse, observers say. PSL´s new party leader Janusz Piechocinski is expected to succeed Pawlak.

December 3, 2012

Poverty: People in Romania and Bulgaria Most Affected.

In 2011, 24% of the population were at risk of poverty or social exclusion, which is corresponding to around 120 million persons. The Czech Republic ranks first.

December 3, 2012

CA Immo: Major Leasing Agreement in Bulgaria

Together with its joint venture partners Robul and Bank Austria Real Invest, CA Immo has already signed new lease agreements for around 17,600 sqm of space in the Megapark office complex this year.

December 3, 2012

Hungary Considers Reducing Foreign Exchange Reserves

In order to repay loans, the Hungarian government is said to reduce the foreign exchange reserves of MNB (Hungarian National Bank). The government does not need to fear resistance by MNB.

December 1, 2012

Czech Republic: Deposits Grow Substantially

At the end of September, client deposits at Czech banks reached CZK 3,100bn. Compared to September 2011, this is an increase by 8.3%.

December 1, 2012

Serbia: Industrial Data on the Rise

In Serbia, the economic activity and foreign trade grows again, the Statistical Office says.

December 1, 2012

Slovenia: Austrian Grawe Will not Take Over ZM

The second-biggest Slovenian bank NKBM (Nova Kreditna Banka Maribor) sells its interest in the insurance group Zavarovalnica Maribor (ZM). Sava Re negotiates with NKBM already.

November 30, 2012

Pension Costs to Increase Moderately

According to CNB (Czech National Bank), pension costs will increase by 3.0% of GDP in the next fifty years.

November 30, 2012

Polish Economy Slows Down

In the third quarter, annual GDP growth was below 2%, the Polish Ministry of Finance said today.

November 30, 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

Hungary: Foreign Trade Declines

Surplus of HUF 215bn in external trade along with a decreasing turnover in September.

November 30, 2012

Unemployment Decreasing in Baltic Countries

Euro area unemployment rate at 11.7%. EU27 at 10.7%. Austria still records the lowest unemployment quota.

November 30, 2012

Inflation in Ukraine Remains at Zero Level

“Effective management of the financial sector allows Ukrainian authorities to hold inflation.” NBU (National Bank of Ukraine) states.

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

Slovenia to Inject Further Money in NLB

The biggest Slovenian banking group NLB records a capital shortfall of € 375m. Risky loans reach more than € 1.5bn.

November 29, 2012

Poland: Measures Against Shrinking Population

Poland´s Prime Minister Tusk announced that the government will improve its social policy. In the next 40 years, the Polish population might decrease by 6 million.

November 29, 2012

Serbia: Manufacturing and Retail Industry Terminate Recession

As per seasonally adjusted data GDP grew in Q2/12 by 2.1% qoq after falling by 1.9% qoq in Q1/12, finally moving into the positive territory after declining four quarters in a row.

November 29, 2012

Serbia: Exports Decreasing

As per seasonally adjusted data exports fell in August by 0.4% mom (July/12: +2.2% mom), while imports fell by 1.9% mom (July/12: +0.2% mom). Trade deficit in Jan1Aug/12 widened further to € 4.0bn (+12.8% yoy).

November 29, 2012

Hungary: Small Decrease of Investments

In quarter 3 of 2012 the volume of investments in the national economy was 2.1% lower than one year before.

November 29, 2012

Ukraine: “Stability of Currency Not Endangered”

Ukrainian businessmen are confident in the stability of hryvnia, the Ukrainian National Bank says.

November 28, 2012

Serbian Industrial Sector Expands

Surprising summer industry growth, local demand might hold more growth. Real wages grow slightly, Raiffeisen Research states.

November 28, 2012

Serbia: Budget Deficit Soared by 22.4%

This development was supported by sharper expenditures enlargement (+8.0% yoy) while fairly small revenue increase (+5.1% yoy), delivering public debt/GDP to 53.8% in September 2012.

November 28, 2012

Hungary: Unemployment Remains Stable

In August–October 2012, the official number of unemployed people was 463 thousand resulting in an unemployment rate of 10.5%.

November 28, 2012

Slovakia: Pessismism Grows Again

The Slovak Statistical Office published the results of business survey and economic sentiment indicator in November 2012. The economic sentiment confidence indicator has reached the lowest level since December 2008.

November 28, 2012

Poland: Unemployment Remains on High Level

The Polish government expects the unemployment quota to grow slightly.

November 27, 2012

CESEE: Social Protection Still Underdeveloped

EU27 spent 29.4% of GDP on social protection in 2010. The lowest ratios were observed in Romania, Latvia, Estonia and Bulgaria.

November 27, 2012

Romanian Central Bank on Hold

Romania´s Central bank remained on hold at its most recent monetary policy meeting on 2 November, keeping the monetary policy rate unchanged at 5.25%.

November 27, 2012

Romania: Fiscal Situation Improves

“Public budget deficit amounted to only 1.2% of GDP at the end of September, which was better than we had expected.” Raiffeisen Research states.

November 27, 2012

Poland: Foreign Direct Investments Grow Massively

Last year, the U.S. was the biggest investor in Poland. Regarding the EU budget, Prime Minister Tusk emphasizes that cohesion funds must not be cut.

November 26, 2012

Serbia: Real Income Shrinks

In October 2012, salaries and wages per employee in the Republic of Serbia decreased by 3.5% in real terms.

November 26, 2012

Romania: Foreign Trade Declines

"When expressed in EUR equivalent, both exports and imports of goods fell marginally in Q3 (-1.1% qoq and -0.3% qoq respectively, according to our in-house seasonally adjusted data)." Raiffeisen Research says.

November 26, 2012

Romania: Economic Upswing Expected

According with the flash estimates, real GDP declined by 0.5% qoq and by 0.6% yoy in Q3. “In our view, contraction was mainly the result of a plunge in agricultural output.” Austrian Raiffeisen Research says.

November 26, 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

CESEE: Eurozone crisis and Austerity Push Half of the Region into Recession

Export weakness and suppressed domestic demand will push nearly half of the CESEE region into recession this year, including the Czech Republic, Hungary, Slovenia, and nearly all Western Balkan countries.

November 26, 2012

"Austria remains a reliable partner for Albania on its way towards the EU"

Austria´s Vice-Chancellor Spindelegger at the opening of the Skanderbeg exhibition celebrating the 100th anniversary of Albania's independence and 20 years of Austrian development cooperation in Albania

November 26, 2012

Hungary: Retail Trade Sector Shrinks

Due to the declining real income, sales in the retail trade industry fell by 3.9% compared to 2011.

November 26, 2012

Czech Republic: Overall confidence in economy decreased

The composite confidence indicator (economic sentiment indicator) decreased by 1.7 points compared to October.

November 26, 2012

Ukrainian National Bank Under Pressure

In order to support its own currency, the foreign exchange reserves of NBU (Ukrainian National Bank) were down substantially.

November 24, 2012

More Hungarians Leave their Country

Especially high-skilled Hungarians tend to emigrate. The labor market conditions in Hungary are often precarious.

November 24, 2012

CESEE: Foreign Trade With Austria Booms

This year, Austrian exports to countries in Central, Eastern and Southeastern Europe are growing substantially.

November 24, 2012