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Read the latest headlines about Austria's economy, including news on inflation, growth domestic product (GDP), nation's debt and labor market
Austrian Economic News and Analysis
Holzmann is the New Austrian National Bank Governor
The liberal Robert Holzmann (70) took over as Governor of the Austrian National Bank (OeNB) on 1 September 2019, succeeding Ewald Nowotny. The manner in which he will hold his office as governor will be followed with interest. The economist has already stated that he will pay more attention to the monetary policy of the European Central Bank (ECB) than his predecessor.
September 3, 2019
Apartment Prices: Austria in Top Third of Europe
A recent study by the consulting firm Deloitte shows that Austrian apartments are still relatively affordable in comparison to other European countries, both in terms of purchase and rent.
August 9, 2019
Economic Growth: Austria Slightly Above EU Average
The Austrian economy is likely to grow by 1.5% in 2019. 1.2% growth is expected for the euro zone and 1.4% for the EU as a whole.
August 8, 2019
Devastating - Austria is Only the 21st Most Innovative Country in the World
The World Intellectual Property Organization (WIPO) named Austria's neighbor Switzerland as the world’s most innovative country, during the launch of its latest Global Innovation Index. Austria isn't even in the top 20. Biggest issues are the stagnation of public expenditure on research and development and the increase of economic protectionism.
July 26, 2019
Development of Tourism and Travel in Austria
Currently the Austrian economy is in a phase of extraordinarily strong growth. More than 16 million holidays were taken last year. However, the current economic upturn seems to have passed its peak. Read the following article to find out how the development of tourism and travel in Austria will continue in the current year.
April 25, 2019
Austrian Service Providers and Trade with Revenue Growth for 2018
In 2018, Austrian service companies achieved a nominal increase in turnover of 5.7% compared to 2017. Trading recorded a nominal increase of 3.7% compared to the previous year, adjusted for inflation a sales increase of 1.3% was calculated.
March 28, 2019
Austria's Trade Balance Deficit Rises in 2018
The deficit of the Austrian trade balance amounted to 5.71 billion euros in 2018, after 5.60 billion euros in the same period of the previous year. Imports of goods worth 155.71 billion euros (plus 5.5%) opposed exports worth 150.0 billion euros (plus 5.7%). The product group machinery and vehicles was again by far the most important in Austrian foreign trade.
March 26, 2019
Austria is Booming with Chinese Tourists - Number of Overnight Stays Six Times Higher
In tourism, China is currently one of the most dynamically growing foreign markets of origin. In the 2018 calendar year, the number of overnight stays by Chinese guests in Austria increased almost sixfold (+491%) compared to 2008, reaching around 1.4 million overnight stays.
February 28, 2019
Austria's Population Growth - Lowest Rise in Years
At the beginning of 2019, 8,859,992 people were living in Austria, +0.43% more than one year earlier. Thus, in 2018 Austria recorded the lowest population increase in the last seven years.
February 21, 2019
Foreign Citizens Make up More Than 30% of the Viennese Population
At the beginning of 2019, 30.2% of people living in Vienna had foreign citizenship. Nationwide this figure is 1,439,401 or 16.2% of the total population.
February 19, 2019
Austrian-Israeli Economic Relations - 20% Increase in Exports
On the occasion of the official state visit of Federal President Alexander Van der Bellen and the accompanying business delegation of the Austrian Chamber of Commerce, the issue of the actual state of economic relations has arisen. The Austrian-Israeli foreign trade volume amounted to 568 million euros in 2017, with a trade balance surplus for Austria of 229 million euros. The Chamber of Commerce reports that Austrian exports to Israel increased by 20.3% in 2017. The trend seems to have continued in 2018. More than 600,000 overnight stays by Israeli tourists make Israel one of the top nations in Austrian tourism statistics.
February 4, 2019
Austrian Tourism: 45 Mio. Arrivals and 150 Mio. Overnight Stays in 2018 - Germans Return
With 149.75 million overnight stays in Austrian accommodation establishments, a new record was reached in 2018. Compared to the previous year, overnight stays increased by 5.25 million (+3.6%). At +5.0% (56.26 million), the number of overnight stays by Germans rose disproportionately strongly.
January 24, 2019
Population Development - City of Vienna at 1.9 Million Inhabitants
Last year Vienna grew by 11,000 inhabitants. The birth surplus was 4,000, the migration gain 7,000. Immigration from Great Britain was disproportionately high due to Brexit fears. Serbia is the strongest group of immigrants. The influx of refugees has fallen back to the level before the wave of refugees. In 2027 about 2 million people will live in Vienna.
January 22, 2019
Inflation in Austria falls to 2.0% in 2018
According to calculations by Statistik Austria, the average inflation rate of the consumer price index (CPI 2015) was 2.0% in 2018, slightly below the level of 2017 (+2.1%) and well above the levels of 2016 and 2015 (+0.9% each).
January 18, 2019
Austria's Foreign Trade on the Upswing
According to preliminary statistics, the total nominal value of imports of goods in the period January to September 2018 was 5.2% higher than in the previous year at 115.23 billion euros, while exports of goods rose by 6.0% to 111.55 billion euros. The trade balance deficit amounted to 3.68 billion euros after 4.27 billion euros in the same period of the previous year.
December 14, 2018
Labour Supply in Austria to Grow by 5% by 2050
The supply of labour in Austria will continue to increase in the future if the trends in immigration and labour market participation continue. In 2017 there were an annual average of 4.55 million labour force in Austria, in 2020 according to the trend variant of the forecast there will be 4.63 million (+2%) and in 2050 4.79 million (+5%). No further growth is expected in the second half of this century.
November 22, 2018
Austria's Foreign Trade - Imports Increased by 5.5%, Exports by 6.5
The total nominal value of imports of goods into Austria in the period from January to August 2018 was EUR 102.43 billion, up 5.5% on the previous year, while exports of goods rose by 6.5% to EUR 99.26 billion. The trade balance deficit amounted to 3.17 billion euros after 3.85 billion euros in the same period of the previous year.
November 15, 2018
Happiness Index - Life Satisfaction in Austria Remains Strong
A current study paints a differentiated picture of prosperity and progress in Austria. Subjective life satisfaction remains at a high level. In an EU comparison, Austria ranks fourth in terms of GDP per capita.
November 15, 2018
Austrian National Bank Seeking Successors for Top Jobs
The Board of Governors of the OeNB Austrian National Bank has published a recruitment announcement for the new central bank governor, vice governor and two members of the Management Committee. Applications can be submitted until 5 December, according to the official gazette of the "Wiener Zeitung".
November 5, 2018
Why Austrians are the European Taillight in Financial Investments
A new statistic of the think tank Agenda Austria warns against emulating the Austrians in their investment strategy. In a comparison of 10 EU countries of real returns on financial assets, Austria came out at the bottom of the league.
October 29, 2018
ACV Austria Center Vienna: More than 100,000 International Participants for the First Time
Last year, Austria’s largest congress centre brought more than 100,000 international participants to Vienna for the first time. The venue also once again exceeded the record revenue figure from the previous year.
September 26, 2018 · Sponsored Content
Austria Ranks Second Among All EU Countries in Investments Growth
Between 2007 and 2017, the ratio of investment to GDP decreased in 24 out of the 28 EU Member States. Apart from Austria, only Sweden and Germany have increased their investment to GDP ratio since 2007.
May 14, 2018
International Congresses: Vienna Worldwide Number Two - UN Events Contribute 7% of Conference Nights
The Vienna meetings industry progresses from record to record. With 186 meetings, Vienna remains behind Paris with 196 meetings, number 2 in the Worldwide Ranking of the ICCA (International Congress and Convention Association). In the year prior to that, Vienna was still in fifth place. The proportion of congresses that can be allocated exclusively to the United Nations is enormous and accounts for around 7% of overnight stays.
April 24, 2018
Tourism: Vienna Achieves New Record Number of Overnight Stays
Vienna recorded a new tourist record in March with an increase of 8.5% compared to the previous year. The number of guest overnight stays rose to 1,169,000. Most of the tourists came from Germany, Italy, Russia, Spain, the UK and Switzerland.
April 19, 2018
Repatriation of Austrian Gold Reserves Nearing Completion
This year, and not in 2020, the OeNB Austrian National Bank is already concluding its repatriation campaign for half of its gold reserves. By the end of the year, 140 tonnes of gold are to be stored in Austria, with the other 140 tonnes remaining in London (84 tonnes) and Switzerland (56 tonnes).
March 30, 2018
Annual Report of the European Commission: How did Austria do?
The European Commission presented its annual reports on 27 EU member states. How did Austria do? Well, it kinda ended up with a black eye. The report took a pop at Vienna for a number of structural shortcomings, including tax burden on labour, pension and healthcare expenditures, house prices, restrictive regulation in the services markets, stagnating productivity and and not enough action on spreading digital technologies. That isn’t a particularly good report card for the previous coalition government of ÖVP und SPÖ. Let’s see if the new coalition government of ÖVP und FPÖ can make the grade the next time around.
March 11, 2018
How do Russian Politicians and Oligarchs Withdraw their Money from Austria?
The Russian money nobility has begun to repatriate large amounts of its western-hoarded money back to Russia in order to deprive it of access by Western authorities. The countries of origin are above all Switzerland, but also Austria and Great Britain. Sberbank, Russia's largest and state-owned bank, speaks of an atypically high capital inflow to Russia. Within a few weeks, a tripling of such repatriation transactions took place compared to the same period of the previous year. The sum is hundreds of millions of dollars. The average transfer amount has increased within a year by 50% to 3 million dollars. This meets with the Kremlin's desire to repatriate Russian assets.
February 22, 2018
Austria's Economic Upturn will Continue in the First Half of 2018
The Austrian National Bank expects GDP growth of 0.8 percent for the first two quarters compared to the previous quarter. The economic momentum is unbroken.
February 22, 2018
Moody's Lifts Outlook for Austrian Banks
Moody's lifts outlook for Austrian banks on positive, because the economic recovery in Austria makes it possible to improve the outlook for domestic banks.
August 24, 2017
Social Progress Index: Austria Ranked 13th
Austria has been ranked 13th by NGO Social Progress Imperative, in its Social Progress Index ranking. It precedes Japan and Germany and scored many points thanks to renewable energy projects. However, the state reveals shortages with respect to education, tolerance and equal opportunities. Nordic states, such as Finland, Canada and Denmark lead the index.
July 25, 2016
OSCE: "Reliable, Affordable and Sustainable Energy Supplies are Prerequisite for Stability and Security"
Energy experts from the OSCE Mediterranean Partners for Co-operation, representing both government institutions and private sector companies, will begin a week-long field study of sustainable energy in Austria and Germany.
July 12, 2016
Brexit and Its Consequences for Austria
Like any other economy within the euro area, Austria will also be confronted with challenges following the Brexit vote, according to the latest analysis by RBI Research analysts. However, the economic momentum should not experience any noticeable weakening, even though one should expect considerable declines in exports to the United Kingdom.
July 1, 2016
CESEE Outlook: Modest Recovery - EU is Obstacle to Growth – BREXIT Poses Uncertainties
According to the latest prognosis of the Vienna Institute for International Economic Studies, the countries of Central, East and Southeast Europe (CESEE) will have a trend growth rate of up to 3% in the period of 2016-2018. This is 1-1½ percentage points higher than average growth in the eurozone. Consumption will be the main growth driver. The Austrian economy is still benefiting from its economic ties with the region. Direct effects of BREXIT on the region will be limited – indirect effects for the European economy as a whole may be considerable.
June 29, 2016
Agenda Austria Recommends Campaign Against Öxit
Think tank Agenda Austria recommends the government in Austria to devise a large campaign against an Austrian exit ("Öxit”), highlighting the benefits of EU membership, since the experts anticipate an increase in discussions concerning this issue.
June 27, 2016
Moody’s Downgrades Long-Term Credit Rating of Austria
Moody’s has downgraded the long-term credit rating of Austria, from "Aaa” to Aa1. In January 2012 rating agency Standard & Poors had reduced Austria’s rating from AAA to AA+, whereas in February 2015, Fitch did the same.
June 27, 2016
Austrian Business Meets Foreign Diplomacy
In the context of the ‘Business meets Diplomacy’ series of events, representatives of the Austrian economy meet members of the foreign diplomatic corps for an exchange of views on Austrian business and the economy.
June 20, 2016
VSE and CEESEG: Heimo Scheuch to Serve as New Chairman of the Supervisory Board
Changes in the supervisory board of Wiener Börse AG and CEESEG AG have taken place and a new executive committee was elected. Heimo Scheuch, CEO of Wienerberger AG, will serve as Chairman of the Supervisory Board. Angelika Sommer-Hemetsberger, member of the Management Board of Oesterreichische Kontrollbank AG, was elected Vice-Chairwoman of the Supervisory Board.
June 15, 2016
IMD Competitiveness Ranking: Austria Edged Up to Rank 24
According to the latest issue of the competitiveness ranking established by Swiss research facility Instituts für Management-Entwicklung (IMD), Austria edged up from rank 26 to 24 y/y in 2015.
May 31, 2016
Bawag Laying Off Further 180 to 200 Employees
Bawag Bank will optimize its branches and in course of the process will cut 180 to 200 jobs. 70 to 80 of the affected employees are supposed to be sent back to their actual employers - Post AG.
May 3, 2016
Business Indicator: Modest Acceleration in Austrian Economic Activity Despite Growing Global Risks
According to Bank Austria, the Business Indicator rose in March to 0.2 points - back in black for the first time since September. Also, Bank Austria recognized a light improvement in consumer and industrial sentiment. The estimated economic growth in 2016 is 1.5 percent - no further pick-up is expected for 2017.
April 20, 2016
India-Austria Bilateral Foreign Trade Volume Increases to EUR 1.40 Billion
Last year was a very good year for India-Austria foreign trade. Experiencing a much faster growth rate than Austria’s overall trade, Austria imported items amounting to EUR 702 million from India and exported a volume amounting EUR 700 million to India.
April 20, 2016
Discuss with Jeffrey Sachs Migration and Global Inequalities
Professor of economics Jeffrey D. Sachs will visit Austria on March 10th to give a lecture on migration and global inequalities. The lecture will take place at Vienna's Institute for Human Sciences.
March 2, 2016
Purchasing Managers' Index: Austrian Industry Defies Market Turbulence and Economic Worries
Bank Austria has published its latest "Purchasing Managers' Index" on the Austrian economy. In spite of the recent turbulence on the market and the growing economic concerns, Austrian industry is in good shape at present. Austrian industry has been enjoying an upwards trend for roughly a year now. The increase in Bank Austria’s Purchasing Manager’s Index to 51.9 points in February shows that following a dip before the turn of the year, growth has picked up again since the start of 2016. Despite the tense mood on the markets, Austrian industry is still providing good real economic data.
March 1, 2016
Austrian Business Delegation to Visit India - Results
Austria's business delegation has returned from a five-day visit to India. What did they achieve?
February 23, 2016
Austria's Industrial Production Increases in Early 2016
Bank Austria has published its latest "Purchasing Managers' Index" on the Austrian economy climbs to 51.2 points in January. The Austrian industry should enjoy a dynamic start to the new year. More orders ensure major production expansion. A sharp decline in price of commodities boosts earnings. At the same time, production not at full capacity, too few new jobs being created and ongoing economic uncertainties leading to targeted cost and inventory optimisation.
January 29, 2016
Central and Eastern Europe's Financial Elite Gathered at the CEE Forum in Vienna
The 21st Euromoney Central and Eastern European Forum ended in Vienna today, where 1000 delegates from the region joined local and international investors to help plan, debate and analyze the economic agenda for the region for the year ahead. The vast majority of the delegates have a negative outlook for the year 2016. Only one of the participants expects that this year CEE will grow more than 3.5%.
January 20, 2016
Business Indicator: Recovery in Austria to Pick Up Momentum in 2016
According to Bank Austria, the Business Indicator fell again in November. Now sitting at -0.3 points, the indicator has reached its lowest reading of 2015 just before the turn of the year. Despite this downward trend Bank Austria assumes that the Austrian economy will have maintained its moderate growth trajectory at the end of 2015.
December 18, 2015
UniCredit Final Restructuring Program on Bank Austria's Retail Business
UniCredit announced a major step in its strategic plan execution, by launching a profound restructuring program on its Austrian retail business that will enable Bank Austria to develop its business in a sustainable way, while bringing down significantly its cost income ratio. The restructuring plan will allow to reduce by 2018 Bank Austria's overall costs by € 150mn per year on an ongoing basis on top of the Strategic Plan and with main focus on personnel expenses, leading to an overall cost decrease by almost € 300mn versus 2014 in order to ensure the business sustainability in the long-run.
December 15, 2015
IMF Report: Austria Should Make Cuts in Healthcare, Education, Pensions, Banks Should Raise Equity
Austria's outlook suggests a moderate improvement. The latest IMF report recommends Austria to conduct broad cuts in such areas of spending as healthcare, education and pensions. Also, Austrian banks should raise equity. Unemployment, although rising, has remained moderate at below 6 percent. Strengthening private consumption, investment, and exports are expected to raise growth to about 1½ percent in 2016. The current account surplus exceeds 2 percent of GDP thanks to sustained price competitiveness and robust tourism inflows. The authorities have made significant progress in revamping the regulatory framework for the banking sector. However challenges remain and further measures need to be taken. Therefore the IMF suggests three policy priorities: expenditure reforms, integrate immigrants into the Austrian economy and further strengthen financial sector resilience.
December 14, 2015
Purchasing Managers' Index: More Moderate Industrial Growth in November
Bank Austria has published its latest "Purchasing Managers' Index" on the Austrian economy. The Austrian economy should manage to keep better pace with European and German growth rates in 2016. With the momentum of the recovery in Europe, the industrial sector in Austria has already improved since the beginning of autumn. In spite of a weaker result compared to the previous month the Bank Austria Purchasing Managers’ Index amounts 51.4 points. This still clearly indicates growth for Austrian industry, which in the meantime has largely caught up with the pace of growth in Europe.
December 3, 2015
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