Austrian Economic News and Analysis

Read the latest headlines about Austria's economy, including news on inflation, growth domestic product (GDP), nation's debt and labor market

Supply Stop and Human Rights Allegations for OMV

OMV, Austria's leading energy company, is currently under immense pressure. Two developments could have a significant impact on the company and the Austrian energy market: the threat of Gazprom stopping gas supplies and serious allegations of involvement in war crimes against former OMV executives in Sudan.

May 22, 2024

Republic of Austria Opposes Restructuring of Signa Development

The Republic of Austria has filed an appeal against Signa Development's fiduciary restructuring plan, leaving the future of the restructuring process of the real estate conglomerate founded by René Benko hanging in the balance. This legal action could lead to a complete reassessment of the restructuring strategy.

May 1, 2024

Austrian Economic Chamber: Opportunities and Challenges for Austria in Global Trade Dynamics

Against the backdrop of an increasingly interconnected global economy and the challenges posed by geopolitical tensions, Mariana Kühnel, Deputy Secretary General of the Austrian Federal Economic Chamber (WKÖ), emphasized the critical role of international trade for the Austrian economy. On the occasion of the Market Access Day in Vienna, she spoke about the need to secure access to global markets and open the doors to international sales markets, especially for small and medium-sized enterprises (SMEs).

March 21, 2024

New Dynamics on the Labor Market and with the Red-White-Red Card: Austria Relies on the Influx of Skilled Workers

At a meeting of the interministerial Skilled Workers Strategy Committee, decisive measures to speed up the procedures for the Red-White-Red Card were discussed. The aim is to combat the shortage of skilled workers in Austria through more efficient recruitment of internationally skilled workers and to increase the location's attractiveness.

March 19, 2024

Deepening Austrian-Kazakh Relations: Focus on Economic and Political Cooperation

At a time characterized by geopolitical tensions and economic challenges, Austria and Kazakhstan have reaffirmed their intention to raise bilateral relations to a new level. The working visit of Kazakh Deputy Prime Minister and Foreign Minister Murat Nurtleu to Vienna marks an important milestone in the cooperation between the two countries, with a particular focus on the economy, politics, and security.

March 18, 2024

Inflation Outlook for Austria Shows Significant Improvement

The Austrian National Bank's (OeNB) latest inflation forecast gives cause for cautious optimism for the Austrian economy. Inflation has decreased and economic growth has also returned since the start of the year, albeit weakly.

March 13, 2024

U.S. Ambassador Kennedy Will Lead Austrian Delegation to Major Investment Summit in the U.S.

In a major announcement from the US Embassy in Vienna, it has been revealed that US Ambassador Victoria Kennedy will lead a high-profile Austrian delegation to this year's SelectUSA Investment Summit. The event, which will take place from June 23-26, 2024 at the prestigious Gaylord National Resort & Convention Center in National Harbor, Maryland, is considered a key platform for promoting foreign direct investment in the United States.

March 10, 2024

Signa's Major Project "Lamarr" in Vienna Seeks New Owner

The prestigious "Lamarr" real estate project on the bustling Mariahilfer Strasse, a flagship property of the troubled Signa Group, is now officially on the market.

March 6, 2024

Vienna Airport Expands Cargo Traffic with Asia

Vienna Airport is setting new standards in international air cargo traffic through significant cooperation agreements with Incheon Airport in South Korea and the renowned airline Korean Air. These strategic alliances mark a decisive step towards increasing capacities and efficiency in the cargo sector between Europe and Asia and further strengthening Vienna's position as a leading hub in the air cargo industry.

February 28, 2024

Financial Turbulence and Internal Conflicts Shake Signa Group Severely

The Signa Group's financial crisis reached a new peak when creditors filed claims totaling EUR 6.3 billion against Signa Prime, of which only EUR 2.6 billion were recognized by the restructuring administrator Norbert Abel. The hearing at the Vienna Commercial Court revealed that the group's financial difficulties are deeper than previously thought, with a significant proportion of the claims in dispute.

February 26, 2024

Africa Day 2024: Austria Looks to Africa's Future Markets

This year's Africa Day was all about Africa's future markets and offered a platform to strengthen economic relations between Austrian and African companies. Organized by the Austrian Federal Economic Chamber (WKÖ), the event attracted more than 1,200 participants from Austria, over 30 African countries, and guests from Europe, Asia, and the USA.

February 5, 2024

Signa-Retail Company Lamarr Declares Bankruptcy

The highly anticipated Lamarr Kaufhaus project on Mariahilfer Straße in Vienna, set to include a flagship department store and hotel, has filed for bankruptcy. This development comes as a significant blow, as the project, originally slated for completion in 2025, has faced financial turmoil. The insolvency was confirmed by the Creditors' Protection Association KSV 1870 on Friday.

February 4, 2024

OPEC Fund: A Record Year for Development and Sustainability

The OPEC Fund for International Development has had an unprecedented year as the institution stepped up its global development assistance efforts, committing a record-breaking US$1.7 billion to 55 projects worldwide. These funds, designed to address the challenges of climate change, support the energy transition, and strengthen social and economic resilience, mark a turning point in the Vienna-based Fund's efforts to promote sustainable growth worldwide.

January 30, 2024

Realignment and Expert Dialog: Austria's Path to Fair Competition

The new head of the Federal Competition Authority (BWB), Natalie Harsdorf-Borsch, has set herself the goal of taking stronger action against companies that abuse their market power. This focus marks a strategic reorientation of the BWB, which previously dealt primarily with price agreements and investigated fewer cases of abuse of market power.

January 28, 2024

Intensive Diplomatic Activities of the Iraqi Foreign Minister in Vienna

Iraqi Deputy Prime Minister and Foreign Minister Fuad Hussein held a series of significant meetings during his official visit to Austria aimed at strengthening bilateral relations and discussing key regional challenges.

January 24, 2024

Austrian Justice Minister Zadić Plans Reforms in Connection with the Signa Insolvency

The insolvency of the Signa real estate company has far-reaching consequences, which are now also prompting the Austrian Ministry of Justice under the leadership of Green Justice Minister Alma Zadić. In a five-point plan in response to Signa's insolvency, Zadić plans to significantly tighten the penalties for failing to submit balance sheets.

January 24, 2024

Austrian Banking Sector Focuses on Sustainability: OeKB > ESG Data Hub Established

In a remarkable step towards promoting sustainability in the financial sector, Oesterreichische Kontrollbank (OeKB) has successfully introduced the OeKB > ESG Data Hub. Around 80% of the domestic banking sector, including well-known institutions such as UniCredit Bank Austria, Raiffeisen-Sektor, Erste Bank, and Sparkassen as well as Oberbank, already use this central online platform.

January 11, 2024

Vienna Stock Exchange Overcomes Challenges in 2023 with Record Bond Listings

The Vienna Stock Exchange experienced a challenging year in 2023, characterized by high interest rates, persistent inflation and geopolitical tensions affecting the European equity markets. Despite these unfavorable conditions, which impacted trading activity, the exchange achieved a record year for bond listings.

January 8, 2024

Signa Crisis: Call to Investors for Financial Support

Signa Holding, a prominent real estate company, is facing financial difficulties. Erhard Grossnigg, the Chief Restructuring Officer of the Signa subsidiaries Prime and Development, has sent a letter to investors urgently requesting additional funding.

January 4, 2024

Emirati State Fund Mubadala Fails with Claim Against Signa Holding

The Abu Dhabi sovereign wealth fund, Mubadala, has failed with a significant claim against the insolvent Signa Holding. The request to claim a payment of 713 million euros was rejected in emergency arbitration proceedings.

December 21, 2023

Vienna Stock Exchange Expands Offering with Focus on ESG and Digitalization

The Vienna Stock Exchange has announced a significant expansion of its offering in the global market and Exchange Traded Funds (ETFs) segments with a focus on ESG (Environmental, Social, and Governance) and digitalization.

December 21, 2023

New Second Home Tax in Vienna in 2025

Vienna is implementing new measures to regulate second homes. From 2025, an annual tax will be introduced for people who have a secondary residence in Vienna but do not have their main residence there.

December 21, 2023

Vienna Commercial Court Establishes Creditors' Committee for Signa Holding

The Austrian Signa Holding, founded in 2000 by René Benko, is currently facing major challenges. The Commercial Court of Vienna has set up a creditors' committee for the ongoing reorganization proceedings to examine the non-transparent structures of the Signa Group and to decide on the reorganization plan offered by Signa.

December 18, 2023

Ukraine Removes Raiffeisen Bank International from the List of "War Sponsors"

The Ukrainian government has temporarily removed Raiffeisen Bank International (RBI) from the controversial list of "war sponsors". This step follows intensive bilateral talks and consultations with representatives of the European Commission. RBI, which was previously criticized for its business activities in Russia and the recognition of the self-proclaimed Donetsk and Luhansk People's Republics by its Russian subsidiary, is now no longer suspected of supporting the Russian war of aggression.

December 17, 2023

OMV's Borealis to Merge with Borouge in a 30 Billion Euro Deal

OMV's subsidiary Borealis is set to merge with the Abu Dhabi-based petrochemical company Borouge, creating a new global heavyweight in the chemical and plastic sector with an estimated value of 30 billion euros. This significant move marks a transformative step in the ongoing value creation and chemical growth strategy of both companies.

December 14, 2023

The Future of a Crumbling Empire: René Benko's Signa Group in Insolvency

The insolvency of the Signa Group, an Austrian company active in various sectors, including the real estate market, has far-reaching implications. Read more about the future of the Austrian flagship company!

December 6, 2023

Glock Ecotech Launches Sustainable Energy Project in Sweden

The Austrian company Glock ecotech has taken a significant step towards sustainable energy supply in Sweden. With the successful commissioning of its first electricity-to-heat power plant near Nyköping, the company now also offers an environmentally friendly energy option in the Scandinavian region.

December 5, 2023

Austro-Arab Chamber of Commerce Hosts Libyan Delegations for Industry and Digital Transformation Talks

In a series of significant events, the Austro-Arab Chamber of Commerce (AACC) in Vienna, Austria, played host to high-level delegations from Libya, focusing on industrial development and digital transformation.

December 5, 2023

Austria-Arab Business Dialogue: Increased Cooperation and Innovation

The 13th edition of the Arab-Austrian Business Forum, which took place in Vienna, impressively demonstrated the growing importance of cooperation between Austria and the Arab countries. The forum, organized by the Austro-Arab Chamber of Commerce (AACC) and the Vienna Economic Chamber (WKW), brought together over 200 participants from various countries, including high-ranking ministers and business people.

December 4, 2023

Revolutionizing E-Mobility in Austria: Introduction of the E-Control Tariff Calculator for E-Charging Stations

In a new initiative to promote e-mobility, the Austrian regulatory authority E-Control has introduced a new comparison calculator for public e-charging points.

November 23, 2023

Vienna Stock Exchange Strengthens International Presence with Barclays as New Trading Member

The Vienna Stock Exchange announced a significant step in its international expansion with the addition of Barclays Bank Ireland PLC as a new trading member. This marks an important milestone in the history of the exchange by adding one of the world's leading banks to its trading circle.

November 21, 2023

Energy Transition and Sustainability: French Visit to the AMAG Aluminum Plant in Upper Austria

The French Ambassador to Austria, Gilles Pécout, visited the AMAG aluminum factory in Upper Austria. He was accompanied by the Honorary Consul Mr. Redlhammer and Mr. Chaumont from the Economic Service. During this visit, they were received by the Managing Director of AMAG, Gerald Mayer, and the company spokesman, Leopold Pöcksteiner. The meeting provided an opportunity to shed light on the company's operational activities, strengths, and challenges.

November 17, 2023

Uncovering of Money Laundering and Real Estate Fraud in Austria and Cyprus

New leaks have uncovered a complex network of opaque asset transfers centered around Russian oligarchs and Austrian real estate. According to the investigative project "Cyprus Confidential", Austrian real estate is particularly popular with wealthy Russians. Around 40 Cypriot companies own real estate in Vienna, often penthouses in expensive locations.

November 16, 2023

OPEC Secretary General Al Ghais Advocates for Increased Oil Production Amidst Global Energy Transition

In a recent op-ed and public statement, OPEC Secretary General, His Excellency Haitham Al Ghais, presented a compelling argument for the necessity of oil in today's world, even as global energy transitions are underway.

November 13, 2023

China and OPEC Cement Economic Ties for a Sustainable Energy Future

In a landmark progression for global energy relations, China and the Organization of the Petroleum Exporting Countries (OPEC) have significantly deepened their partnership, moving from a historical ideological alliance to a robust economic collaboration. This shift is set to have far-reaching implications for market stability and the sustainable development of the global energy sector.

November 9, 2023

Vienna Pioneer for Circular Economy: Climate Lab as a Spark for Climate Transformation

In the heart of Vienna, more precisely at the Climate Lab in Vienna Spittelau, an innovative movement has emerged that has the potential to fundamentally change the way Austria's economy deals with its resources. Climate Protection Minister Leonore Gewessler and the top representatives of Austria's largest companies came together to drive forward a sustainable transformation of Austria as a business location, with the Climate Lab playing a key role.

November 5, 2023

New "Integration Service for Skilled Workers" Opened in Austria

The Federal Minister for Women, Family, Integration and Media, Susanne Raab, visited the newly founded "Integration Service for Skilled Workers". The facility serves as a central point of contact for qualified skilled workers and their families as well as for companies operating in Austria. The service includes advice, information, and events on topics such as pre-integration, living and working in Austria as well as German language courses.

November 2, 2023

Austria Backs Microelectronics: Three billion Euros Investment and AT&S Lighthouse Project

The Austrian government has made a firm commitment to support the microelectronics industry with three billion euros of investment over the coming years. These bold investments will help to promote the research and development of semiconductor companies in Austria and strengthen the foundations for digitalization, green energy transition, and sustainable growth.

November 2, 2023

Ukraine Will Block Gas Transit: Challenges and Opportunities for OMV and Europe

Ukraine's decision to stop transiting Russian natural gas to the West from 2025 poses a significant challenge for OMV and for several European countries. The announcement, made by the head of Ukrainian energy company Naftogaz, Olexiy Chernyshov, raises several questions about energy security and dependence on Russian gas.

October 29, 2023

Austria Takes Over Chairmanship of the EU Strategy for the Danube Region

November 1, 2023, marks the beginning of an important phase for Austria as it takes over the presidency of the EU Strategy for the Danube Region (EUSDR). This key region, which stretches from the Black Forest to the Black Sea and encompasses around 115 million people, faces a multitude of challenges. The country is taking over this task from Slovenia and will be in charge until December 31, 2024.

October 24, 2023

Wien Energie Strengthens Independence By Reducing Russian Gas

With the start of the heating season in Vienna, ushered in by a sudden drop in temperatures after an unusually warm start to October, the essential issue of energy supply security is once again coming to the fore. In light of ongoing geopolitical tensions, Wien Energie, Austria's largest energy supplier, has taken proactive measures to secure heating supplies for the coming winter while reducing dependence on Russian natural gas.

October 22, 2023

Austria's Growing Potential: MCF Energy's Welchau Gas Prospect

Austria could be on the verge of a breakthrough in its quest for energy security with the announcement of further developments regarding the Welchau gas prospect. MCF Energy Ltd. has confirmed plans to commence drilling at the Welchau site in Austria during Q4 2023.

October 18, 2023 · Updated: October 18, 2023; 20:00

Italy Takes Austria to the European Court of Justice over Transit Measures

The ongoing controversy over transit measures on the Brenner route reached a new level of escalation when the Italian government decided to take Austria to the European Court of Justice (ECJ).

October 16, 2023

How is the Salary Landscape in Austria: A Clue by the Stepstone Salary Report 2023?

Salary discussions are often taboo, yet they play a central role in the world of work and significantly influence the decisions of both employees and companies. The Stepstone Salary Report 2023 emerges as a crucial resource to shed light on salary structures and dynamics in Austria.

October 12, 2023

Construction Stop of "High Speed 2" in Northern England: Austrian Companies Affected

The surprising halt to the construction of part of the major British project, the "High Speed 2" (HS2) high-speed rail line, is causing discussion among the companies involved. Austrian companies in particular, which are involved in the rail project worth billions, could be affected.

October 5, 2023

OMV and Wood Sign Agreement to License Plastic Recycling Technology

In a move to promote the circular economy and reduce plastic waste, Vienna-based OMV and UK-based Wood have signed an exclusive cooperation agreement to commercially license OMV's ReOil technology. This agreement was reached at ADIPEC, the world's largest energy conference in Abu Dhabi, and is designed to drive progress in chemical plastic recycling.

October 3, 2023

Norway as a New Key Partner for Austria in Energy and Climate Protection

During a working visit to Norway, Chancellor Karl Nehammer emphasized Norway's key role in the fields of environment, energy technology, and climate protection. In a conversation with Norwegian Prime Minister Jonas Gahr Støre, Nehammer emphasized that Norway is not only an important partner but also a pioneer in environmental and energy technology.

October 3, 2023

Federation of Austrian Industries: New Divisional Managers in "Education & Society" and "International Relations & Markets

The Federation of Austrian Industries (IV) has announced personnel changes in two of its core areas. Gudrun Feucht and Igor Sekardi join in senior positions, supported by their previous roles at IV and their extensive expertise in their respective areas.

October 2, 2023

Austria Strengthens its Economic and Diplomatic Relations with Africa

Austria has increased its focus on its economic and diplomatic relations with Africa. The country's trade with sub-Saharan Africa amounted to 2.28 billion euros in 2022, or about 0.56 percent of Austria's total trade volume. Austrian exports to the region increased by 15.7 percent year-on-year to 1.33 billion euros. South Africa, Mali, and Nigeria were the main export markets. Read more about why Africa is important for Austria!

September 28, 2023

Japanese Takeda Lays Foundation Stone for "Laboratory of the Future" in Vienna's Urban Lakeside Aspern

In a symbolic act, the foundation stone was laid for Takeda's "Laboratory of the Future" in Vienna's Seestadt Aspern. With an investment of around 120 million euros, the Japanese pharmaceutical giant represents the company's largest investment to date in Austria in a technically and ecologically optimized new building for biopharmaceutical research and development.

September 22, 2023