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

How Austria's Population is Developing

Around eight billion people currently live on earth. According to the UN, this figure will rise to around ten billion by the end of the century. According to the latest forecasts, the trend in Europe and Austria is different. Read more about the United Nations World Population Prospects 2022!

November 15, 2022

Vienna Plans to Build its First Geothermal Plant by 2026

A geothermal plant, Vienna's first, is to supply 20,000 households with emission-free district heating. Wien Energie wants to set a milestone toward a climate-neutral city by 2026. An important milestone on the path to a climate-neutral major city is the use of deep geothermal energy. Wien Energie has now presented the concrete plans for this at a press conference with Peter Hanke, City Councillor for Economic Affairs.

November 14, 2022

Austria's Schools Abroad to Meet the Demand for Skilled Workers

Austria's Minister of Education, Science and Research Martin Polaschek presents the future strategy of Austrian schools abroad during his working visit to Albania. During his visit to the Austrian school abroad in Shkodra, the Minister of Education emphasizes the potential of these schools, especially about the demand for skilled workers in Austria, and announces a reorientation of the schools.

November 14, 2022

IAEA at the UN Climate Summit in Egypt

The Vienna-based International Atomic Energy Agency is also well-represented at the World Climate Change Conference in Sharm El Sheikh, Egypt. Between the energy crisis and climate targets, nuclear energy is regaining importance in several countries, and for the agency, the task is to convince.

November 10, 2022

Austrian Chamber of Commerce Demands Acceleration of Energy Transition with Faster Approval Procedures

The EU Commission's emergency regulation is intended to accelerate the expansion of additional energy capacities, with the draft also to be extended to other areas of energy infrastructure. The head of the Austrian Chamber of Commerce, Karlheinz Kopf, demands acceleration of the Energy Transition with faster approval procedures and eased bureaucracy.

November 10, 2022

Austria Plans to Increase Climate Aid

A significant increase in Austria's international climate financing budget is planned. The climate protection ministry will provide an additional 220 million euros by 2026, according to Austrian Federal President Alexander Van der Bellen at the UN World Climate Conference in Egypt.

November 9, 2022

Austrian Think Tank Identifies Need for Improvements to Ukraine's Reconstruction Plan

Together with the GROWFORD Institute in Kyiv, the Vienna Institute for International Economic Studies has investigated how the Ukrainian government's reconstruction plan, presented in July, should be evaluated. How much will Ukraine's reconstruction cost and where will the money come from?

November 8, 2022

What is the Alps-Adriatic Economic Network?

Since 2007, the Network of Chambers of Commerce, Industry, Crafts, Agriculture and Economy of the New Alpe Adria (NAAN) has been working to deepen economic relations. It now comprises - with the new addition of Bolzano - ten chambers from Austria, Italy, Slovenia and Croatia. According to the Austrian Chamber of Commerce, with one million member businesses, NAAN is making rapid progress toward becoming an EU Alps-Adriatic macroregion. Read more to find out about the project.

November 7, 2022

Austrian Federal Chamber of Commerce and EU-Mercosur Agreement

The Association Agreement between the European Union and MERCOSUR countries, such as Argentina, Brazil, Paraguay and Uruguay, includes provisions on political dialogue, cooperation and trade. For the Austrian Federal Chamber of Commerce, the agreement is a fair trade deal that increases exports and jobs, and high social and environmental standards remain untouched. The EU would be the first region to conclude an agreement with Mercosur.

November 4, 2022

Vienna Gets 70 Zero-Emission Buses

As part of its climate protection efforts, Vienna achieves a new small milestone. A total of 60 e-buses and 10 H2 buses are being purchased by Wiener Linien. The plan is to convert ten lines to zero-emission drives by 2025.

November 2, 2022

Wien Energie Brings Special Energy Tariff for Small Businesses

Given the high energy costs, companies are also coming under pressure. In Vienna, a new tariff for small businesses will start in November, which offers a 12-month price guarantee and a discount for commitment. This new tariff is now officially promoted by City Councillor for Economic Affairs Peter Hanke.

November 1, 2022

Financial Assets of Austrian Households Decline for the First Time Since the Financial Crisis

The economic crisis, high inflation, falling share prices and rising energy prices are now taking their toll. According to a new study, average household wealth in Austria fell in recent months for the first time since the 2008 financial crisis.

October 31, 2022

Austrian Airlines Repays State Loan Ahead of Schedule

Austrian Airlines recently announced that it plans to repay the government loan granted in 2020 to bridge the COVID-19 pandemic by the end of 2022. This is possible due to the increasing number of passengers and a particularly profitable summer.

October 27, 2022

Inflation in Austria: Highest Value Since Post-War Period

Inflation in Austria is getting higher and higher. At 10.5%, it has now exceeded the magic limit of 10 percentage points and is thus considered the highest inflation in Austria since the post-war period. Read on if you want to know which products have become more expensive!

October 25, 2022

Austria's Richest Man Passed Away: What Happens to His Red Bull Imperium?

Dietrich Mateschitz passed away last weekend at the age of 78. The richest Austrian leaves behind a corporate empire and was considered one of the richest people in the world with an estimated fortune of over 27 billion US dollars.

October 24, 2022

Diplomats as Economic Bridge Builders: Austrian Companies Present Themselves to the Diplomatic Corps

International investors and cross-border business relations were what Tyrolean and Vorarlberg company representatives hoped for at the recently held "Business Location Austria" event. This brought together representatives from business, tourism and entrepreneurship with diplomats accredited in Austria to network with each other.

October 21, 2022

Trade Between Tiger States and Austria at a High Level

The great potential for Austrian companies that emanates from the so-called tiger states in Asia was the main point of the Asia conference recently held by the WKO. Singapore, Hong Kong, Malaysia and South Korea are considered global hotspots for innovation and new technologies.

October 20, 2022

Ankara and Vienna Sign Cooperation Agreement

The capitals of Austria and Turkey, Vienna and Ankara, will intensify their cooperation in the future. Vienna's Mayor Michael Ludwig received the Mayor of Ankara, Mansur Yavas, in the City Hall. Both mayors signed a cooperation agreement to this effect in Vienna City Hall.

October 19, 2022

Promising Austrian Start Ups Receive Important European Innovation Funding

The European Innovation Council (EIC) Accelerator programme is designed to help Europe's most promising innovators achieve an international market breakthrough. Four Austrian companies are also among the 75 start-ups that have received funding.

October 19, 2022

Vienna Among Europe's Most Expensive Cities

Living in cities is expensive. A study by management consultants Mercer ranks the most expensive cities in the world. Vienna is ranked high as one of the most expensive cities in Europe. Read on if you want to know where life is most expensive.

October 18, 2022

City of Vienna Establishes Energy Crisis Unit

The City of Vienna established an advisory committee on energy supply, which will work as a crisis unit on energy supply issues. Together with the crisis unit that has existed since the Covid pandemic, it is to accompany the preparations for the winter and make proposals for measures to secure energy supplies.

October 17, 2022

Austria Increases Contribution to World Food Program to 60 Million Euros

The Russian invasion of Ukraine has brought the issue of food supply into global focus. Therefore, the Austrian Federal Ministry of Agriculture and Forestry budget will be increased to 20 million euros annually from 2023-2025. A strategic partnership between Austria and the World Food Programme (WFP) is also in the works.

October 16, 2022

Every Third Austrian Had to Suffer Income Losses in the Last Year

The COVID-19 pandemic and the many current crises have left a mark on the Austrian population. According to a recent survey, more than one third of Austrians suffered a loss of income within the last 12 months.

October 14, 2022

Austrian Foreign Minister at the Young Entrepreneurs Summit in Germany

Austria's Foreign Minister Alexander Schallenberg took part in the Young German Entrepreneurs Summit this year. The annual event took place this year under the motto "The World in Transition" and focused on the economic and social consequences of the Russian invasion of Ukraine.

October 14, 2022

Austria Calls for Common European Gas Price Cap at EU Summit in Prague

At the first meeting of the "European Political Community", the informal summit of EU heads of state and government in Prague, Austria attracted particular attention by wanting to define a common EU gas price cap. For Austria's Chancellor Karl Nehammer it was clear in Prague that there would be "no embargo via the back door" when it comes to Russian gas.

October 11, 2022

Austria's Economy Threatens to Fall Into Stagflation

After the recovery of the national economy in the previous year as well as in the first half of 2022, the Economic Research Institute and the Institute for Advanced Studies see Austria in a downturn phase. Stagflation is looming next year.

October 10, 2022

Austria Boosts its Defense Budget

As many European countries increase their defense budgets in the wake of the war in Ukraine, Austria is no exception. The Austrian army will receive more money in the coming years, a total of 16 billion euros until 2026, the federal government of Austria announced.

October 9, 2022

Foreign Companies Provide Every 5th Job in Austria

A new statistic examines the question of how many jobs in Austria depend on foreign companies and what share these companies have in the Austrian economy. Read on if you want to know more!

October 8, 2022

WKO Calls for Coordinated Action to Combat Energy Crisis Ahead of EU Summit

The Austrian Federal Economic Chamber (WKO) recently called for a joint Europe-wide approach to combating the energy crisis. In doing so, it criticised the EU with its cautious attitude and national solo efforts.

October 8, 2022

Born Global Academy: Initiative of the Austrian Federal Chamber of Commerce

Internationalization is high on the agenda of many Austrian startups. According to Start-up-Monitor, 80 percent planned to export their business model this year. The Born Global Academy was launched last year by Aussenwirtschaft Austria and weGrow International offers an internationalization program for startups.

October 3, 2022

German-Austrian Technology Forum Deals With Change Towards Sustainable Economies

The question of industry in a more sustainable world has been a key issue in business for many years. Now, the German Chamber of Commerce in Vienna organised an event that invited industry representatives to discuss the shift towards sustainable business.

October 3, 2022

OPEC Plus Aims to Raise Oil Price

According to insiders, OPEC+ is planning to reduce the amount of oil produced in order to increase the price of oil. This decision is to be published in Vienna on 5 October. In addition, the main OPEC organisation is planning to hold the 8th OPEC International Seminar at the Hofburg in Vienna next year. This is one of the premier events in the energy industry calendar.

October 3, 2022

How International Direct Investment and Skilled Workers Influence the Austrian Economy

A new study deals with the question of the extent to which foreign companies and workers influence Austria's value creation. The results show a clear outcome. Read on if you want to learn more!

September 28, 2022

Austria's Economy Demands Help with Energy Crisis

Many companies in Austria are currently struggling with the high energy prices. Now the Austrian Federal Economic Chamber and the Federation of Austrian Industries are calling for political intervention to prevent company closures.

September 27, 2022

Working in Austria: Further Facilitation of the Red-White-Red Card

Applying for a Red-White-Red Card is made easier again! Skilled workers who intend to work in Austria will find it easier to obtain a work permit in the future. Read this article to find out which simplifications have been decided.

September 26, 2022

Austria Becomes Member of Methane Reduction Coalition

Austria joins the international initiative to reduce methane emissions founded a year ago. The goal of the now more than 100 countries is to reduce methane emissions by 30 percent by 2030 compared to 2020.

September 22, 2022

Global Wealth Report: Austrian Financial Wealth Increased

A new analysis of global wealth shows that private financial assets have increased internationally, but also in Austria. In this article you can find out how strongly Austria's economy has developed in recent years and how much the average Austrian has in his or her bank account.

September 21, 2022

Reopening of the Bilateral Icelandic Embassy in Vienna

As a part of the reopening of the bilateral Icelandic Embassy in Vienna, Foreign Minister Alexander Schallenberg met with his Icelandic counterpart Thórdís Kolbrún Reykfjörd Gylfadóttir. Aside from bilateral issues, Iceland's upcoming presidency of the Council of Europe and the security situation in Europe were also discussed.

September 19, 2022

State of the EU 2022 Speech: Austria Wants to Usher in a Modern EU Future

The State of the EU address by Commission President Ursula von der Leyen addressed many acute issues, including the war in Ukraine and its international repercussions. Austria's Minister for Europe responded.

September 15, 2022

Strengthening Italian-Austrian Economic Relations: Italy Receives Austrian Federal President

With a delegation of business representatives, Austria's Federal President, Alexander Van der Bellen, visited Rome this week. The delegation of Austrian entrepreneurs was led by Harald Mahrer, President of the Austrian Federal Economic Chamber. A major focus of the companies accompanying the delegation was renewable energies, where Italy as a major trading partner is expected to offer some lucrative contracts.

September 15, 2022

Austro-Arab Chamber Organised the “Ambassadors’ Meeting at Vienna School for International Studies”

The Vienna School of International Studies hosted the "Ambassadors' Meeting at Vienna School of International Studies", organized by the Austro-Arab Chamber (AACC).

September 14, 2022

Lufthansa and OMV Cooperate Over Sustainable Aviation Fuel

OMV, the international integrated oil, gas and chemical company headquartered in Vienna, and Lufthansa Group are expanding a partnership on sustainable aviation fuels. Germany's Lufthansa plans to stock up on sustainable aviation fuel (SAF) from OMV in the future.

September 13, 2022

Austrian Gas Storage Facilities Over 70 Percent Full

Austria's gas storage facilities are already more than 70 percent full. The contingency plans to secure gas supplies that were put into action as a result of the war in Ukraine and the ongoing energy crisis go according to plan as announced by Austria's government.

September 12, 2022

Global Business Campaign ReFocus Austria to Be Continued

A lot of attention was given this year's Ambassadors' Conference in Vienna to Austria's export economy as well as to ReFocus Austria, the successful economic campaign that has now been continued.

September 9, 2022

New Framework Agreement Between Ukraine and Austria to Facilitate Economic and Humanitarian Assistance

A new framework agreement between Ukraine and Austria is to promote a strengthening of economic cooperation as well as the expansion of humanitarian aid on the ground. For this purpose, the Austrian Minister of Labour, Martin Kocher, and the Caritas Secretary General, Andreas Knapp, travelled to Ukraine.

September 8, 2022

Austrian Government has Agreed on Electricity Price Brake

The Austrian federal government has agreed on the long-discussed "electricity price brake" to cushion the high cost of energy. According to information from the federal government, each household will pay a lower electricity price for that share of electricity consumption which corresponds to 80 percent of the average consumption of an Austrian household in the previous year.

September 7, 2022

Austro-Arab Chamber Strengthens Relations with Kuwait, Saudi Arabia, Sudan and Egypt

The Austro-Arab Chamber of Commerce (AACC) strengthened its relations with Kuwait, Saudi Arabia, Sudan and Egypt. The AACC Secretary-General Mouddar Khouja met with important ambassadors and dignitaries from Kuwait, Saudi Arabia, Sudan and Egypt.

September 7, 2022

Honduras Foreign Minister Eduardo Enrique Reina García Visits Vienna

The Foreign Minister of Honduras, Eduardo Enrique Reina García, met the Austrian Foreign Minister Alexander Schallenberg for a working meeting in Vienna. The discussions focused on bilateral and economic relations between Austria and Honduras, multilateral issues, as well as regional developments in Latin America. In addition the Foreign Minister of Honduras met with IAEA chief Rafael Mariano Grossi.

September 6, 2022

Austria's President Van der Bellen Brings in Experts on Energy and Climate Issues as Advisors

Ex-Verbund boss Wolfgang Anzengruber and Wifo economist Angela Köppl are volunteering their expertise to Austrian President Van der Bellen. According to the Federal President's Office, the war in Ukraine and inflation, as well as the slowly emerging energy crisis in Europe, call for expert advice on energy economics and climate issues.

August 31, 2022

Crisis Around Viennese Energy Supply Company "Wien Energie"

Austria's largest energy supplier urgently needs money to hedge forward transactions. Otherwise, the company would have to realize huge losses.

August 30, 2022