Austrian Economic News and Analysis

Patents Issued by Austria Reached Record Levels

In 2022, Austrian companies have filed more inventions with the European Patent Office than ever before. Semiconductors increased strongly.

March 29, 2023

Austrian Airlines Is Threatened With a Strike from its Personnel

In a work meeting on Tuesday, Austrian Airlines' (AUA) onboard staff rejected the proposed new collective agreement. There is now a deadline of April 6 for the negotiations to continue. A strike is imminent if no agreement is reached.

March 28, 2023

Austrian OMV Declares Exit from Russian Gas as "Extremely Difficult"

The CEO of the Austrian energy group OMV, Alfred Stern, currently sees hardly any possibility to get out of the Russian business with natural gas. He also sees no alternative to fossil fuels in the short term and talked about relations with Asia-Pacific.

March 28, 2023

President Van der Bellen Visited his Albanian Counterpart in Tirana

Austrian Federal President Alexander Van der Bellen started his official Western Balkans visits on Sunday. The first country he visited was Albania, where he met with his counterpart Bajram Begaj. They discussed the ongoing reforms in Albania and Austria supporting those reforms.

March 27, 2023

First European Gaia-X Community Event in Vienna

The European Association for Data and Cloud (AISBL) of the European Gaia-X Initiative, in collaboration with Gaia-X Hub Austria, hosted the first European Market-X Community Event at the Aula of the Sciences in Vienna. At this event, Market-X brings together stakeholders from different industries to shape the digital future of Europe.

March 19, 2023

Congo’s Foreign Minister Visited Vienna

Austrian Foreign Minister Alexander Schallenberg welcomed his Congolese counterpart Jean-Claude Gakosso to a meeting in Vienna. They discussed the economic relations between the two countries and Congo’s security issues.

March 16, 2023

OPEC Fund Approves New Financing to Fulfill its Climate Action Plan

The OPEC Fund for International Development (OFID) approved more than $300 million in new funding in the first quarter of 2023, reflecting the institution's commitment to fulfilling its Climate Action Plan. Three of the four projects approved by the OPEC Fund's Governing Board directly support climate finance.

March 15, 2023

Cell Phone Contracts in Austria to Become More Expensive From April

Existing cell phone contracts will become up to 11.5 percent more expensive for many customers in April. Drei and A1 have already confirmed price increases in charges, the Chamber of Labor (AK) said in a press release.

March 14, 2023

Minister Schallenberg Welcomed Bolivias Vice President David Choquehuanca

Austrian Foreign Minister Alexander Schallenberg has met with Bolivian Vice President David Choquehuanca. Together they talked about the good relations between the two countries and the consequences of the Russian aggression on Ukraine.

March 14, 2023

Airport Strikes in Germany Also Affect Vienna

There will be many strikes in Airports in several cities in Germany. This will be the reason for plenty of flight cancellations occurring in Germany and the world. Vienna airport in Schwechat is also being affected.

March 13, 2023

New Executive Board for the Austrian Institute of Technology

The largest research and technology organization in Austria, the Austrian Institute of Technology (AIT), with 1,400 employees, is getting a new three-person management team. Read more about Austria's largest research and technology organization!

March 9, 2023

Minister Schallenberg Shows Solidarity for LDC Countries at Doha Conference

Austrian Foreign Minister Alexander Schallenberg attended the Least Development Countries (LDC) in Doha. There, he expressed solidarity for the LDCs and reassured Austria’s support for the countries.

March 6, 2023

City of Vienna Pushes for Rent Cap

The City of Vienna has called for an Austrian-wide rent price cap since it does not want to implement these regulations on its own. The rent price cap is heavily debated in Austria at this moment because the guideline value for rents might increase too much in April.

March 2, 2023

Ex-OMV Chief Doubts Policy Statements on Russian Gas Pullout

Russian gas supplies to Austria are currently causing discussions. While the Austrian government wants to do without gas supplies from Russia altogether by 2027, OMV refers to long-term contracts.

March 1, 2023

New Funding for Economic Transformation in Austria

The Ministry of Labor and Economic Affairs (BMAW) has announced a new funding track under the Climate and Transformation Offensive. The Austrian Research Promotion Agency (FFG) supports the Austrian economy in the transformation and the BMAW provides €300 million for research funding until 2026.

March 1, 2023

Austrian National Council Ends Brokerage Fees

A long debate will end on Wednesday as the Austrian national council will end the fee for brokers in the real estate market. Until now, new tenants used to pay the brokerage fee when they moved into their new apartment. The situation has changed now.

February 28, 2023

Romanian Delegation Searching for a Solution in Vienna

A Romanian delegation has arrived in Vienna to search for the solution for Austria’s Schengen Veto Block. Part of the delegation was also Romania’s ex Foreign Minister Titus Corlățean.

February 27, 2023

The Mayor of Vienna Welcomed the Mayor of Morocco’s Capital

The Mayor of the City of Vienna Michael Ludwig received his counterpart from Morocco Asmaa Rhlalou, who has been the Mayor of Rabat since 2021. Also today, Chancellor Karl Nehammer and Interior Minister Gerhard Karner visited Morocco.

February 27, 2023

Vienna Will Provide 200 Euros Once More

After it gave financial assistance to its citizens last year, the City of Vienna will provide the same of 200 Euros again this year. The citizens will receive the benefits of the Energy Bonus 23 in April.

February 22, 2023

Finnish Prime Minister Marin Visited Vienna

The Finnish head of government Sanna Marin visited Vienna for the first time for working talks and was received by Chancellor Karl Nehammer and President Alexander Van der Bellen. Finland and Austria share enough interests, but not the status of neutrality.

February 20, 2023

30 Years of EU Single Market: Austria’s Advantages are Apparent

30 Years of the EU Single Market have had a positive influence on Austria’s economy. This is shown by the reports of the Ministry of Labor and Economy and the Austrian Economic Chamber (WKO).

February 18, 2023

Raiffeisen Probed by U.S. Sanctions Authority

Raiffeisen Bank International, an Austrian lender that plays a critical role in the Russian economy, is under investigation by the US sanctions authority over its Russia-related business.

February 18, 2023

Ministers of German Speaking Countries in Vienna

The economic ministers of the German-speaking countries, namely from Germany, Switzerland, Austria, and Liechtenstein met in Vienna to discuss several economic measures from the past and for the future.

February 13, 2023

Combating Human Trafficking and Money Laundering Discussions Occurred at the Ministry of Finance

The Austrian Ministry of Finance invited several experts on the human trafficking and money laundering issue. They discussed possible solutions to these problems and the ministry's help in it.

February 12, 2023

Austria Wants to Accelerate the Integration of Displaced Persons into the Labor Market

The Austrian Public Employment Service (AMS) and the Austrian Integration Fund (ÖIF/AIF) want to accelerate the integration of Ukrainians into the labor market. A letter will be sent to displaced persons encouraging them to contact ÖIF and AMS in order to find employment.

February 12, 2023

Minister Schallenberg Visits the USA

Foreign Minister Alexander Schallenberg visited the USA, where he will meet with Secretary of State Antony Blinken. Austria is a relevant geostrategic partner to the U.S. in many areas such as Western Balkan politics or the Ukraine subject.

February 7, 2023

Austria's Agriculture Minister Totschnig against Mercosur Agreement

Austria's Agriculture Minister Norbert Totschnig is against ratification of the Mercosur trade agreement. In his opinion, the agreement with South America would put domestic farm families and supplies under pressure.

February 6, 2023

New Film Incentive Model in Austria: HBO Shoots New Series Project "The Palace" in Vienna

The Vienna Film Commission is now increasingly promoting international film and series productions in Vienna and Austria. A new film funding model has been in place for some time and has now brought the first international project to the city. The new series from HBO with Hugh Grant and Kate Winslet called "The Palace" had its shooting start in Vienna.

February 5, 2023

Premiere for the TechDiplomacy Talk at the Austrian Foreign Ministry

On the occasion of the Vienna visit of the United Nations Envoy for Technology, Under-Secretary-General Amandeep Singh Gill, a TechDiplomacy Talk was held at the Austrian Foreign Ministry. Read more about the premiere of the new format!

February 1, 2023

United States Secretary of Labor Marty Walsh Visits Austria

Marty Walsh, Secretary of the U.S. Department of Labor, visited Austria and learned about best practices in apprenticeship training from several government and industry representatives. This was a further expansion of bilateral relations based on the Memorandum of Understanding signed in April 2022 to strengthen cooperation between the U.S. and Austria in apprenticeship training.

January 25, 2023

Italy Initiates EU Proceedings Against Austria

The Italian Minister of Transport Matteo Salvini has taken legal action against Austria. He has initiated an infringement procedure because of the transit driving bans in Tyrol.

January 25, 2023

OPEC Fund Mobilizes $1 Billion for Development Financing

OPEC Fund for International Development mobilizes $1 billion for development finance with "groundbreaking" first SDG bond. The bond was priced based on the Sustainable Development Goals (SDG) bonds, for which Credit Agricole CIB served as the sole sustainability advisor.

January 22, 2023

Austrian Companies Remain Strong in Russia

Many Austrian companies are active in Eastern Europe, especially in the Balkans, Ukraine and Russia. Especially in Russia, the activity of Austrian companies has been very successful but is controversial due to the Russian attack on Ukraine. According to research by the Kyiv School of Economics (KSE), almost a year after the start of the Russian invasion of Ukraine, two-thirds of the previously present companies from Austria are still active in Russia.

January 18, 2023

German Chamber of Commerce in Austria Organized New Year's Reception 2023 in Graz

After two years of interruption, the traditional joint New Year's reception of the German Chamber of Commerce in Austria (DHK) could finally be held again. The cultivated atmosphere of the auditorium of the Old University of Graz provided the setting for the event, which was attended by around 200 representatives of the Styrian business community.

January 18, 2023

Large Natural Gas Field Found in Austria

The small town of Molln in Upper Austria could make an important contribution to the gas supply of the entire country in the next few years if the conjectures prove true. Test drilling is said to have already taken place, therefore it is known that the gas is of the best quality. The Australian company ADX Energy wants to start drilling for it this spring.

January 16, 2023

Key Witness in Wirecard Trial Said that Books Were “Specifically” Adjusted

The Wirecard trial goes to the next round. The key witness in the trial confessed that the company books were hectically and specifically adjusted to fit the fraud. Those fake books were then shown to the auditor.

January 11, 2023

The Hike of Real Estate Prices Is Ending

The rise of prices for real estate is slowly coming to an end. The Austrian Real Estate Association (OVI) reported in front of journalists that the prices have hit the ceiling now. However, this is not a drop in prices but just a stabilization of them. The demand for real estate has gone back in the last months.

January 10, 2023

Austrian Raiffeisen Bank International Gets Under Pressure Due to Russo-Ukrainian War

Its involvement in Russia keeps Raiffeisen Bank International (RBI) and its managers, led by Johann Strobl, very busy. The subsidiary institution in Moscow is RBI's biggest profit earner and almost the entire RBI board is on the Ukrainians' "awaiting sanctions" list. Whether RBI will stay in Russia and how to proceed is still unclear, as the banking group is in a tricky situation.

January 9, 2023

ViennaUP'22 - Event in Vienna Excites Thousands of People

The Vienna International Business Festival ViennaUP'22 attracted 10,000 participants from all over the world this year. With the attention-grabbing event, the City of Vienna hits the bull's eye for international visibility and positioning in the startup scene.

June 3, 2022 · Updated: January 7, 2023; 14:40

Inflation Sank in December to 10,2 Percent

The inflation rate continues to drop in Austria. After a reduction in November to 10,6 percent, inflation dropped even further in December to 10,2 percent. However, experts are slowing the enthusiasm down for the moment.

January 5, 2023

Aging Population Might Cause Debt Problems in the Future for Austria

The Austrian Ministry of Finance published a budget prognosis for the upcoming 30 to 40 years. The financial future looks bleak in Austria. More specifically, the level of debt will be rising in the next years due to an aging population.

January 5, 2023

The European Single Market Generally Appreciated by Austrians

A survey commissioned by the Austrian Society for European Politics (OeGfE) displayed that Austrians are generally and pragmatically satisfied with the four freedoms of the European Single Market. The European Single Market is 30 years old now, so Austrians can serve this as a review of the market.

January 2, 2023

Austria Promotes Energy Research with 17 Million Euros

The Climate and Energy Fund promotes innovations for clean, affordable and reliable energy supply. The aim is to strengthen Austria as a location for innovation and to improve export opportunities for the domestic economy. A total of 17 million euros is available for the program, endowed from the funds of the Ministry of Climate Protection (BMK).

December 29, 2022

Austrian Government Reviews the Year 2022

Austrian Chancellor Karl Nehammer and Vice-Chancellor Werner Kogler made a review and concluded the year 2022 with a positive and determined outlook for the following year. The subjects of the past year were the recovery from the pandemic, the energy crisis, inflation and the Russian invasion of Ukraine.

December 25, 2022

Abu Dhabi-based ADNOC Acquires OMV Shares from Sovereign Wealth Fund Mubadala

There is a change in the ownership structure of the Austrian oil and gas group OMV. Long-time core shareholder Mubadala, Abu Dhabi's sovereign wealth fund, sells its 24.9 percent stake in OMV to Abu Dhabi National Oil Company (ADNOC), also a state-owned company. The state holding company ÖBAG announced that it had been informed of the change in ownership.

December 23, 2022

Wirecard Fraud Began Before 2015

The massive Wirecard scandal began way before it was known, according to a case witness. Specifically, the fraud began way before 2015 however, the deeds in this time period are not taken into consideration.

December 21, 2022

Austrian Government Will Expand Subsidies on Housing and Heating

The Austrian government wants to challenge the rising energy prices and help low-income persons by subsidizing their home and their heating. People who are eligible for those subsidies can get up to 330 Euros.

December 15, 2022

OPEC Plus Marks Sixth Anniversary

The Declaration of Cooperation (DoC) between OPEC member countries and 10 non-OPEC oil-producing countries turned six years old. As the oil cartel engaged in diplomatic celebrations, OPEC reaffirmed its expectations for global oil demand in 2023.

December 14, 2022

Lithuanian Foreign Minister Landsbergis Visits Vienna

Lithuania's Foreign Minister Gabrielius Landsbergis came to Vienna for a visit, meeting his counterpart in Austria, Alexander Schallenberg. In addition, Landsbergis met with IAEA Chief Rafael Mariano Grossi and OSCE Secretary General Helga Schmid. The exchanges focused on the Russian war in Ukraine, in particular European support efforts against the backdrop of the approaching winter, as well as the prosecution of war crimes. In addition, the two foreign ministers discussed current developments in Iran and increasing migration pressure.

December 11, 2022

Schallenberg Travels to Slovakia for “Slavkov 3” Meeting

The Austrian foreign minister Alexander Schallenberg traveled to Slovakia to meet with his Slovak and Czech counterparts to discuss the important topics currently challenging the region.

December 5, 2022