Sponsored Content
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
Austria Could Be Independent of Russian Gas by 2027
In order not to be further dependent on gas supplies from Russia, the Austrian energy minister is planning to phase out Russian gas by 2027. Since Austria is enormously dependent on Russian suppliers, it is not possible to do without imports in the short term. If you want to know what measures Austria will strive for, read on.
April 27, 2022
Austria and IMF Extend Agreement on Joint Vienna Institute
The Joint Vienna Institute, a cooperation between the IMF and the Austrian government, is to be extended. The program, which is designed to help foreign countries become market economies, has been in existence for 30 years.
April 25, 2022
How the Ukrainian Humanitarian Crisis Affects Life in Vienna
The humanitarian crisis created by Russia's brutal war in Ukraine can now be felt in Vienna. Read how the crisis is affecting life in Vienna.
April 25, 2022
6.8% Inflation: How Private Households are Affected by Rising Prices
Inflation in Austria remains historically high and is pushing many households to their limits. Whether it's high gasoline prices or horrendous living costs, everyone is feeling the inflation. How the average household is affected by these problems and what impact they have on lower-income households, read here.
April 20, 2022
EU Subcommittee of the Austrian Parliament Discussed on Future EU Economic Policies
The EU Subcommittee of the Austrian Parliament discussed future EU economic policy. The topics of artificial intelligence, digitalization, EU trade policy, the update of the EU industrial strategy of 2020 and the modernization of competition law.
April 20, 2022
Impact Fund of the Austrian Development Bank: 72 Million Euros for Developing and Emerging Countries
The Austrian Development Bank, together with Bank Gutmann, has just completed the raising of capital for an investment fund that will benefit developing and emerging countries. A total of 72 million euros is to help improve living conditions in these countries and trigger an economic upswing.
April 15, 2022
No More Masks in Retail: New Covid Rules in Vienna
Recently, the Ministry of Health announced a significant relaxation of Covid-19 measures in Austria. The mask requirement in stores will be dropped, and the green passport for triple vaccinated people will also be extended. Read on if you want to know what will change for you and in which stores you still can't do without the mask.
April 15, 2022
Cooperation Between the USA and Austria - USA Adopts Austrian Education Model
In the future, Austria and the United States will deepen cooperation in the field of labor. The United States wants to copy Austria's successful apprenticeship system in order to counteract the acute shortage of skilled workers in the country. In addition to a regular exchange at the expert level, Austrian companies in the U.S. will also help with the implementation.
April 14, 2022
Due to the Ukraine War: Austrian National Bank Still Expects Huge Inflation in 2022
Shortages of raw materials and high energy prices, triggered by the Russian war of aggression in Ukraine, have led to an increased inflation rate of 5.6% in Austria. After the highest measured inflation rate in March 2022 since joining the monetary union, there is no easing now; this is not expected until 2023.
April 11, 2022
Uncertainty due to Ukraine War: Austria's Tourism Industry Lowers High Expectations for 2022
Austria's tourism industry is facing another setback after 2 tough years. Uncertainty caused by the Russian war of aggression in Ukraine and the related increase in economic problems could have an impact on tourism and thus also on the economy in Austria.
April 7, 2022
Europe's Energy Dilemma Requiring Austria and Germany to Rethink in Wake of Russian Aggression
Due to the Russian aggression against Ukraine, Europe has to face new questions about energy policy, which had been known for many years but were largely ignored and deferred. The much-discussed gas embargo in recent weeks is to further intensify the sanctions against Russia and its economy. Read more about the current situation.
April 6, 2022
Austrian Chancellor Met Scholz and Habeck in Berlin: "Russian Energy Embargo Not an Issue"
Olaf Scholz and Karl Nehammer recently met in Berlin to discuss the tense political situation. The Russian Federation's attack on Ukraine triggered a chain reaction of economic sanctions. Germany and Austria stand side by side as partners and want to respond to the difficulties together.
April 4, 2022
Economic Outlook for Austria: The Kremlin's Aggression against Ukraine is a Game Changer
After a few tough years in which the Covid-19 virus shaped the Austrian economy, a new enormously important factor is coming into play - the war in Ukraine. The Russian aggression led to more pessimistic economic outlook and will still play an enormous factor in the Austrian market in the future.
April 4, 2022
Austria as a Pharma Industry Location: 50 Million Euro Investment Package for the Life Science Sector
In order to strengthen one of the most important economic sectors of the domestic economy, the pharmaceutical industry, the budget for the funding program "Austrian Life Sciences" was recently presented. Minister of Economics Margarethe Schramböck hopes that this will make Austria more attractive as a business location for life science companies.
April 1, 2022
U.S. Companies Step Up Investments in Austria: A Record 17 New Ventures Launched in the Past Year
The international business sector in Vienna seems to be recovering. Last year 225 foreign companies settled in the capital of Austria - a record number since the beginning of the Covid-19 pandemic. An important factor in this development was the settlement of companies from the USA, which stood out with 17 projects. If you want to know where most of the companies come from and where to turn to if you have questions about settling in Austria, please read on.
April 1, 2022
Israel and Austria Move Closer Together: Strategic Partnership Agreement in Preparation
The strengthening of bilateral relations and common economic interests prompted Austria's Foreign Minister Alexander Schallenberg and Economics Minister Schramböck to visit Israel. The invasion of Russian troops in Ukraine as well as talks on the normalization process between Israel and several Arab states were on the agenda.
March 31, 2022
Space Diplomacy: The Annual Session of the COPUOS Legal Subcommittee
Space is an important future avenue for exploration, research, and commerce. This makes it all the more important for the nations of the world to negotiate these unlimited possibilities and to work out cooperation through diplomatic channels. One of them is the Committee on the Peaceful Uses of Outer Space (COPUOS) of the United Nations Office on Outer Space Affairs (UNOOSA). The COPUOS organizes a Legal Subcommittee which is held this week.
March 30, 2022
Housing in Austria: Average Monthly Rents Remain Above Inflation Rate
Rental prices are not spared from the persistently high inflation. On the contrary - according to a recent study, rental prices remain above the current inflation rate. If you want to know how expensive rent is and how much the average tenant pays, read on.
March 30, 2022
Vienna International Airport Hub With Newly Designed Terminal 2
The long-awaited Terminal 2 has finally reopened. After 2 years of renovation, it is finally available for passengers again. This is urgently necessary, because after the many years of the Corona pandemic, the airport management expects a significant increase in tourist numbers and accordingly more traffic at the airport Vienna-Schwechat.
March 30, 2022
U.S. Ambassador Vicki Kennedy Received at AmCham Austria Welcome Gala Dinner
New U.S. Ambassador Victoria R. Kennedy recently attended an event organized by the American Chamber of Commerce in Austria (AmCham Austria), where she spoke about transatlantic trade relations and the Ukraine conflict. Read on to learn more about the event and its participants.
March 24, 2022
Canada and Austria: Current State of Political and Trade Relations
Relations between Canada and Austria continue to develop. A brief analysis of economic, academic and political relations.
March 23, 2022
Austria Enhances Bilateral Economic Relations with Conflicting Neighbors India and Pakistan
The initiative ReFocus Austria, accompanied by Austria's Foreign Minister Alexander Schallenberg, visited the emerging republics of Pakistan and India in recent days. The aim of the trip was to establish economic relations and promote mutual investments. Read on if you want to know which sectors are in particular demand.
March 23, 2022
Austrian Parliamentary Delegation Visits India, which Maintains a Special Strategic Partnership with Russia
India received an Austrian delegation to strengthen bilateral relations between the two countries. Among other things, the delegation discussed the conflict in Ukraine and the hesitant attitude of the Indian government, which has so far not openly opposed the Kremlin.
March 17, 2022
Russian Operations of Strabag: Haselsteiner Cancels Syndicate Agreement with Holding Company of Oligarch Oleg Deripaska
Recently, the Haselsteiner Family Private Foundation informed the Strabag Board of Directors that it has terminated a syndicate agreement between the main shareholders. Previously, several attempts to buy up all the shares of the major Russian investor Oleg Deripaska failed.
March 15, 2022
Energy Supply: Liquefied Natural Gas from Qatar, Instead of Pipeline Gas from Russia
Chancellor Nehammer visited the United Arab Emirates (UAE) and Qatar with the intention of lessening Austria's dependency on Russian natural gas for energy. Read about the chancellor's visit and how liquefied natural gas could help solve this issue.
March 11, 2022
How Gazprom Helps the Kremlin to Manipulate Austria
The Russian government uses the majority state-owned energy corporation Gazprom to exploit Europe's dependency on Russian natural gas, and Austria is no exception. Read how the Kremlin uses Gazprom to influence Austria.
March 8, 2022
Asset Management: The Consequences of the Russian Attack for Markets and the Economy
War has broken out. The markets had been in a state of tense calm over the last few days leading up to the invasion, after the continuous threats from Russia that provoked the first sanctions by the United States and Europe, but the attacks that began last week have sent shockwaves across almost all asset classes. In this context, what should investors do?
March 2, 2022
Russia's Sberbank with European Headquarters in Vienna under Pressure
The Austrian Financial Market Authority (FMA) has announced a moratorium on Sberbank Europe AG, a European subsidiary of the Russian state-owned Sberbank. Read what this means for Sberbank Europe and its customers.
February 28, 2022
Russo-Ukrainian War: First Effects of Western Sanctions on Russian Economy
The Russian economy is already beginning to feel the effects of the Western sanctions for its invasion of Ukraine. Read what effects the sanctions are having on the economy.
February 28, 2022
Continued Strong Interdependence of Business between Russian, Ukrainian and Austrian Companies
Austrian businesses have established significant ties with those in Ukraine and Russia over the years. Read about the amount of business Austria does with each country and how the recent escalation of tensions could affect this.
February 23, 2022
Austria's Reaction to Putin's Disrespect for the Territorial Integrity and Sovereignty of Eastern Ukraine
Following President Putin's decision to recognize the independence of Luhansk and Donetsk in the Donbas region of Ukraine and to send "peacekeeping troops" to these areas, the Austrian government's Crisis Cabinet met to discuss how to respond. Read what Chancellor Nehammer said about the act of Russian aggression and what Austria will do.
February 22, 2022
Vienna's Mayor Ludwig: "Pandemic has not yet been mastered"
Mayor Ludwig announced that Vienna will keep some of the COVID-19 measures in place despite the federal government lifting many of them. Read which measures still apply in Vienna and what the mayor and health experts said about it.
February 21, 2022
Schallenberg Met Baerbock - Shared Responsibility Against the Aggression of the Kremlin
German Foreign Minister Annalena Baerbock met with Foreign Minister Schallenberg in Berlin to discuss the tensions between Russia and Ukraine, as well as climate action and the Western Balkans. Read what the two foreign ministers said about these issues.
February 21, 2022
EU - African Union Summit as Driver for Strengthened Economic Partnership between African Countries and Austria
Austria plans to use the upcoming European Union - African Union Summit as a means to strengthen the economic partnership between African countries and Austria. Read more about Austria's plans for strengthening cooperation with Africa.
February 15, 2022
FDI in Austria: ABA Location Agency Serves 364 International Companies
The annual results from the Austrian Business Agency (ABA) show that its location agency serves 364 international companies. Read more about the ABA's annual results and how the agency is helping companies settle into Austria.
February 15, 2022
Ukraine Crisis: Potential Impact of Russian Invasion on Ukrainian, Russian and EU Economies
The solution of the Russian aggression and violation of rights towards Ukraine, is of central importance for the world we want to live in. The Vienna Institute for International Economic Studies (WIIW) conducted a study on the potential economic impacts of a Russian invasion of Ukraine. Read their prediction for how an invasion would affect the economies of the EU, Russia, and Ukraine.
February 8, 2022 · Updated: February 11, 2022; 08:35
Vienna is Becoming the Start-up Capital of Austria
Vienna's start-ups generated an added value of 3.9 billion euros in 2021, making it the most popular place in Austria for start-ups. Read more about the start-up environment in Vienna and what it has done for the Austrian economy.
February 9, 2022
Economics Minister Schramböck Calls EU Chips Act "An opportunity for Europe"
The European Commission has unveiled its draft for the European Chips Act. Read about the Chips Act and why Economics Minister Schramböck called it "an opportunity for Europe."
February 8, 2022
EXPO 2020 Dubai: Extraordinary Austria Pavilion Wins Multiple Awards
The Austria Pavilion at EXPO 2020 Dubai has now won yet another award. Read about the multiple awards the pavilion has won and why it is receiving so much recognition.
February 8, 2022
Austria Promises Legal Action After EU Commission's Nuclear Energy Decision
Austria has vowed to take legal action against the European Commission after it decided to include nuclear energy and natural gas as sustainable investments under the EU Taxonomy Regulation. Read what the Austrian president, chancellor, and climate minister said about this decision.
February 3, 2022
Armenia and Austria Strengthen Bilateral Ties
Foreign Minister Schallenberg is visiting Armenia in an attempt to strengthen bilateral ties. Read about Austrian-Armenian relations and Schallenberg's trip, which includes meetings with Armenian Prime Minister Nikol Pashinyan and Foreign Minister Ararat Mirzoyan.
February 2, 2022
Opec and Non-OPEC Members Agree Further Gradual Increase in Oil Production
At the 25th OPEC and non-OPEC Ministerial Meeting (ONOMM), the oil-producing countries decided upon a gradual increase in oil production for March. Read about this and the other decisions made at the meeting.
February 2, 2022
Economic Outlook for Austria until 2024
Strong economic rebound amid high uncertainty about impact of Covid-Omicron variant. Find out what the economic future holds for Austria until 2024.
February 2, 2022
Vienna: Immigrating Foreigners Boost EU's Fifth Largest City
Despite the COVID-19 pandemic, Vienna's population grew again in 2021. Read why immigration was critical for Vienna to continue its growth and what the forecast is for the future.
January 31, 2022
Inflation in Austria: Government Approves Relief Package to Deal with Rising Energy Prices
Chancellor Nehammer and Vice-Chancellor Kogler held a summit with energy suppliers and assembled a relief package to help combat inflation. Learn what's in the relief package and who will benefit from it.
January 28, 2022
City of Vienna to Provide 120,000 Euros to Migrant Organizations in 2022
The City of Vienna has decided to provide 120,000 euros in funding for migrant organizations and associations to help offset the financial stress of the COVID-19 pandemic. Read about the funding for projects in 2022 and examples of important integration projects from 2021.
January 28, 2022
Expo 2020 Dubai: Austria's Youth Showcase Their Innovation
The four teams that won Austria's "Innovative Youth" competition will get to showcase their projects at the World Expo 2020 in Dubai. Read about the competition and what the winning projects were.
January 27, 2022
Vienna Airport Hub: Ryanair to Take Further Market Share from Competitor Austrian Airlines
Ryanair continues to cut into the market share of Austrian Airlines at Vienna International Airport. Read about the growth of this discount airline and how it is competing with Austrian Airlines in its home country.
January 20, 2022
Kazakh Foreign Minister in Vienna Promises Investigation into the Unrest
Foreign Minister of Kazakhstan Muchtar Tileuberdi met with Foreign Minister Schallenberg in Vienna, and the pair discussed the recent protests and violence in Kazakhstan. Read more about their discussion, and watch their joint press conference.
January 20, 2022
Vienna - Perhaps the Best Place to Go in 2022
Vienna was ranked one of the top travel destinations for 2022 by multiple international media outlets. Read more about this positive development for Vienna's tourism industry.
January 19, 2022
Fast News Search
This category only
