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 on the Way to Innovation Leader in the European Innovation Scoreboard 2023
Austria has improved to sixth place in this year's European Innovation Scoreboard (EIS) and is thus on the right track to becoming an innovation leader.
July 13, 2023
Saving the Historical Habsburg Clothing Brand
The insolvency of the renowned Salzburg-based clothing manufacturer Habsburg in May came as a shock to lovers of the fine label of down-to-earth solidity. Two experienced entrepreneurs from the fashion and lifestyle industry have made the rescue of Habsburg their personal affair of the heart and have thus committed themselves to the continuation of the brand.
July 12, 2023
OMV Secures Additional European Gas Transmission and Pipeline Capacities until 2028
The listed oil and gas group OMV has successfully secured additional European gas transport capacities and gas pipeline capacities. This measure serves to secure Austria's gas supply and enables OMV to meet its delivery obligations in the medium term.
July 12, 2023
Wealth of the Richest Austrians Grows Despite Global Trends
In its latest issue, the business magazine "trend" publishes its annual ranking of the "100 richest Austrians". In contrast to some global studies, which show a slight decline in the ownership of the super-rich, Austria shows a different development. The assets of the 100 wealthiest individuals and families increased by five percent to a total of around 210 billion euros.
July 11, 2023
Viennese International Economic Institute: Growth in Eastern Europe Weaker than Expected
The Central and Eastern European EU member states recorded weaker economic growth in the first quarter of this year, according to a recent study by the Vienna Institute for International Economic Studies (WIIW).
July 6, 2023
Franco-Austrian Cooperation for Clean Water in Eastern Europe
France's Ambassador to Austria, Gilles Pécout, spearheaded a round table discussion in Vienna as part of the "EU4Environment-Water Resources and Environmental Data" program. This initiative, funded by the European Union, the Austrian Development Agency, and the Artois-Picardie Water Agency (France), aims to support Eastern Partnership countries in their journey towards European standards for water resources and environmental data management.
July 5, 2023
Selling of Turmoel Fuel Business to the Polish Group Orlen
The Austrian-based Doppler mineral oil group has sold its Turmöl fuel business to the partly state-owned Orlen mineral oil group from Poland, Orlen announced. As a result, the Turmöl service stations are switching to a large international group.
July 4, 2023
Kuwaiti Foreign Minister Strengthens Economic Ties with Austria During First Europe Trip
Kuwaiti Foreign Minister Sheikh Salem Abdullah Al-Jaber Al-Sabah met for working talks with Austrian Foreign Minister Alexander Schallenberg in Vienna. The visit of the Kuwaiti Foreign Minister to Vienna underlines the interest of both countries in further strengthening economic relations and intensifying cooperation at the geopolitical level.
July 4, 2023
Austria and Portugal Strengthen Bilateral Cooperation
Austria's Foreign Minister Alexander Schallenberg received his Portuguese counterpart João Gomes Cravinho for a meeting in Vienna. The talks focused on intensifying political and economic cooperation and strengthening foreign policy cooperation between the two countries. Furthermore, they emphasized the unity of the EU member states in the face of the Russian war of aggression and exchanged views on the situation in the Western Balkans.
July 2, 2023
Wirecard Trial: Entire Wirecard Asia Business Made Up
Wirecard's insolvency administrator, Michael Jaffe, has confirmed that the company's deal with supposed partners in Asia was completely fabricated, according to recent findings. This is according to Jaffe's fifth status report to the Munich District Court.
June 27, 2023
European Movement Austria Presents Reform Ideas for the EU Single Market
Europe has achieved a level of prosperity that no previous generation has experienced. The EU Single Market, which celebrates its 30th anniversary this year, is the key to this success. The future of the Single Market was the focus of a panel discussion of the European Movement Austria (EBÖ) at THE LEO GRAND in Vienna.
June 27, 2023
European Forum Wachau: Building a Resilient, Green, and Competitive Europe
The event under the general theme "Building a Resilient, Green and Competitive Europe" takes place for the 27th time. This year, the Europa Forum Wachau invited top-class guests to discuss the most important European issues. Among others also the topic of illegal migration, the war in Ukraine, and the Euro-integration of the Western Balkan states.
June 25, 2023
OMV Gives Final Investment Decision for Gas Project in Romania
OMV announced the final investment decision by OMV Petrom, the largest integrated energy company in Southeast Europe, for the Neptune Deep natural gas production development project.
June 22, 2023
OPEC and Non-OPEC Participating Countries Agree on Crude Oil Production Adjustments
In a bid to maintain stability in the oil market, OPEC and non-OPEC Participating Countries have announced key decisions during the 35th OPEC and non-OPEC Ministerial Meeting held in Vienna. The meeting emphasized the commitment to achieving a stable oil market and providing long-term guidance for the industry.
June 19, 2023
Preliminary Presentation in Vienna of UN Study Results on Fast Fashion and Old Clothes
The Austrian-based foundation COMÚN and the Chilean study author, Beatriz O'Brien, exclusively show the disastrous consequences of "waste colonialism" in research ordered by the UN in the run-up to the "Austrian Consumer Dialogues: Textiles".
June 19, 2023
Austrian National Bank Publishes Macroeconomic Forecast for 2023 to 2025
According to the published forecast of the Oesterreichische Nationalbank (OeNB), the Austrian economy is expected to pick up speed in the second half of 2023, with GDP growing by 0.5 percent in 2023. Accelerated growth of 1.7 percent is forecast for 2024. Although HICP inflation will fall steadily after the highs at the beginning of the year, it will still be above average at 2.9 percent in 2025.
June 18, 2023
Research Presentation: Western Balkans 20 Years after the EU Summit in Thessaloniki
On Friday, June 30, 2023, at 09:00, the Bertelsmann Stiftung and the Vienna Institute for International Economic Studies (wiiw), together with prominent politicians from Austria and the Balkans, will present their new study on the EU's geo-economic influence in the Western Balkans. The event will take place in the Reitersaal of the Oesterreichische Kontrollbank in Vienna.
June 15, 2023
NEFI Study Shows Paths to Climate-Neutral Industry in Austria
A recent study by the innovation network NEFI - New Energy for Industry has provided important impetus for a climate-neutral future for Austrian industry. In 2021, the domestic manufacturing industry was responsible for more than one-third of the total CO2 emissions in Austria. The NEFI experts have now developed three scenarios that show concrete ways to transform the industrial energy system.
June 11, 2023
Vienna Business Agency and Climate Lab For Sustainable Economic Development
Since its founding in September 2022, the Climate Lab has strived to achieve Austria's climate neutrality targets and the goals of the Austrian circular economy strategy as quickly as possible through innovative collaborations and alliances.
June 4, 2023
New Unitary Patent Paves the Way for Innovative Companies in Europe
As of June 1, 2023, a unitary patent (unitary patent) will be introduced that will be valid in most member states of the European Union. Austria already ranks eighth in the EU for future technologies.
June 1, 2023
Austrian National Bank: Monetary Policy Strategies Must Act
In his speech at the opening of this year's Economics Conference, Austria's National Bank - Governor Robert Holzmann shed light on the importance of a robust and resilient monetary policy in uncertain times. Given the recent financial market turmoil, he stressed that monetary policy strategies must not remain empty words and that the instruments must work.
May 24, 2023
Austria Shows Interest in Developing the Railroad Infrastructure to the Slovenian Port of Koper
Despite expansion projects, rail capacity remains limited compared to road. The seaport in Koper, Slovenia, which is important for Austria, is an example of current efforts in rail expansion, but at the same time shows the limits of rail-bound freight transport. With regard to Koper, Austrian experts emphasized the importance of an efficient rail connection for freight traffic.
May 24, 2023
European Ministers of Serbia and Austria Emphasize the Importance of Relations
During her working visit to Belgrade, Austrian Minister for European Affairs Karoline Edtstadler met with Serbian Prime Minister Ana Brnabić and her ministerial colleague Tanja Miščević.
May 22, 2023
Austrian Business Leaders and Government Officials Discuss Economic Ties with South Korea
The President of Austrian Chamber of Commerce Harald Mahrer welcomed South Korean Prime Minister Han Duck-soo. South Korea will be a global hotspot for future technologies of central importance for Austria.
May 14, 2023
India and Austria Sign Migration and Mobility Agreement
In a significant development, Austria and India have signed a comprehensive Migration and Mobility Partnership agreement to strengthen cooperation on legal migration and repatriation.
May 14, 2023
Vienna Stock Exchange Reports High Profits for Third-Year Running
Vienna's stock exchange, Wiener Börse AG, has announced high profits for the third year in a row, despite the turbulent economic environment of 2022. Vienna's stock exchange plans to continue its focus on consistent market modeling and alignment with international standards and is calling on the government to act to take advantage of the capital market's potential as a powerful lever.
May 10, 2023
Political Support for Southern Hydrogen Corridor: Austria, Germany, and Italy Sign Joint Letter
The Southern Hydrogen Corridor, developed by major European transmission system operators, aims to connect North Africa, Italy, Austria, and Germany to supply important European demand clusters with competitive renewable hydrogen.
May 10, 2023
Austrian and Costa Rican Foreign Ministers Celebrate 150 Years of Diplomatic Relations
The Minister of Foreign Affairs of Costa Rica, Dr. Arnoldo André, met with his Austrian counterpart, Alexander Schallenberg, to discuss a broad agenda of bilateral and multilateral issues in the context of the celebration of 150 years of diplomatic relations between both countries.
May 9, 2023
Austria's Foreign Disaster Fund is Increased
Vice Chancellor Werner Kogler and Foreign Minister Alexander Schallenberg have praised the increase of the Foreign Disaster Fund (AKF) to 77.5 million euros in 2023 before the Council of Ministers.
May 4, 2023
Trilateral Meeting Discussed Energy Transition and Energy Innovation
A trilateral conference was held at the Technical University of Vienna, where Italian, French, and Austrian energy actors discussed the topics of energy innovation and the energy transition. The discussion panels included topics such as the role of gas and nuclear power in European decarbonization, the importance of renewable energy sources, and the potential of solar energy in Europe.
May 3, 2023
Austrian President Van der Bellen Welcomes Slovenia's First Female President on Inaugural Visit
The new Slovenian President, Nataša Pirc Musar, paid her inaugural visit to Vienna, where she was welcomed by Austrian President Alexander Van der Bellen with military honors. "It is an honor to receive today in Vienna the first female head of state of Slovenia," Van der Bellen said.
May 2, 2023
German-Speaking Foreign Ministers Discuss International Trouble Spots in Salzburg
The German-speaking Foreign Ministers Alexander Schallenberg from Austria, Annalena Baerbock from Germany, Dominique Hasler from Liechtenstein, Jean Asselborn from Luxembourg, and Ignazio Cassis from Switzerland met to discuss global and European challenges.
May 2, 2023
City Administrations in Focus: Vienna Conference on Human Resources
Demographic development, inflation, and international crises have an impact on all areas of our lives and bring new challenges for cities. Particularly in the area of human resources, cities must adapt to changing conditions and find new ways to attract and retain qualified personnel.
May 2, 2023
Space Diplomacy: International Space Partnership Funding by the UK Space Agency
In support of international partnerships, the UK Space Agency is launching a £20 million fund to leverage the UK's strengths, support new capabilities, and catalyze investment.
April 26, 2023
Tax Burden in Austria Still High According to OECD
According to a study conducted by the Organization for Economic Cooperation and Development (OECD), taxes and duties for Austrian employees continue to be high in international comparison.
April 25, 2023
Polish President Says that We Should Not Be Afraid of Russia
Polish President Andrzej Duda met with Austrian Federal President Alexander Van der Bellen in Vienna. There he assured further military support for Ukraine
April 18, 2023
EU Approves 2 Billion Euros in State Aid for Wien Energie
The European Commission has approved 2 Billion Euros in state aid for Austrian energy supplier Wien Energie. This was done to accelerate the energy transition and reduce fuel dependency in the context of the Russo-Ukrainian war, according to the EU Commission.
April 5, 2023
Norwegian Aker BP and Austrian OMV Cooperate for CO2 Storage License
Norwegian oil and gas company Aker BP ASA and the Norwegian offshoot of Austria's OMV AS have signed a cooperation agreement on carbon capture and storage (CCS). As a result, both companies have been granted a license under CO2 storage regulations on the Norwegian continental shelf.
April 3, 2023
OPEC+ Surprisingly Cuts Oil Production
The OPEC+ alliance has announced a surprise cut in oil production. There will probably be a reduction of about one million barrels per day from May onward.
April 3, 2023
New Chairpersons of the Austrian Citizens' Forum Europe
The ordinary general assembly of the Citizens Forum Europe (BGFE) in Vienna elected a new board. While Othmar Karas was reconfirmed as chairman, ex-Chancellor Christian Kern and ex-Vice President of the European Parliament Ulrike Lunacek will be his deputies in the future.
April 2, 2023
President Van der Bellen Reassured Austria’s Support to Pendarovski
Austria’s Federal President Alexander Van der Bellen Went on an Official Visit to North Macedonia and Met with his Macedonian Counterpart Stevo Pendarovski. Van der Bellen reassured support for North Macedonia’s EU accession and opted for constitutional Change in the country.
March 30, 2023
French Embassy in Vienna Held the Day of Francophonie
The French Embassy celebrated Francophonie Day in the form of an exchange on French as a "business language" at the Austrian Federal Chamber of Commerce.
March 30, 2023
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
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