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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
Too Little Competition for Energy and Pharmaceuticals
According to the Austrian institute of economic research (WIFO), electricity, energy and pharmaceuticals are too expensive.
January 2, 2012
Slight Decrease in Unemployment
In December 2011, the Austrian unemployment rate was 8.2%, which is slightly below the previous year´s level.
January 2, 2012
Austrian Government Debt Stands at € 214bn
Austrian government debt in relation to GDP declined slightly to 71.6%. Social insurance carriers reduced their debt by 49.5%.
December 30, 2011
Opposing Production Trends in Industry and Construction in September 2011
Total turnover went up by 9.5% year-on-year and reached € 23.0bn. Employment figures increased by 1.8%.
December 30, 2011
Construction Output Up by 1.4% from January to September
Construction of buildings increased by 7.8% while output in civil engineering declined by 6.5%. Volume of orders was up by 8.1%.
December 30, 2011
Austrians to Reduce Spending in 2012
Most people want to cut back on food and beverages, consumer electronics and holidays.
December 29, 2011
Austrians Want to Save More
According to a survey by ING International Study, 26% of the interviewed persons want to save more money. Optimism is decreasing.
December 28, 2011
Critics for FMA and Central Bank
Michael Ikrath, general secretary from Austrian Sparkassen, criticizes the Financial Market Authority and the Central Bank for equity requirements imposed on domestic banks.
December 28, 2011
40% of Austrian Employees Work In Spite of Illness
The feared loss of the job is one of the most important reasons, says a survey by the Chamber of Labor.
December 27, 2011
Austrian SME Become More Cautious
Due to the weak economy, the euro-crisis, the decrease in public expenses and equity requirements, small and medium-sized enterprises are more reluctant for investments.
December 27, 2011
Austrian Government Wants to Save € 10bn
The coalition partners agreed to cut expenses by € 2.0bn per year until 2016. Details were not published.
December 27, 2011
Production Index Up by 3.0% in October
Production index in October 2011: +3.0% compared to October 2010, -0.3% against September 2011.
December 23, 2011
Moody’s Keeps Austria’s AAA
The rating agency points to Austria’s economic strength and attempts to introduce a balanced budget requirement in the constitution.
December 23, 2011
OeNB Sees No Signs for Credit Crunch
The Austrian Central Bank reports a stable development of new lending. The volume of new corporate and private loans is growing at 2% each.
December 21, 2011
Crisis Reaches Austria’s Real Economy in 2012
Economic growth will collapse next year, investment activities and consumption will suffer from the crisis. A recovery is expected for 2013.
December 21, 2011
Business Insolvencies Declining
In spite of the economic cool-down, private as well as business insolvencies were going down in 2011.
December 20, 2011
Increase of Agricultural Income
First estimates of the Economic Accounts for Agriculture (EAA) compiled by Statistics Austria show an average increase of the income related to agricultural activities.
December 20, 2011
Substantial Gender Difference in Full-Time Employment
In Austria, 4.03 million employees counted for 3.54 million full-time equivalents in 2010. The gender gap is significant.
December 20, 2011
Felderer Expects Structural Changes
The head of the public debt committee, Bernhard Felderer says that new taxes are inevitable.
December 20, 2011
Fekter Pushes for Further Austerity Measures
The Austrian Minister of Finance, Maria Fekter (ÖVP), announced that the planned austerity measures will not be sufficient. The coalition partner SPÖ is upset.
December 19, 2011
Austrian Poverty Rate Unchanged
EU-SILC 2010: No increase of the at-risk-of-poverty rate due to the economic crisis; declining living conditions for the poor in a long-term perspective.
December 17, 2011
S&P: Austria Faces Recession
The rating agency forecasts shrinking economic output for countries with large exports.
December 17, 2011
Stagnation Expected for Austria
The Austrian economy is weakening steadily into the New Year. The Bank Austria Business Indicator continued to decline in November turning slightly negative as in the previous month.
December 17, 2011
Austrian Unemployment Fell Significantly
The Austrian labor market records more employees. The number of unemployed decreased, vacancies were going down in the third quarter of 2011.
December 17, 2011
OeNB: Developments in the Sovereign Debt Crisis Will Be Crucial for Financial Stability
The Austrian National Bank (OeNB) presented the 22nd Financial Stability Report.
December 16, 2011
Austrian Companies Have € 8.5bn Cash on Hand
ATX and Prime Market companies‘ money holdings amounted to € 8.5bn in Q2 2011. Investments totaled € 1.5bn.
December 15, 2011
Rising Number of Private Insolvencies
Mobile phone and car expenses are causing most private insolvencies in Austria.
December 15, 2011
Inflation Rate Climbs Back to 3.6%
Consumer price inflation went up again in November 2011. Above-average price increases were registered for traffic and household energy
December 15, 2011
Lower Increase of Construction Cost in November
Construction cost in November 2011: +1.6% against 2010, -0.2% compared to October 2011.
December 15, 2011
Tax Returns Take 170 Hours
In order to settle their tax duties, Austrian companies have to take much time compared to other EU members.
December 13, 2011
Austria Fifth Richest Country in EU
GDP per capita in the Member States ranged from 44% to 271% of the EU27 average in 2010. Austria´s figure amounts to 126%.
December 13, 2011
Debt Brake: Government Tries Again
In order to install the „debt brake“ into the constitution, the Austrian government tries again to persuade the opposition parties.
December 12, 2011
Mitterlehner Pushes for more Venture Capital
The Austrian Minister of Economics, Reinhold Mitterlehner wants to increase efficiency and reduce redundancies in economic subsidies.
December 10, 2011
Austria´s Industry Supports Croatia´s EU Accession
The Austrian Chamber of Commerce sees a huge interest of the domestic economy in Croatia´s EU accession. In 2010, Austria was the largest investor.
December 10, 2011
Lack in Know-How for Investments
For 91% of the Austrians the topics investments and finance are too complex. A lack in transparency is obviously the problem.
December 9, 2011
Only 0.3% GDP Growth in Third Quarter
The Austrian GDP stagnates, which is due to decrease in domestic consumption. The only positive impetus comes from the export industry.
December 9, 2011
Nowotny Attacks EBA
The Governor of the Austrian Central Bank (OeNB), Ewald Nowotny, criticizes the high speed which EBA requires from banks to build up equity capital.
December 9, 2011
Austria Considers to Employ South Europeans
Especially the tourism and the construction industries are ready to take on high-skilled workers from Spain, Greece or Portugal.
December 8, 2011
Austrian „Debt Brake“ Resolved
Due to the lack in approval by the opposition parties, the „debt brake“ will only be resolved as a simple act.
December 8, 2011
Rating Agencies Are Seen As Threat
The governor of the Austrian Central Bank, Ewald Nowotny, attacks S&P. For the head of the economic research institute IHS, Bernhard Felderer, the negative outlook must be seen as a warning signal.
December 7, 2011
Economic Stability: Austria Occupies Top Rank
According to a study by Allianz, Austria has the third rank among the EU countries.
December 7, 2011
Unchanged Upward Trend for Wholesale Prices
The Austrian wholesale price index in November 2011 was up by 5.5% against November 2010.
December 7, 2011
Rising Finance Requirements Due to Increase in Investments
According to the Erste Bank’s forecast on savings and loans, the average financing amount in Austria amounts to € 81,800.
December 7, 2011
Austrian Foreign Trade Deficit on the Rise
From January to September 2011: imports rose by 17%, exports increased by 14%. The deficit amounts to € 6.0bn.
December 7, 2011
„Debt Brake“: Critcism Against Opposition
After the “debt brake” has failed, the President of the Chamber of Commerce Christoph Leitl, Finance Minister Fekter and the Federal President Fischer criticize the three opposition parties.
December 6, 2011
Women´s Income Below Men
In Austria, the annual income of women is still considerably below men. However, this is mainly due to part time work. Male employees in private sector are top earners.
December 6, 2011
Increasing Gap in Incomes
Although Austria´s Gini coefficient is relatively low, the gap between high and low incomes becomes larger.
December 6, 2011
S&P: Negative Outlook for Austria
The rating agency Standard & Poor´s gives a negative outlook to all triple-A countries in the EU.
December 6, 2011
Only Small Increase in Exports in 2012
After a substantial growth in 2011, OECD expects only a slight rise in Austrian exports.
December 6, 2011
Opposition Not Convinced: „Debt Brake“ Fails
The Austrian government´s plans to introduce a “debt brake” in the constitution has failed. The three opposition parties are against the idea.
December 5, 2011