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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
ReFocus Austria: Roundtable in New York as First Initiative in the U.S.
On his stay at the 76th United Nations General Assembly in New York, Foreign Minister Schallenberg held a roundtable event with Austrian and U.S. entrepreneurs to exchange ideas. This was the first of the ReFocus Austria initiative events in the U.S. aimed at strengthening the Austrian economy. Read more about ReFocus Austria and what was discussed at this event.
September 30, 2021
Doing Business with the United Arab Emirates: World Expo 2020 Opens in Dubai
The World Expo 2020, which kept its name despite being delayed to 2021, is set to begin in Dubai on 1 October. The United Arab Emirates (UAE) has been a particularly sought-after market for many Austrian companies. Read about the upcoming Expo, the economic relationship between Austria and the UAE, and some of the many Austrian companies that have found success there.
September 23, 2021
Vietnamese Business Delegation in Vienna
The Chairman of the Vietnamese National Assembly, Vuong Dinh Hue, and a high-ranking business delegation recently attended a business forum in Vienna with the Austrian Chamber of Commerce (WKÖ) Vice-President Richard Schenz. The forum included discussions about the dynamic Vietnamese economy and why it is an ideal location for Austrian companies and investors to diversify in Asia.
September 22, 2021
International Luxury Travelers to Visit Vienna
The Vienna Tourist Board (WienTourismus) is targeting international luxury travelers in a fall advertising campaign across Europe and the USA in an attempt to boost Vienna's tourism industry. This campaign will include advertising for culinary events in Vienna like "Feed Your Soul," it will market Vienna as a destination for business meetings, and it will target Ultra High Net Worth Individuals. Read more about Vienna's various offers aimed at international luxury travelers.
September 22, 2021
Security and Stability: Austria Deepens Cooperation with UAE, Saudi Arabia and Oman
Foreign Minister Schallenberg visited the UAE, Saudi Arabia, and Oman on a four-day trip to the Gulf region. While there, he spoke with various officials, including his counterparts: UAE Foreign Minister Abdullah bin Zayed bin Sultan Al-Nahyan, Saudi Foreign Minister Prince Faisal bin Farhan Al-Saud, and Omani Foreign Minister Sayyid Badr Albusaidi. The main topics of discussion were security, especially regarding extremism, and economic recovery from the COVID-19 pandemic.
September 15, 2021
The 250th Anniversary of the Vienna Stock Exchange
The Vienna Stock Exchange recently celebrated its 250th anniversary since it was founded by Maria Theresa. Minister of Finance Gernot Blümel congratulated the stock exchange on its anniversary and advocated for the implementation of a government program and retention periods to incentivize Austrians to invest in the domestic economy. Minister Blümel and Vienna Stock Exchange CEO Christoph Boschan both advocated for educating the public on financial topics. Read more about the Vienna Stock Exchange and what the pair said on its anniversary.
September 14, 2021
"Made in Austria": Ambassadors to Serve as Export Promoters
The Austrian government is calling on its diplomats around the world to promote Austria's export and tourism industries abroad to help the economy recover from the COVID-19 crisis. At the opening event of "ReFocus Austria", Chancellor Kurz, Foreign Minister Schallenberg, and Vice-President of the Federal Chamber of Commerce (WKÖ) Martha Schultz laid out the government's plan. Read about "ReFocus Austria," what these officials said about it, and watch the video of the opening event.
September 10, 2021
1.8 Million Euro Seed Funding for Austrian Crypto Investment Start-up
The cryptocurrency investment start-up Coinpanion is receiving € 1.8 million in seed investments from well-known investors in Austria and Germany. The lead investor is the German High-Tech Gründerfonds (HTGF), one of the most active venture capital funds on the European market. Read more about the start-up and those investing in it.
September 2, 2021
Are "Green Bonds" also Coming to Austria?
At the European Forum Alpbach, Austrian Finance Minister Gernot Blümel announced that Austria wants to issue a so-called "green bond" in the first half of 2022. The Ministry of Finance and Federal Financing Agency (OeBFA) have already completed the necessary technical work to issue the bonds. Read more about "green bonds" and Austria's plans to begin issuing them.
September 1, 2021
Inflation in Austria: Highest Rate in 10 Years
In August 2021, the inflation rate reached 3.1%, the highest value since December 2011.
August 31, 2021
ÖBAG: Attorney Edith Hlawati to Succeed Thomas Schmid
The Supervisory Board of Österreichische Beteiligungs AG (ÖBAG) has appointed the internationally recognized business lawyer Dr. Edith Hlawati as the new Chief Executive Officer of ÖBAG. She will succeed Thomas Schmid and take over the management of the state holding on 1 February 2022. Learn more about her and the selection process.
August 30, 2021
The Chamber of Commerce Switzerland-Austria-Liechtenstein Turns 100 Years Old
The Chamber of Commerce Switzerland-Austria-Liechtenstein or Handelskammer Schweiz-Österreich-Liechtenstein (HKSÖL) has supported economic relations between the countries for 100 years. They provide professional assistance to companies in these countries and Central and Eastern Europe. The HKSÖL has facilitated a particularly successful economic relationship between Austria and Switzerland. Read more about what the HKSÖL does and the Austro-Swiss economic relationship.
August 27, 2021
Austrian Chamber of Labour and Ombudsman Board: Family Allowances Delayed for Months
Families in Austria are complaining about their family allowances being delayed for months. The President of the Austrian Federal Chamber of Labour Renate Anderl and Ombudsman Bernhard Achitz have expressed serious concerns about the issue and blame staffing shortages at the Federal Ministry of Finance for the delays.
August 25, 2021
Austrian Business Agency: René Tritscher Succeeds René Siegl
René Tritscher has succeeded René Siegl as the new Managing Director of the Austrian Business Agency (ABA). Read about Mr. Tritscher's views on the future of the agency, as well as his previous experience working for ABA - WORK in AUSTRIA and the Austrian Economic League (Österreichischer Wirtschaftsbund).
August 24, 2021
Importance of Economic Relations Between the United States and Austria
The American Chamber of Commerce in Austria (AmCham Austria) presented a new study on the importance of economic relations between the United States and Austria. AmCham also provided a position paper with five key recommendations to the Austrian Minister for Digital and Economic Affairs Dr. Margarete Schramböck and Secretary-General of the Austrian Foreign Ministry Peter Launsky-Tieffenthal. Read about the findings of the study and AmCham's recommendations.
August 23, 2021
City Diplomacy: What Connects the German-Speaking Capitals Berlin, Bern and Vienna
Mayor of Berlin Michael Müller, Mayor of Bern Alec von Graffenried, and Mayor of Vienna Michael Ludwig met in Vienna to exchange experiences and learn from each other. The three mayors drew up a joint declaration that addressed climate change, affordable housing, economic resiliency from the COVID-19 pandemic, and democracy and the rule of law.
August 19, 2021
Blümel: We Are Continuing to Help Those Businesses That Need It
Austrian Finance Minister Gernot Blümel announced that businesses can apply for two types of aid to help mitigate struggles due to the ongoing COVID-19 pandemic and economic crisis. The default bonus II has been adapted and extended until the end of September, and the loss replacement until the end of the year.
August 16, 2021
Mückstein Announces Ten Million Euros for International Projects in Health and Social Sector
Austrian Health Minister Wolfgang Mückstein announced that Austria will provide ten million euros for European and international projects to address the health and social consequences of COVID-19. The projects are particularly targeted at women and girls, refugees and vulnerable groups that have been significantly affected by the health and economic consequences of the pandemic.
August 13, 2021
Austrian Airlines CEO: "The crisis does not allow for a sigh of relief"
A report shows that Austrian Airlines, like the airline industry as a whole, is still suffering greatly from the COVID-19 pandemic. CEO Alexis von Hoensbroech acknowledges that 2021 has been better than 2020 so far, but the airline is still a long way from reaching pre-pandemic numbers.
August 9, 2021
Austrian Wholesale Prices: Largest Increase Since March 2011
In July 2021, wholesale prices saw their largest year-over-year increase since March 2011. The increases can be seen in the steel industry, gas industry, agricultural industry, and more. Read about which other industries the increases are affecting and just how significant the increases are.
August 6, 2021
Real Estate: Property Becoming Increasingly Expensive in Austria
Real Estate prices continue to rise in Austria despite the COVID-19 pandemic. While the property market is becoming increasingly expensive, rents in Vienna remain fairly affordable. Learn the new cost of buying property in Austria and how it compares with the rest of Europe.
August 5, 2021
Economic Opportunity: Malaysian-Austrian Joint Statement on Cooperation
Malaysian Minister of International Trade and Industry Mohamed Azmin Ali met with the Austrian Minister of the Economy Margarete Schramböck. The pair discussed cooperation in the high-tech industry, education and more. The two ministers also signed a joint statement, affirming Malaysia and Austria's intention of further economic cooperation.
August 3, 2021
Opening of the 75th Bregenz Festival
After being canceled in 2020 due to the COVID-19 Pandemic, the 75th anniversary of the Bregenz Festival is finally happening. President Alexander Van der Bellen gave a passionate address about climate change and other issues at the opening of the festival.
July 22, 2021
Mayor Ludwig Announces Mask Requirement Remains in Vienna
Mayor of Vienna Michael Ludwig announced that, due to an increase in COVID-19 cases, masks would still be required in shopping and retail stores in Vienna. This decision comes despite an easing of COVID restrictions by the federal government.
July 22, 2021
The Future of Tourism in Vienna Lies in Overseas Guests
Vienna International Airport and Vienna Tourist Board have extended their cooperation with the aim of acquiring international long-haul connections. They believe the future of the tourism industry in Vienna, especially coming out of the COVID-19 pandemic, depends on attracting more overseas guests. Find out why.
July 21, 2021
The Rich in Austria: Dollar Millionaires Up 5.3 Percent to Record 163,300
The number of so-called high net worth individuals (HNWIs) in Austria grew by 5.3 percent from 2019 to 2020 to 163,300 dollar millionaires. This is 8,200 more HNWIs than in the same period last year.
July 17, 2021
Arab Ambassadors in Vienna and Economic Relations between their Countries and Austria
The Ambassadors from Egypt, Iraq, Jordan, Morocco, Oman, Palestine, Qatar, Tunisia, and the UAE to Austria provided an economic overview of their countries and their relationship with Austria in an online forum with the Austro-Arab Chamber of Commerce (AACC).
July 11, 2021
German-Speaking Heads of State: "Possibility of More Sustainable and Resilient Era"
The heads of state of German-speaking countries met in Germany to discuss social cohesion after the Covid-19 pandemic and using the pandemic to move into a "more sustainable and resilient era". Read more about the meeting below.
June 30, 2021
Von der Leyen Approves Austrian Economic Comeback in Vienna
During her visit to Vienna, EU Commission President Ursula von der Leyen has delivered the good news that Austria is to receive EUR 3.5 billion worth of EU grants. The budget will be mainly available for investments and reforms in the areas of environmental and digital transformation.
June 22, 2021
Taiwan and Austria: Current State of Political and Trade Relations
The relations between Taiwan, officially the Republic of China (ROC), and Austria are developing stably despite the current tensions in the South China Sea.
June 1, 2021
How Expensive is Rent in Austria?
The rent costs in Austria vary depending on the duration, region and type of rental segment. Find out more about the exact amounts you have to pay across Austria!
May 25, 2021
European Commission Forecasts GDP Growth for Austria
In its spring forecast, the European Commission has issued GDP growth rates for all its member countries as well as for the EU as a whole and the euro area. Read more to find out the exact rates.
May 17, 2021
Viennese Start-Up Event Reaches 10 Million People
The Viennese startup event ViennaUP'21, which took place from April 27 to May 12 in a virtual format, can be viewed as a success. The reasons behind its success, the highlights of the event as well as what remains can be found out here!
May 14, 2021
Rating Agencies with Positive Outlook for Austria
Both Standard & Poors and Fitch have affirmed Austria's AA+ rating although noticing Austria's high spending for Covid-19 measures and assuming weaker economic recovery compared to the eurozone. Read more about the reasons for the ratings below.
May 10, 2021
Austria Sees Potential Global Economic Leadership
Only recently, the Austrian government has announced a comprehensive location strategy, which should enable Austria to position itself among global economic leaders in some particular segments.
May 10, 2021
How Austria Plans its Economic Recovery
The Austrian government has submitted its final plan for the European Reconstruction fund, in which projects for economic recovery are listed. These planned measures will receive funding of over EUR 3.5 billion by the EU. Find out what the areas of focus for the investments are.
May 5, 2021
Unemployment Decreases: Austria's Economy Trends Upwards
Austria's economy and employment show signs of recovery. The recent unemployment figures show a decline of about 8.7 percent in April compared to the previous month. Compared to last April, which was one of Austria's first months in the midst of the pandemic, this is a decrease of 32 percent.
May 4, 2021
Edtstadler in Madrid and Lisbon: Talks About "Green Passport"
Austria's Federal Minister for European Affairs Karoline Edtstadler has travelled to Spain and Portugal in order to discuss the fight against Covid-19, coordination in reconstruction and the "Green Passport". She demands an economic comeback that is characterized by green and digital transformation.
April 28, 2021
Austrian EU Commissioner Hahn Presents Funding for NextGenerationEU
The Austrian EU Commissioner for Budget and Administration Johannes Hahn has presented the "engine" of the NextGenerationEU economic recovery plan. NextGenerationEU will offer grants and loans to the member states with a total volume of EUR 800 billion by 2026. Austria will receive around EUR 3.5 billion.
April 21, 2021
Extension of Austria's Internationalization Program "go-international" Announced
Austrian Economics Minister Margarete Schramböck and President of the Austrian Federal Chamber of Commerce (WKO) Harald Mahrer extend the joint internationalization offensive "go-international" and provide EUR 25.6 million for the next two years. The funding will focus on the areas of innovation and technology, value chains and digitalization.
April 20, 2021
Austrian Companies Develop Innovations for Africa
On the occasion of the "Africa Innovation Challenge 2021" organized by Advantage Austria - Aussenwirtschaft Austria, several Austrian companies have developed innovative solutions to solve societal challenges in Africa's dynamic markets. At the World Summit Award (WSA), five projects have been selected champions by an international jury.
April 19, 2021
Austria Increases Turnover Loss Bonus
Companies, which are experiencing significant revenue shortfall due to the ongoing Covid-19 crisis, can now submit their applications for the Austrian turnover loss bonus for the months of March and April. The total amount available for companies has been increased to EUR 80,000 per month.
April 16, 2021
Potential Closure of MAN Plant in Austria
After the majority of the workforce in the MAN plant in Steyr voted against a takeover concept of a potential investor, Austria's federal and state governments are highly invested in supporting a solution that would save more than 1,000 jobs in Steyr, Upper Austria. No solution would mean a closure of the plant by 2023.
April 14, 2021
Austria Works on Comeback Plan for Life After Covid-19
Although the Covid-19 crisis might still be very present currently, the Austrian government already tries to prepare for economic reconstruction. Chancellor Sebastian Kurz and Vice-Chancellor Werner Kogler have presented a plan, which comprises the primary goals of increasing employment, digitally and ecologically transforming the economy and improving Austria as a business location.
April 13, 2021
Rail Connection Vienna - Salzburg Maintains Regular Intervals
The Austrian Climate Protection Ministry has once again ensured regular intervals for the rail connection between Vienna and Salzburg. The important connection, which is offered by the Austrian Railways (ÖBB) and Westbahn, is one of the most important rail connection in Austria and will thus be offered in regular intervals until July 4 due to an emergency award.
April 9, 2021
Vienna as Industrial Location: Proximity to Eastern Market Loses Importance
A recent survey shows that Vienna's infrastructure and quality of life are location advantages for Vienna as an industrial location, but the proximity to eastern European and other eastern markets declines in importance. Only 40 percent of the 172 surveyed Viennese industrial companies see the proximity to the eastern EU countries as an advantage,
April 8, 2021
Austrian Unemployment Decreases in March
The number of unemployed Austrians has decreased significantly in March compared to the previous month. About 56,000 fewer people have been reported unemployed, while the number of people in training at the Austrian Arbeitsmarktservice (AMS) has increased. This is likely due to the recent measure, which provides training priorities in areas where there is a particular demand for qualified workers.
April 7, 2021
Statistics Austria: Highest Public Deficit Since Records Began
Due to the Covid-19 pandemic, Austria has recorded its highest public deficit since the start of the record in 1954. The deficit in 2020 amounted to 8.9 percent of the GDP (EUR 33.2 billion), which was caused by a sharp increases in government spending and a decrease in government revenue.
April 1, 2021
Covid-19 in Austria: Lower Austria and Burgenland Extend Easter Lockdown
The "Easter rest" has now also been extended in the provinces Lower Austria and Burgenland until April 11. After Vienna, the two provinces have decided to prolong the lockdown until a week after Easter. The applicable rules for the eastern region of Austria include a 24 hour curfew, closure of the retail sector as well as closure of body-related services and cultural institutions.
April 1, 2021
Extension of Re-Employment Promise in Austria Gives Planning Security
In order to alleviate the hard-hit tourism industry, Austria's Labor Minister Martin Kocher and Tourism Minister Elisabeth Köstinger have announced to further extend the re-employment promise until the end of official closures. This gives the respective businesses more planning security, since they will not have to worry about their well-trained employees.
March 31, 2021
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