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

WIFO: Austrian Manufacturing Industry in Good Position

The economic recovery driven by exports and the manufacturing industry continued in the fall: the GDP grew 2.4% over the previous year in the third quarter.

December 10, 2010

Mitterlehner: New Red-White-Red Card has Advantages for Economy and Location

The "red-white-red-card" is to meet the needs of the Austrian economy for skilled foreign workers.

December 10, 2010

Austrian Resistance Against Euro Bonds

Massive criticism comes from Germany, the Netherlands and Austria against the proposal to implement euro bonds to stabilize the currency in the EU.

December 8, 2010

Austrian National Bank: Credit Shortage Has Been Overcome

The analysis of the Oesterreichische Nationalbank (OeNB, Austrian National Bank) on loan growth shows slowly recovering credit dynamics in Austria.

December 8, 2010

Strong Growth in Foreign Trade

In the first nine months, Austria imported goods for € 82.45bn (+14.8%). Exports increased by 5.8% to € 79.69bn.

December 8, 2010

Increase of Austrians’ Purchasing Power

Despite higher taxes and lower benefits, the purchasing power of the Austrian people will grow in 2011 by an estimated 2.6%.

December 7, 2010

Sales Gowth in the Services Sector

In the third quarter, trade and services reached a revenue growth of 7.2% over the previous quarter of this year and of 5.2% over the same quarter of the previous year.

December 7, 2010

Nowotny Pleads for Euro-Bonds

The governor of the Austrian National Bank, Ewald Nowotny, is for the introduction of euro-bonds. Germany’s resistance is pre-programmed.

December 6, 2010

Economic Chamber in Tokyo: Biotechnology as an Opportunity

The President of the Vienna Economic Chamber, Brigitte Jank, sees above all great opportunities for Austria in Japanese biotechnology and pharmaceutical industries.

December 6, 2010

Trade Between Russia and Austria is Booming

The volume of trade between Austria and Russia has increased by 30%. Innovation and modernization are core issues for both countries.

December 6, 2010

Leitl Vehemently Defends Euro Protection Shield

The President of the WKÖ (Austrian Federal Economic Chamber), Christoph Leitl, gives a clear answer to the euro critics: without the euro, Austria would have become a problematic case in 2009.

December 6, 2010

Triple-A Rating: Treichl vs. Nowotny

The Chairman of the Erste Group is not convinced anymore by Austria's financial policy; the Governor of the National Bank however, still stands on "AAA".

December 3, 2010

Stable Recovery of Austrian Economy

The Oesterreichische Nationalbank (OeNB, Austrial National Bank) is assuming a growth of the economy of 1.9% for 2010. Further acceleration is possible for subsequent years.

December 3, 2010

Equity Requirements of Austrian Banks are € 18 billion

Due to the new Basel III regulations, Austrian banks will need a much stronger capital base by 2019. The estimation is € 15 billion to € 18 billion.

December 2, 2010

Austria's Position in the CEE Region Shakes

According to the Roland Berger consultancy agency, Austria receives not only competition in the CEE countries, but the importance of the region also decreases from a global viewpoint.

December 1, 2010

Unemployment Continued to Decline in November

Both the number of unemployed and trainees show a decline.

December 1, 2010

Carinthia Back on Growth Path

A business survey in Carinthia showed an increasingly positive image. Optimism is rising.

November 30, 2010

The Budget is Finally Set

After weeks of discussions about the 2011Austrian Federal Budget, the final details were announced today. There are very few amendments to the original project.

November 30, 2010

Industrialists: Destruction of Business Location Averted

The Industriellenvereinigung (IV, Industrialists Association) is relieved about issues concerning location policy, and at the same time calls for structural reforms.

November 30, 2010

Salary Increase in Trade up to 2.3%

Low incomes are taken more into account than higher salaries; the minimum wage in trade now amounts to € 1,300.

November 30, 2010

Globalization Study: Vienna Among Top 20 Cities

New York remains at the top of the ranking of the "Global City Index 2010" by A.T. Kearney. Vienna stays unchanged at 18th place.

November 30, 2010

EU Growth Forecast: Austria Slightly Over Average

The EU Commission has revised its growth forecast for 2011 slightly upwards. Austria stays at 1.7% in the above average area.

November 30, 2010

Strong Sales Growth in Goods Production and Construction

According to Statistik Austria, sales growth in goods production was 14.3%. Orders for the construction industry decline however.

November 30, 2010

Carinthia Strengthens Relations with China

The Carinthian Economic Chamber President, Franz Pacher, has signed a bilateral trade agreement with the Beijing Economic Chamber.

November 29, 2010

Leitl: Finland and Austria Have Much to Learn From Each Other

Finnish ex-Prime Minister Lipponen exposes economic success secrets of his country.

November 29, 2010

WIFO: Budget Consolidation in the EU is Not Sustainable

WIFO criticizes the consolidation programs of the individual EU countries for being easily enforceable, but containing hardly any sustainable measures.

November 29, 2010

Is the Austrian Industry still competitive?

The chief economist of the Industriellenvereinigung (IV), Christian Helmenstein, draws a sobering picture on the future of the domestic industry.

November 26, 2010

WKÖ’s Secretary General Advocates for Educational and Administrative Reform

Young people have to be trained practically to meet the challenges of the future. An administrative reform should not be foregone, said Hochhauser.

November 25, 2010

Risk Exposure of Austrian Banks: € 32 billion

The volume that Austria's banks hold at the moment in the altogether not risk-free PIIGS countries (Portugal, Italy, Ireland, Greece), is € 32 billion.

November 25, 2010

Leitl Vehemently Asks the Government for Structural Reforms

The President of the Austrian Economic Chamber (WK), Christoph Leitl, call on the government for location and future investments.

November 25, 2010

Europe's Public Debt and Unemployment Remain High

Austrian Institute of Economic Research: The revival of the EU states, driven by expansionary economic policies and export growth, is ebbing.

November 25, 2010

AMS: Temporary Employment Will Continue to Rise

The Chairman of the Board of the AMS (Public Employment Service), Johannes Kopf, believes that the international trend of increasing temporary employment will also take root in Austria.

November 24, 2010

Industrial Production: Increase Over Last Year, but Trend is Declining

The September 2010 production index shows a significant increase of 3.6% in Austrian industrial production over the previous year.

November 24, 2010

Lending Rates of Domestic Banks Significantly Lower Than in the Euro Area

The lending interest rates for private households and businesses have risen recently. But despite this, rates are more advantageous than in other euro-countries.

November 23, 2010

WKÖ Promotes Trade With Developing Countries

The Economic Chamber Austria presents its strategies to strengthen Austrian companies in order to take advantage of business opportunities in developing and emerging countries more effectively.

November 23, 2010

Job Dissatisfaction Rises Dramatically

Austrians show themselves increasingly dissatisfied with their work. The current working climate index is at its lowest level in four years.

November 22, 2010

Solid Growth inTrade Between Austria and the Czech Republic

Exports between the two countries rise by around 20%. Cooperation is to be extended also to research.

November 22, 2010

CEE: Catch-Up Process Starts Again

After the growth break caused by the economic crisis, Eastern Europe is back on the upswing. However, the catch-up process has been delayed by years.

November 22, 2010

Economic Espionage: Damages for 880 Million Euro in Austria

Every year, Austrian companies lose 880 million euro to economic and industrial espionage.

November 18, 2010

OECD: Austria's growth until 2012 at 2%

According to the report, the economy is returning back to normal values, but it will have to manage without fiscal stimulus.

November 18, 2010

Study: Agricultural Subsidies Produce No Growth

The Austrian Institute of Economic Research has determined that growth in the Austrian regions is accelerated by EU regional promotional financing, but not by agricultural subsidies.

November 18, 2010

Junge Industrie Wien: Explosive Generational Balance Study

Junge Industrie Wien calls for "courageous steps". The credo is future investments instead of transfer payments.

November 17, 2010

Private Consumption of Austrians Increases

After the crisis of 2009, in which private consumption stagnated, expenditure on consumption rises massively again. The growth rate is 4.2%,

November 17, 2010

GPA: Private Employees Receive 2.2% Salary Increase.

Bigger salaries in trade, crafts and consulting: the negotiators consider this to be a "reasonable result".

November 17, 2010

Procurement: Economy Welcomes Extension

Economic Chamber President Christoph Leitl welcomes the planned extension of the threshold values regulation by one year as an important growth impulse

November 16, 2010

Study: 41% of Working Time in Austria is Unproductive

According to a study by the consulting firm Czipin Consulting, productivity continued to fall in 2008 and 2009.

November 16, 2010

Consumer Price Inflation up to 2.0% in October 2010

Main drivers for inflation are energy prices. Thus, inflation further accelerates.

November 16, 2010

WKÖ: China Overtakes the U.S. as the Most Important Overseas Austrian Trade Partner

The volume of foreign trade (exports and imports) with China in the second third of the year was 5.6 billion euro compared to 5.1 billion euro with the U.S.

November 16, 2010

Austria´s Economy: Recovery Accelerates

According to the Report of Bank Austria “Austria´s Economy”, GDP increases stronger than expected. The labor market experiences some weaknesses.

November 15, 2010

Mechanical Engineering Returns to High of Growth

The sector experienced a decline of output capacity by 22% in 2009, revenue in the sector dropped 24% to € 14.7bn. In 2010, production will grow by 8%.

November 15, 2010