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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
Horváth & Partners Study - CEE remains attractive
A new study of the Horváth & Partners Management Consultants studied the success factors for setting up the subsidiaries of production sites in CEE.
September 8, 2010
First half-year 2010: trade volume of more than 50 bn euro in both trade flows
Austrian imports increased by 12.3% and Austrian exports rose by 12.5% compared to the same period in 2009.
September 7, 2010
Wholesale price index in August up 5.6%
Wholesale price index in August 2010: +5.6% against August 2009
September 7, 2010
Turnover in Services Sector increased by 1.9% in the first half of 2010
Based on results for the first half of 2010, turnover of Austrian services enterprises at nominal values rose by 1.9% compared to the first half year 2009.
September 6, 2010
The Austrian electricity price index ÖSPI is to decline in October
The electricity price index for October 2010, calculated by the Austrian Energy Agency (Österreichische Energieagentur), indicates that in October prices of electric energy will fall.
September 6, 2010
Vienna's unemployment rate drops by 1.8 percent
By the end of August the number of registered jobless in Austria's capital Vienna dropped by 1.8 percent y/y to 71,098.
September 1, 2010
Registration numbers of new passenger cars are up
Provisional number of new passenger car registrations in August 2010: +10.4%.
September 1, 2010
OeNB: less corporate loans, but more private loans in June
Austrian Central Bank OeNB reported that in June the volume of new loans extended to private households reached the highest level this year, while the value of new corporate loans dropped.
September 1, 2010
Unemployment rate - Ten percent in euro area
Austria continues to exhibit lowest unemployment rates.
August 31, 2010
EVN: long winter driving profits
The energy supplier earned €204.9m ($261.6) in the first nine months of the current fiscal year, 16.7 percent more than a year ago. The long winter in Austria helped.
August 30, 2010
Austrian Banks in Central, Eastern and Southeastern Europe
According to a recent comparative study from the Austrian Central Bank (OeNB), the long-term commitment of Austrian banks in Central, Eastern and Southeastern Europe (CESEE) offers good prospects.
August 27, 2010
Austria - Production index +5.7%
The seasonally adjusted production index for the Production Area (NACE 2008 B - F) (base year) recorded a 0.6% decrease in June compared to May 2010, according to calculations by Statistics Austria.
August 24, 2010
Bankruptcy wave in Eastern Europe
In 2009 Eastern Europe registered 44 380 company failures, which accounts for over 44 percent more bankruptcy cases than in 2008. In Western Europe, the increase was 18.6 percent, Austria performed well with 9.3 percent.
August 20, 2010
AWS - Increasing demand for small loans
According to the Austria Economic Service (AWS) a significant increase in demand for small loans was registered in the first half of 2010.
August 17, 2010
Construction costs in July 2010: + 3.5% year-over-year, slight decrease compared to June 2010
Austria's Economy - The construction cost index for construction of residential buildings reached 119.6 index points in July 2010.
August 16, 2010
Inflation in Austria fell slightly
Inflation in Austria fell from 2.0 to 1.9 percent in July on an annual basis. The main drivers were price increases for housing and fuels, which are responsible for half of the increase in CPI.
August 16, 2010
Austria attracts World Bank
Austria has concluded agreements for an official residence of the World Bank Group. It provides privileges similar to those of diplomats for employees of the international organization.
July 22, 2010
Banks-Stress Test - Friday evening moment of truth
At 6pm the Association of European Banking Regulators publish the result of the test of 91 European financial institutions. In Austria, Erste Bank, RZB and Bank Austria will be tested.
July 21, 2010
Banks' equity - "Basel III costs 46 000 jobs"
The stricter rules for the equity of banks will reduce lending by up to 20 percent, says the Institute for Advanced Studies (IHS) in Vienna.
July 21, 2010
Rise in industrial production prices
New rise in industrial production prices in May 2010: +0.8% from previous month, +2.9% compared to May 2009.
July 20, 2010
East-Europe Bank - "Hungary carries risks of infection"
The proposed bank tax against the wishes of the IMF is not a good sign, says the head of the European Bank for Reconstruction and Development (EBRD).
July 20, 2010
Mitterlehner calling for judicious austerity measures
Economics Minister Reinhold Mitterlehner warns EU countries about excessive savings. "Instead of linear cuts, you should save intelligently. Otherwise, domestic consumption is decreased too much," said Mitterlehner.
July 19, 2010
OeNB stresses its commitment to reform
The Austrian National Bank (OeNB) has announced its continuation of current reform policy, in light of stringent austerity measures announcement. Simultaneously, the OeNB said in a press release that its nationalisation has no impact on its independence
July 19, 2010
Hungary rejects additional austerity measures
Hardened front between the Hungarian government on the one hand and the International Monetary Fund (IMF) and the EU on the other side: highly-indebted Hungary has ruled out further austerity measures.
July 19, 2010
Banks threaten with drastic job cuts
Bankers warnings on impact of the stricter financial rules, five to ten thousand jobs are threatened.
July 19, 2010
EURO - Confidence returns
Patient Euro is on the road to recovery. Europe's debt crisis and the financial problems mainly of Greece greatly affected the exchange rate earlier this year. Now, the Euro regains strength. After the low of $1.18, the Euro recovered step by step rising
July 16, 2010
Economy shrank by 3.9 percent in 2009
The Austrian economy has shrunk even more in 2009 than previously expected.
July 16, 2010
Stress tests - according to Cernko, Austrian Banks in the bottom third
Referring to speculation according to which Austrian banks with their relatively low equity ratio should not perform that well, Bank Austria CEO Willibald Cernko said "If one considers capital only, they will be at the top of the bottom third."
July 15, 2010
Expensive oil products - Inflation rises to 2.0 percent
The inflation rate was held high in June compared to last year due to higher prices of petroleum products.
July 14, 2010
Stress tests could be price-sensitive information
At the political level it is fiercely debated how detailed the publication of the stress test should be. The FMA currently tests whether the stress test results are stock market relevant, compulsory publications.
July 14, 2010
Stress tests pose problems
Results of stress tests will be published later than expected - assumptions behind tests create uncertainty.
July 14, 2010
Nowotny - raising the "retirement age"
Higher life expectancy, rising deficits: Austrians should therefore delay retirement, says National Bank's CEO Nowotny.
July 13, 2010
Local banks in stress test "within normal range"
OeNB Governor criticizes EU Commission: State aid procedure too long - debt reduction, dampening the economy Austria's banks performed within "the normal range, in midfield," the Governor of the Austrian National bank (OeNB) and Governing Council memb
July 13, 2010
Slowdown expected in the third quarter
A return to recession is not expected according to economists at Bank Austria, but the peak was now surpassed.
July 13, 2010
UniCredit's Profumo proposes 20-billion rescue fund
Head of Bank-Austria parent UniCredit, Alessandro Profumo, has announced his ambitions for a privately financed € 20 billion heavy rescue fund for troubled European banks.
July 12, 2010
Transaction tax - OECD European solo attempt
According to Jeffrey Owens, head of the OECD's tax department, a transaction tax only makes sense if it relates to the financial centres on a global scale.
July 12, 2010
Crisis causing private bankruptcy
Unemployment and less income: more than 50,000 people last year turned to a debt counselling bodies.
July 12, 2010
Pröll on economic status quo, "thunder and lightning are over"
The EU has demonstrated that "it is able to act in one of the worst crises, even if there were some mistakes," says Austrian Finance Minister Josef Pröll.
July 12, 2010
Foreign Trade Deficit, despite growth
Statistik Austria has published Austria’s trade balance. There are, increases in imports and exports.
July 12, 2010
The high debt burden of Austria as target for speculators
In the crisis years 2008, 2009 and 2010, the public debt mountains are exploding. In the EU, the debt within three years has increased from 60 to 80 percent of GDP.
July 9, 2010
International companies discover Austria again
In the first half of 2010, 93 companies settled in Austria; in the same period in 2009 there were only 84. Total investment volume tripled from €37m ($46,95m) to almost €103m ($130,69).
July 8, 2010
Fight against early retirement - Companies should pay
The Wifo suggests that firms should pay if their employees are sick and are sent into early retirement.
July 8, 2010
Stress tests - Erste Bank and RZB on the list
91 European banks will have to undergo stress tests of European regulators. Two Austrian institutions will be tested as well.
July 8, 2010
Hungary rejects amendments to bank levy
At the start of negotiations with the International Monetary Fund (IMF), the Hungarian government ruled out an amendment of the introduction of the controversial bank tax.
July 7, 2010
More private consumption in Austria
In Austria the private consumption expenditure has increased by 0.3 percent in the first quarter of 2010.
July 7, 2010
OECD’s criticism of low labour force participation of older people
In Austria, the labour market has weathered the global economic crisis better than most other OECD countries.
July 7, 2010
Austrian companies are innovative
More than half of domestic companies may be the labelled innovative.
July 6, 2010
Higher property tax could bring a billion
A convergence of calculation basis to real market values could, according to the Wifo, generate additional income of half a billion Euros.
July 5, 2010
Lending decreased in April
More long-term loans to enterprises, decline in foreign currency loans in private sector.
July 5, 2010
Short-time work massively reduced
At the height of the crisis in April 2009, 57 000 employees were short-time workers , there were only 8313 at the beginning of July 2010.
July 2, 2010
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