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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
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
Unemployment in euro countries unchanged
Lowest rate in Austria - Spain and Latvia, most affected Unemployment in the 16 euro countries will remain unchanged at high levels. In May the rate was ten percent, as the European statistics agency Eurostat announced on Friday in Luxembourg.
July 2, 2010
Eco with surcharge above Austrian average
"Since the Austrian real estate companies with an average of four to five percent return on equity do not currently earn their cost of equity, an evaluation of net asset value is not justified in not justified in our opinion."
July 1, 2010
EU needs a budget minister
For Austrian National Bank President Raidl, the Euro is a success story, however "the monetary union only functions as a political union "I think the Euro is a success story," said the President of OeNB and the Chairman of Voestalpine Claus Raidl to t
July 1, 2010
Unemployment significantly declines
For the first time since the beginning of the crisis the number of unemployed and trainees decreases significantly.
July 1, 2010
Construction output declines by 14%
The massive railway expansion in the first quarter prevents an even greater decline.
July 1, 2010
Nowotny strongly criticizes the Hungarian bank tax
The Austrian central bank chief Ewald Nowotny has practiced unusually sharp criticism of the Hungarian government, more specifically at the proposed Hungarian bank tax.
June 30, 2010
Energy must not be at mercy of shareholders
The only treasure of Austria must remain in own sphere of influence.
June 30, 2010
Austrian federal government - Massive fall in revenue
The federal government is missing €4b ($4.9b) in revenue, in the first four months of this year. In total a decrease of €6.1b ($7.5b) was registered.
June 29, 2010
European companies - Discrimination in China
In a survey of 500 European companies, 40 percent did not feel welcome in China. Accordingly, laws and rules would be unfavourable to non-Chinese companies.
June 29, 2010
IMF - Austria to save on expenses
Raise taxes, use the potential in the labour market and build a more effective social services system.
June 29, 2010
Bank Austria sees euro zone as main risk for growth
Institute raises forecast for 2010 slightly to 3.1 percent
June 28, 2010
OeNB - Stress tests discriminate against European banks
The Austrian banks have become more stable compared to the autumn of 2009, as analyzed by the Austrian National Bank. However, "stress tests" could cause lengthy aid procedures in Europe.
June 25, 2010
EU - Austria granted to extend bank aid package
The European Commission extended the authorization for the Austrian bank rescue package of €100b ($123b) for half a year.
June 25, 2010
Publication of the stress tests on Friday
In the second half of July, the results of the stress tests for the 25 leading banks in the community will be published. Previously such reviews, as well as the national results of stress tests for all banks of a country, were kept top secret.
June 23, 2010
Migration barriers - Austria missing out on Human Capital
Due to existing migration barriers, Austria looses highly skilled workers who are hard to find, especially in the years of the boom in the domestic labour market.
June 23, 2010
Quo vadis Europe? Crisis summit at the University of Linz
Corporate crises, bank failures and bankruptcies of entire economies: Europe is struggling with the agenda of national and international restructuring plans.
June 21, 2010
Inflation or deflation?
According to Wolfgang Braun at BörseExpress, there is fear among the citizens: the fear that they might lose their savings through inflation.
June 17, 2010
Finance Minister Pröll against publication of stress tests
Finance Minister Josef Pröll has expressed his discontent at a press briefing this afternoon about the current European debate on the publication of stress tests of individual banks based on the U.S. model.
June 16, 2010
Slight fall in inflation in May 2010 to 1.9%
According to calculations by Statistics Austria, the inflation rate for May 2010 was 1.9%, slightly lower than in previous months (both 2.0% in April and March).
June 16, 2010
Hungary - Orbán's crusade has what it takes for an export success
Viktor Orbán could have used his appearance at the IIF conference in Vienna to refurbish the image of his bankrupt government.
June 15, 2010
Survey - Restrictive lending in Austria
In a survey of the Credit Protection Association (KSV 1870) entrepreneurs declared, that borrowing is currently slow, and the allocation restrictive.
June 14, 2010
OeNB revises growth forecast for 2011 and 2012
Austria's economy will grow 1.6 to 2.1 percent from this year to 2012 to 2.1 percent, as estimated by the Austrian National Bank.
June 14, 2010
Austria has 39,077 dollar-millionaires
The number of dollar millionaires did not only rise in Austria but also increased substantially worldwide.
June 11, 2010
Pröll - Austria will introduce a bank tax in a solo attempt.
"The bank tax will be discussed together with the banks and it will be implemented, I stand for that," announced Finance Minister Pröll.
June 11, 2010
Austria's economy further weakens
The gross domestic product of Austria fell in the first three months of this year by 0.1 percent.
June 10, 2010
IIF Meeting - Viennese outcry against Basel
At its meeting in Vienna on Thursday, the World Bank Association IIF (Institute of International Finance) presented a study on the impact of stricter banking regulations.
June 10, 2010
Service sector achieved increase of turnover by 1.2% in the first quarter of 2010
According to Statistics Austria, based on results for the first quarter of 2010, turnover of Austrian services enterprises at nominal values rose by 1.2% compared to the first quarter of the year 2009.
June 9, 2010
Slight increase in trade deficit
In the first quarter of 2010, according to “Statistik Austria”, goods worth of €24.89b, were imported which is 3.8 percent more than last year.
June 8, 2010
Manpower - Employment Outlook for third quarter in 2010
As reported 13% of domestic recruiters intend to higher workers. Only 5% have to reduce staff. 88% can cope with current employee numbers while 2% still fluctuate.
June 8, 2010
Vassilakou - 50,000 new green jobs in Vienna possible
"50,000 new green jobs are possible in Vienna," says the club chairwoman of the Greens Vienna, Maria Vassilakou, in reference to a study by Greenpeace presented today in Berlin, that the world could produce 8.5 million jobs in the renewable energy.
June 7, 2010
Austrian Export Day - Summit of the Austrian export industry
In these economically challenging times for companies, greater efforts are needed to internationally to take off.
June 7, 2010
Wholesale prices in May 2010 - plus 4.9% compared to the previous year
The index of wholesale prices, (GHPI 2005), for the month of May 2010, registers 110.6 (provisional figure), an increase of 0.4% over that of the previous month according to calculations of Statistics Austria.
June 7, 2010
WIFO - Economy of the industrialized states in 2009 is suffering greatly from export decline
The economic situation in the Austrian Provinces in 2009 was hit by the economic crisis especially the manufacturing sectors.
June 2, 2010
Tumpel - draw lessons from the crisis
"The financial markets and their actors have brought the worst economic crisis since the Second World War "says Austrian Chamber of Labour President Herbert Tumpel...
June 2, 2010
Tumpel pleased with labour market revitalization
"The recovery in the labour market is a welcomed development. This shows that the economic stimuli programmes and actions of the Minister of Social Affairs are important and correct, "says AK President Herbert Tumpel.
June 1, 2010
Transport volumes of rail transports decreased significantly by 18.7% in 2009
The economic crisis affected transportations on the Austrian railway network as well.
June 1, 2010
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