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
Austro-Arab Chamber Organised the “Ambassadors’ Meeting at Vienna School for International Studies”
The Vienna School of International Studies hosted the "Ambassadors' Meeting at Vienna School of International Studies", organized by the Austro-Arab Chamber (AACC).
September 14, 2022
Lufthansa and OMV Cooperate Over Sustainable Aviation Fuel
OMV, the international integrated oil, gas and chemical company headquartered in Vienna, and Lufthansa Group are expanding a partnership on sustainable aviation fuels. Germany's Lufthansa plans to stock up on sustainable aviation fuel (SAF) from OMV in the future.
September 13, 2022
Austrian Gas Storage Facilities Over 70 Percent Full
Austria's gas storage facilities are already more than 70 percent full. The contingency plans to secure gas supplies that were put into action as a result of the war in Ukraine and the ongoing energy crisis go according to plan as announced by Austria's government.
September 12, 2022
Global Business Campaign ReFocus Austria to Be Continued
A lot of attention was given this year's Ambassadors' Conference in Vienna to Austria's export economy as well as to ReFocus Austria, the successful economic campaign that has now been continued.
September 9, 2022
New Framework Agreement Between Ukraine and Austria to Facilitate Economic and Humanitarian Assistance
A new framework agreement between Ukraine and Austria is to promote a strengthening of economic cooperation as well as the expansion of humanitarian aid on the ground. For this purpose, the Austrian Minister of Labour, Martin Kocher, and the Caritas Secretary General, Andreas Knapp, travelled to Ukraine.
September 8, 2022
Austrian Government has Agreed on Electricity Price Brake
The Austrian federal government has agreed on the long-discussed "electricity price brake" to cushion the high cost of energy. According to information from the federal government, each household will pay a lower electricity price for that share of electricity consumption which corresponds to 80 percent of the average consumption of an Austrian household in the previous year.
September 7, 2022
Austro-Arab Chamber Strengthens Relations with Kuwait, Saudi Arabia, Sudan and Egypt
The Austro-Arab Chamber of Commerce (AACC) strengthened its relations with Kuwait, Saudi Arabia, Sudan and Egypt. The AACC Secretary-General Mouddar Khouja met with important ambassadors and dignitaries from Kuwait, Saudi Arabia, Sudan and Egypt.
September 7, 2022
Honduras Foreign Minister Eduardo Enrique Reina García Visits Vienna
The Foreign Minister of Honduras, Eduardo Enrique Reina García, met the Austrian Foreign Minister Alexander Schallenberg for a working meeting in Vienna. The discussions focused on bilateral and economic relations between Austria and Honduras, multilateral issues, as well as regional developments in Latin America. In addition the Foreign Minister of Honduras met with IAEA chief Rafael Mariano Grossi.
September 6, 2022
Austria's President Van der Bellen Brings in Experts on Energy and Climate Issues as Advisors
Ex-Verbund boss Wolfgang Anzengruber and Wifo economist Angela Köppl are volunteering their expertise to Austrian President Van der Bellen. According to the Federal President's Office, the war in Ukraine and inflation, as well as the slowly emerging energy crisis in Europe, call for expert advice on energy economics and climate issues.
August 31, 2022
Crisis Around Viennese Energy Supply Company "Wien Energie"
Austria's largest energy supplier urgently needs money to hedge forward transactions. Otherwise, the company would have to realize huge losses.
August 30, 2022
Austrian Chancellor Nehammer Calls for EU-27 to Stand Together for European Electricity Price Cap
Given the sharp rise in energy prices, Austrian Chancellor Karl Nehammer is calling for a European electricity price cap to "finally" put a stop to "this madness that is currently taking place on the energy markets. According to Nehammer. this is only possible through a European solution.
August 29, 2022
Climate Bonus and Anti-Inflation Bonus Come Earlier
The payment of the climate and anti-inflation bonus announced by the Austrian federal government will start in September. Because of inflation and the climate bonus, in 2022 all adults who have a main residence in Austria for at least six months will receive €500 and children €250, regardless of their citizenship and age.
August 25, 2022
UNIDO and Japan Cooperation for Resilient, Inclusive and Sustainable Industrial Development in Africa
The Eighth Tokyo International Conference on African Development (TICAD8), which will be held on 27 and 28 August, 2022, in Tunis, is approaching. A series of TICAD8 official side events will be held online from 23 to 26 August by the Vienna-based United Nations Industrial Development Organization (UNIDO).
August 23, 2022
French Investor Meridiam Establishes Joint Venture with Magenta Telekom for Glass Fiber Expansion in Austria
Magenta Telekom and French investor Meridiam have agreed to establish a strategic partnership for Austria's largest private fiber expansion initiative. By 2030, the companies will invest 1 billion Euros in the roll-out of more than 650,000 new high-speed Internet connections for households and businesses.
August 23, 2022
Vienna Increases Fees for Public Services
The City of Vienna increases the fees for water, sewage, waste disposal as well as the prices of parking tickets. The adjustment of tariffs for municipal services is made in Vienna based on the applicable valorization law.
August 18, 2022
Austria's Gas Storage Facilities Almost 60 Percent Full
As a result of the war in Ukraine, contingency plans are being put in place in Europe, as well as in Austria, to secure gas supplies. Gas storage facilities in Austria are 59.83 percent full. This means that a total of 57.2 terawatt hours (TWh) of natural gas is stored in domestic storage facilities.
August 17, 2022
Trade Relations With the USA: Exports and Investments of Austrian Companies on a Strong Upswing
Austrian companies are increasingly exporting to the USA. It is already their largest overseas market and mutual bilateral investments are steadily increasing. Read on to find out what influences the positive growth dynamics and why Austrian products are in such demand in the US.
August 16, 2022
Space Diplomacy: Moldova Deploys First Satellite from International Space Station
The Republic of Moldova successfully deployed its first satellite, TUMnanoSAT, from the International Space Station (ISS). Under the KiboCUBE program, the United Nations Office for Outer Space Affairs (UNOOSA) and the Japan Aerospace Exploration Agency (JAXA) contributed to this achievement.
August 15, 2022
Vienna's Luxury Shops Struggle with the Loss of Russian Tourists
During the past two decades, Russian tourists with purchasing power have enriched the city centre's luxury shops, but since the invasion of Russian troops in Ukraine, hardly anyone visits the Austrian capital. According to the latest statistics, fewer than one percent of tourists staying overnight in Vienna are Russians. Due to the loss of purchasing power, the tourism industry in Vienna suffers greatly.
August 15, 2022
What Happened to the Russian Sberbank in Vienna after the Invasion of Ukraine?
The Russian bank Sberbank is one of the largest in Europe and has been hit hard by the European Union sanctions triggered by the Russian invasion of Ukraine. To find out what happened to its Vienna branch and whether it can continue to do business in Austria, read on.
August 10, 2022
Real Wage Loss in Austria This Year Significantly Above EU Average
Austria will have to reckon with heavy losses in real wages in the future. This was the result of a recently published analysis, which predicted that Austria would occupy one of the weakest positions in the EU. Read on if you want to know how much money will be left over from your income in the future.
August 10, 2022
The Importance of Migrant Businesses for Vienna's Economy
It is common to see migrants run and maintain many businesses in Vienna. They offer a variety of different products and services, but they all share one thing: they make a significant contribution to the Viennese economy. In a new study, migrant businesses were examined and their impact on Austria's capital was clearly demonstrated.
August 8, 2022
Virtual Economic Forum between Tunisia and Austria
A Virtual Economic Forum titled "Tunisia & Austria - Promoting Business & Investment Cooperation", was held online by the Tunisian Embassy in Vienna and the Austro-Arab Chamber of Commerce (AACC) in collaboration with the Tunisian Foreign Investment Promotion Agency (FIPA Tunisia).
August 7, 2022
How the USA Assesses the Austrian Economy
Every year, the United States government publishes a report that informs US companies and investors about the business climate in more than 160 countries and economies, including Austria. In this US State Department report, business officials at embassies and missions around the world prepare and analyse a variety of economies that are or could be markets for US companies of all sizes. Read on if you want to know how the US views the Austrian economy!
August 4, 2022
International Organisations in Vienna: What is the United Nations Commission on International Trade Law?
The United Nations Commission on International Trade Law (UNCITRAL) is based in Vienna and aims to unify and actively promote international trade law. Learn more about this international organisation in Vienna!
August 3, 2022
Despite the Ukraine War: Raiffeisenbank International Doubles Group Result
In the first half of 2022, Raiffeisen Bank International (RBI), which is heavily active in Eastern Europe, achieved a significant profit despite the Ukrainian conflict. Its Bulgarian subsidiary was sold in June, which was a major contributing factor.
August 2, 2022
Iran Nuclear Talks: Iran Can Build Nuclear Bomb, But Does Not Intend to Do So
Iran says it is technically capable of producing a nuclear bomb. But the country does not intend to do so, the semi-official Fars news agency quoted the head of Iran's Atomic Energy Agency, Mohammed Eslami.
August 1, 2022
OPEC Welcomes New Secretary General Haitham Al-Ghais
Haitham Al-Ghais of Kuwait has taken over the position of Secretary General of the Organization of Petroleum Exporting Countries (OPEC). He replaces Mohammed Barkindo, who died unexpectedly in July.
August 1, 2022
Earth Overshoot Day: World has Already Used Up Resources
The Earth's natural resources for this year will have been depleted by tomorrow. By tomorrow, ecosystems would need about a year to replenish their resources. According to the Global Footprint Network, which is based in the United States and Switzerland, Earth Overshoot Day is slightly earlier this year than last.
July 27, 2022
European Forum Alpbach Will be Opened by Moldovan President Maia Sandu
The Moldovan President, Maia Sandu, will attend the opening of this year's European Forum Alpbach (EFA) together with Federal President Alexander Van der Bellen on August 22. At the start of the event, they will jointly address the EFA's annual theme, The New Europe, and discuss what consequences, in light of Russia's Invasion of Ukraine, Europe must draw from its current weakness and its inaction in the past.
July 27, 2022
Austria Will Take Common Line with Germany on Gas Storage
Germany and Austria have joint responsibility for storing gas, according to Energy Minister Leonore Gewessler (Greens). "We have always coordinated well with Germany," the minister said today, referring to the Haidach storage facility near Salzburg, which is also important for Germany.
July 25, 2022
Austria Launches One of the Largest Hydrogen Projects in Europe
An ambitious hydrogen project is currently being undertaken by Austria in order to reduce the country's reliance on foreign energy suppliers in the future. Austria's largest electrolyser will be built in Burgenland in the future. This will contribute to Austria's energy independence by producing green hydrogen in a sustainable manner.
July 25, 2022
Ukrainian Refugees in Austria Feel Welcome
Displaced women from Ukraine were interviewed by the Austrian Institute for Family Research at the University of Vienna on behalf of the Austrian Integration Fund about their current life situation, security and care, and plans for the future.
July 24, 2022
New EU Gas Emergency Plan: "Must Prepare for the Worst Case"
Recently, the European Commission presented its new EU Gas Emergency Plan under the title "Save gas for a safe winter". In this, the European Commission assumes that consumers can save up to 15% gas. The Austrian Federal Economic Chamber is pleased with the Commission's plans.
July 22, 2022
Austria has the Highest Share of Female Startups in the EU
The Federal Ministry of Labor and Economy (BMAW) had surveyed the financing situation of female startups for Austria and Europe and discussed it at a startup breakfast together with representatives of the startup community at the BMAW. At 36 percent, Austria currently has the highest proportion of female startups in the EU.
July 20, 2022
How the War in Ukraine Affects Austrian Businesses
Besides causing enormous humanitarian and political problems, the Russian invasion has also caused a chain reaction in the economy that has been felt worldwide. Austrian Institute of Economic Research (WIFO) published a survey that examines exactly these questions in order to determine how strongly Austrian companies feel the crisis impacts them and which sectors are most affected.
July 19, 2022
Austria's Foreign Trade Achieves Strong Growth
In the previous year, there were strong increases in foreign trade compared to the first CoV year 2020. It is pleasing that almost all federal states were able to record a positive foreign trade balance.
July 15, 2022
Croatia's Euro Accession: "Great Advantages for the Domestic Economy "
As of 1 January 2022, Croatia will officially become part of the euro area. This holds great opportunities for Austrian companies.
July 13, 2022
Austrian National Bank Expects Highest Inflation Rate in 50 Years
In a recent analysis, the Austrian National Bank expects inflation in Austria to settle at 7.6% in 2022. This particularly high value represents the highest inflation since the crude oil crisis in the 1970s. Inflation is also expected to remain above the target of 1.9% in the coming years.
July 11, 2022
Reform of the Red-White-Red Card Passed by Parliament
In order to eliminate the shortage of suitable workers, the Austrian parliament recently decided to change the criteria for the Red-White-Red Card. In future, it should be easier to obtain this card. Austria's economy is relieved. If you want to know the exact changes, read on!
July 11, 2022
Vienna Economic Council - How Vienna Deals With Current Economic Challenges
The Vienna Economic Council met this week to deal with the effects of the conflict in Ukraine. The aim was to make Vienna attractive as a business location and to manage emerging economic crises in the best possible way. Read on if you want to learn more!
July 7, 2022
OPEC Secretary General, Mohammad Barkindo Passed Away Unexpectedly
Last night, OPEC Secretary General Mohammed Sanusi Barkindo passed away unexpectedly at the age of 63. His Excellency Mohammed Sanusi Barkindo of Nigeria had been Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) for the past six years and was due to hand over to Haitham Al-Ghais of Kuwait in early August.
July 6, 2022
Why Germany and Austria Are More Dependent on China for Strategic Raw Materials than on Russian Gas
China has established global dominance over many of the strategic raw materials needed to be competitive in the economy of the future. Read how Austria, Germany, and others have arguably become more dependent on these materials from China than on Russian gas.
July 5, 2022
American Community in Vienna Celebrates Independence Day
Today, Americans around the world celebrate the Independence Day of the United States. So does the US community in Vienna. The day, which celebrates autonomy from Great Britain, is the occasion for great celebrations in the USA and is the most important holiday of the proud nation. We wish everyone a happy celebration day!
July 4, 2022
Austrian Ministers Visit Egypt on a Joint Trip
Austrian Foreign Minister Alexander Schallenberg and Austrian Interior Minister Gerhard Karner traveled together to Egypt, to strengthen the cooperation with the Arabic Republic and North Africa. The meetings focused on the war in Ukraine, its global consequences, illegal migration, combating human trafficking and human rights.
July 3, 2022
What Austria Expects From the Czech Republic's EU Presidency
Czech Republic has taken over the Presidency of the Council of the EU, replacing France, which held the post in the first half of the year. Austria's neighbouring country takes over the presidency at a crucial time, capped by international conflicts and economic crises.
July 1, 2022
Why Austria's Economic Recovery is Losing Momentum
According to the Austrian Institute of Economic Research (WIFO), the global economic slowdown, which mainly affects industry, has dampened Austria's economic outlook. This downturn is only dampened by tourism, which has recovered better than expected since the Covid-19 pandemic.
June 30, 2022
Reform of the Red-White-Red Card: Facilitation for Foreign Workers
In order to cope with the acute shortage of skilled workers in Austria, access to the Austrian labour market is to be facilitated for foreign workers in the future. The application procedure is to be made easier and the criteria for obtaining the Red-White-Red Card are to be reduced.
June 29, 2022
Russian Food Markets in Vienna Under Pressure
Specialty foods such as vodka, buckwheat, and chocolate are available in Vienna's Russian groceries. Since Moscow invaded Ukraine, Austrian-Russian traders have been worried about import difficulties and hostility.
June 28, 2022
Moody's Declares Russia in Default
The U.S. company Moody’s announced in New York that it was concerned with interest payments on two government bonds that had not been received by creditors even after a default period of 30 days had expired.
June 28, 2022
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