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

OMV and Wood Sign Agreement to License Plastic Recycling Technology

In a move to promote the circular economy and reduce plastic waste, Vienna-based OMV and UK-based Wood have signed an exclusive cooperation agreement to commercially license OMV's ReOil technology. This agreement was reached at ADIPEC, the world's largest energy conference in Abu Dhabi, and is designed to drive progress in chemical plastic recycling.

October 3, 2023

Norway as a New Key Partner for Austria in Energy and Climate Protection

During a working visit to Norway, Chancellor Karl Nehammer emphasized Norway's key role in the fields of environment, energy technology, and climate protection. In a conversation with Norwegian Prime Minister Jonas Gahr Støre, Nehammer emphasized that Norway is not only an important partner but also a pioneer in environmental and energy technology.

October 3, 2023

Federation of Austrian Industries: New Divisional Managers in "Education & Society" and "International Relations & Markets

The Federation of Austrian Industries (IV) has announced personnel changes in two of its core areas. Gudrun Feucht and Igor Sekardi join in senior positions, supported by their previous roles at IV and their extensive expertise in their respective areas.

October 2, 2023

Austria Strengthens its Economic and Diplomatic Relations with Africa

Austria has increased its focus on its economic and diplomatic relations with Africa. The country's trade with sub-Saharan Africa amounted to 2.28 billion euros in 2022, or about 0.56 percent of Austria's total trade volume. Austrian exports to the region increased by 15.7 percent year-on-year to 1.33 billion euros. South Africa, Mali, and Nigeria were the main export markets. Read more about why Africa is important for Austria!

September 28, 2023

Japanese Takeda Lays Foundation Stone for "Laboratory of the Future" in Vienna's Urban Lakeside Aspern

In a symbolic act, the foundation stone was laid for Takeda's "Laboratory of the Future" in Vienna's Seestadt Aspern. With an investment of around 120 million euros, the Japanese pharmaceutical giant represents the company's largest investment to date in Austria in a technically and ecologically optimized new building for biopharmaceutical research and development.

September 22, 2023

Three Seas Initiative Summit Concludes with Resounding Commitments and Strong Support for Ukraine

During the 8th edition of the Three Seas Initiative Summit, the prestigious halls of the Cotroceni Palace welcomed Central and Eastern European leaders. This gathering was a demonstration of unity and determination against a backdrop of increasing geopolitical tension. On this same occasion, the President of Austria stressed support for Ukraine and the common fight against global warming.

September 20, 2023

EU-Mercosur Pact: Austria's Balancing Act between Trade Opportunities and Sustainability

The discussion about the free trade agreement between the EU and the Mercosur countries - Brazil, Argentina, Uruguay, and Paraguay - is entering a new round. While some see the treaty as an opportunity to intensify trade between the two economic areas, others raise serious concerns about its impact on the environment and social standards.

September 19, 2023

OMV to Supply Air France-KLM 2,000 Tons of Sustainable Jet Fuel

OMV, a Vienna-based integrated company specializing in energy, fuels, and commodities, has taken a decisive step towards promoting more sustainable aviation practices. It has signed an off-take agreement to supply 2,000 tons of sustainable aviation fuel (SAF) to Air France-KLM Group for 2023.

September 18, 2023

AACC Organised the “Ambassadors’ Meeting” at the Diplomatic Academy of Vienna

The Austro-Arab Chamber of Commerce (AACC), in harmonious collaboration with the Vienna School of International Studies or Diplomatic Academy of Vienna, successfully conducted the “Ambassadors’ Meeting”.

September 17, 2023

Austria EU Representative Selmayr at Dispute Because Of "Blood Money" Statement

EU representative Martin Selmayr has called Austrian gas payments to Russia "blood money". Now reprimanded by Vienna and Brussels, EU Commission representative Martin Selmayr does not want to give up his job in Austria.

September 14, 2023

Skills Shortage in Austria: Companies Feel Pressure, But Also Opportunities

A recent study by the recruiting platform Stepstone shows that the shortage of skilled workers is leaving a clear mark on Austria's companies. Two-thirds of respondents are concerned about the additional workload caused by unfilled positions. This is despite a slight increase in advertised vacancies of 2 percent in the first half of the year, with some sectors such as engineering, care, and construction even seeing significant increases.

September 13, 2023

Austrian Army Modernizes its Tank Fleet in Germany

In the presence of the Minister of Defense, Klaudia Tanner the first "Leopard" main battle tank from Wels was handed over to the European armaments company Krauss-Maffei Wegmann and Nexter Defence Systems (KNDS). The aim of this initiative is to modernize the tank so that it meets current technological and military requirements.

September 11, 2023

Green Peak Festival 2023: Austria's Pioneer for Climate Protection and Entrepreneurship

The renowned Green Peak Festival, which has established itself in the heart of Vienna as Austria's flagship event for sustainability and entrepreneurship, impressed once again. For the second year in a row, over 800 participants gathered to network, exchange ideas and discuss the latest developments in sustainability. The project was supported this year by the Embassy of Israel.

September 11, 2023

New Regulations in Vienna: Year-round Outdoor Cafés and Green Parklets

In an innovative response to the COVID-19 pandemic, the City of Vienna has adopted new regulations for catering establishments and public lounges. Both Schanigärten (Viennese Outdoor Cafés) and the green parklets known as "Grätzloasen" are now allowed to remain in public spaces all year round.

September 10, 2023

Austria's Ex-Economy Minister Schramböck in Saudi Arabia: Progress on Women's Rights and Economic Opportunities

The former Austrian Minister of Economy, Margarete Schramböck, has given insights into her new professional activities in Saudi Arabia in an interview with the magazine "trend". She is currently on the board of Aramco Digital, a digital subsidiary of Saudi Aramco, the world's largest oil company, which was founded in spring 2023. Schramböck plays an important role there, which she describes as "between the executive board and the supervisory board."

September 7, 2023

Austria Signs Strategic Partnership for Food Aid

In the midst of global humanitarian challenges and in view of the increasing need for international food aid, Minister of Agriculture Norbert Totschnig signed a landmark three-year Strategic Partnership for Food Aid together with Ute Klamert, Associate Executive Director of the United Nations World Food Programme (WFP). This significant agreement was sealed on the sidelines of the European Forum Alpbach in Tyrol and is intended to help address the current global food crisis.

September 4, 2023

Danube Ports in Ukraine in Focus of Russian Attacks

International tensions over Ukraine are having an increasing impact on Danube ports in the region. The Vienna-based International Commission for the Protection of the Danube River (ICPDR) expressed concern about repeated Russian aggression against Ukrainian ports along the river, particularly in Reni and Izmail.

September 3, 2023

Real Estate Prices in Austria Increased: Housing Increasingly Less Affordable

The cost of residential real estate in Austria has risen dramatically in recent years, significantly affecting affordability for many households. According to a recent analysis conducted by UniCredit Bank Austria, residential property prices in the euro area have risen faster than incomes. Austria has been particularly affected by this development, where property prices have actually fallen by almost 40 percent compared with incomes.

August 31, 2023

Timetable Chaos for Rail Travel in Europe: A Step Backwards

The idea of cross-border rail travel across Europe sounds tempting, but the reality is often different. Despite the expansion of night trains, the situation for rail travelers in 2023 has not improved as hoped.

August 22, 2023

Vienna Stock Exchange: Focus on International Investors and Sustainability

The Vienna Stock Exchange continues its course of attracting international investors while promoting sustainable investment opportunities. A recently published study on the ownership structure of institutional free float in the ATX Prime, conducted every two years by S&P Global Market Intelligence (formerly IHS Markit) on behalf of the Vienna Stock Exchange, shows that international institutional investors continue to play a major role.

August 21, 2023

Austria's Universities with Successful Placements in International University Rankings

The current "Shanghai Academic Ranking of World Universities" continues to show a dominance of U.S. universities, 15 of which occupy the top 20 positions in the ranking. The University of Vienna (Uni Wien) is Austria's best-ranked university and is within the top 150, maintaining its position compared to the previous year. In total, five Austrian universities made it into the top 500, compared to six in the previous year.

August 17, 2023

Austria's Consumer Protection Ministry Mandates Action Against Banks for Low Interest Rates

According to the Consumer Protection Ministry, the practice of Austrian banks of charging high-interest rates on overdrafts while granting no interest at all on credit balances is meeting with growing resentment among consumers.

August 16, 2023

Ukraine Secures Grain Export through Croatian Adriatic Ports

Ukraine has reached an agreement with Croatia to export grain through ports on the Adriatic Sea. The agricultural goods are to be shipped to Croatia via the Danube and from there they will be transported further to the Adriatic coast.

August 1, 2023

Austrian and Korean Foreign Ministers Celebrate 60 Years of Diplomatic Ties at Salzburg Festival

On the occasion of the 60th anniversary of diplomatic relations between Austria and the Republic of Korea, Korean Foreign Minister Park Jin visited the Salzburg Festival at the invitation of Foreign Minister Alexander Schallenberg. The high-ranking politicians took the opportunity to discuss the good diplomatic and economic relations between their countries and to explore further opportunities for cooperation.

July 30, 2023

Austria's Successful Green Budgeting and Emission Reduction Efforts

The Climate Team, newly established in the Austrian Ministry of Finance, has presented essential results and analyses in recent months to bring Austria closer to the goal of a cost-effective and socially acceptable transformation in climate protection. In fact, the European Commission, OECD, and World Bank have all recognized Austrian green budgeting as a best practice.

July 30, 2023

Austrian Minister of Social Affairs Travels to Moldova for Working Visit

In an official trip, the Austrian Minister of Health and Social Affairs, Johannes Rauch, visits the Republic of Moldova to negotiate bilaterally with Moldovan ministerial counterparts and representatives of WHO, EU, and NGOs.

July 26, 2023

"Wiener Gusto" in the Final for the EU Organic Awards 2023

Vienna is a proud finalist in this year's EU Organic Awards in the category "Best Organic City" thanks to its city-owned food brand "Wiener Gusto".

July 25, 2023

PÜSPÖK and UNESCO: Empowering Climate Action through Nature Conservation and Renewable Energy

The Austrian company PÜSPÖK, a rapidly growing company in the field of renewable energies, is actively committed to climate, environmental, and nature protection. By supporting the initiative "Klimapartnerschaft.at", PÜSPÖK is committed to the preservation and protection of the largest primeval forest remnant in the Alpine arc, the UNESCO World Natural Heritage "Wilderness Area Dürrenstein-Lassingtal", thus contributing to the protection of a rare ecosystem and unique biodiversity.

July 25, 2023

Plants as Climate-Friendly Air Conditioning: City of Vienna Promotes Greening of Buildings

The positive effect of green buildings on the climate is undisputed. To promote the implementation of green buildings, the City of Vienna provides generous subsidies of up to € 20,200. Interested parties can obtain free advice on this subject from Eco Counselling (DIE UMWELTBERATUNG) in Vienna.

July 23, 2023

Salzburg Summit: International Conference Brings Together Top Politicians, Scientists and Business Leaders

July 26, 2023, marks the start of the 4th Salzburg Summit, a high-profile international business and future conference that will take place on the fringes of the renowned Salzburg Festival. The event will be formally opened by EU Budget Commissioner Johannes Hahn and the President of the Federation of Austrian Industries (IV), Georg Knill. In light of recent global challenges, including a war on European soil and the global COVID-19 pandemic, the summit is dedicated to the goal of a sustainable future for Europe amid uncertainty.

July 23, 2023

State Secretary Tursky Emphasizes Goal of European Chip Sovereignty at Austrian Company AT&S

During his visit to Leoben, Florian Tursky, the State Secretary for Digitization and Telecommunications at the Ministry of Finance, was given an insight into the new research and production center of the global high-tech group AT&S, which is currently being realized at the company's headquarters.

July 19, 2023

Austrian Government Aims to Increase Skilled Immigration and Address Labor Shortages

The Austrian government, led by Economy and Labor Minister Martin Kocher, plans to attract a minimum of 15,000 skilled workers from non-EU countries to Austria annually by 2027 through the Red White Red card (Rot-Weiß-Rot Karte) program.

July 18, 2023

Austria on the Way to Innovation Leader in the European Innovation Scoreboard 2023

Austria has improved to sixth place in this year's European Innovation Scoreboard (EIS) and is thus on the right track to becoming an innovation leader.

July 13, 2023

Saving the Historical Habsburg Clothing Brand

The insolvency of the renowned Salzburg-based clothing manufacturer Habsburg in May came as a shock to lovers of the fine label of down-to-earth solidity. Two experienced entrepreneurs from the fashion and lifestyle industry have made the rescue of Habsburg their personal affair of the heart and have thus committed themselves to the continuation of the brand.

July 12, 2023

OMV Secures Additional European Gas Transmission and Pipeline Capacities until 2028

The listed oil and gas group OMV has successfully secured additional European gas transport capacities and gas pipeline capacities. This measure serves to secure Austria's gas supply and enables OMV to meet its delivery obligations in the medium term.

July 12, 2023

Wealth of the Richest Austrians Grows Despite Global Trends

In its latest issue, the business magazine "trend" publishes its annual ranking of the "100 richest Austrians". In contrast to some global studies, which show a slight decline in the ownership of the super-rich, Austria shows a different development. The assets of the 100 wealthiest individuals and families increased by five percent to a total of around 210 billion euros.

July 11, 2023

Viennese International Economic Institute: Growth in Eastern Europe Weaker than Expected

The Central and Eastern European EU member states recorded weaker economic growth in the first quarter of this year, according to a recent study by the Vienna Institute for International Economic Studies (WIIW).

July 6, 2023

Franco-Austrian Cooperation for Clean Water in Eastern Europe

France's Ambassador to Austria, Gilles Pécout, spearheaded a round table discussion in Vienna as part of the "EU4Environment-Water Resources and Environmental Data" program. This initiative, funded by the European Union, the Austrian Development Agency, and the Artois-Picardie Water Agency (France), aims to support Eastern Partnership countries in their journey towards European standards for water resources and environmental data management.

July 5, 2023

Selling of Turmoel Fuel Business to the Polish Group Orlen

The Austrian-based Doppler mineral oil group has sold its Turmöl fuel business to the partly state-owned Orlen mineral oil group from Poland, Orlen announced. As a result, the Turmöl service stations are switching to a large international group.

July 4, 2023

Kuwaiti Foreign Minister Strengthens Economic Ties with Austria During First Europe Trip

Kuwaiti Foreign Minister Sheikh Salem Abdullah Al-Jaber Al-Sabah met for working talks with Austrian Foreign Minister Alexander Schallenberg in Vienna. The visit of the Kuwaiti Foreign Minister to Vienna underlines the interest of both countries in further strengthening economic relations and intensifying cooperation at the geopolitical level.

July 4, 2023

Austria and Portugal Strengthen Bilateral Cooperation

Austria's Foreign Minister Alexander Schallenberg received his Portuguese counterpart João Gomes Cravinho for a meeting in Vienna. The talks focused on intensifying political and economic cooperation and strengthening foreign policy cooperation between the two countries. Furthermore, they emphasized the unity of the EU member states in the face of the Russian war of aggression and exchanged views on the situation in the Western Balkans.

July 2, 2023

Wirecard Trial: Entire Wirecard Asia Business Made Up

Wirecard's insolvency administrator, Michael Jaffe, has confirmed that the company's deal with supposed partners in Asia was completely fabricated, according to recent findings. This is according to Jaffe's fifth status report to the Munich District Court.

June 27, 2023

European Movement Austria Presents Reform Ideas for the EU Single Market

Europe has achieved a level of prosperity that no previous generation has experienced. The EU Single Market, which celebrates its 30th anniversary this year, is the key to this success. The future of the Single Market was the focus of a panel discussion of the European Movement Austria (EBÖ) at THE LEO GRAND in Vienna.

June 27, 2023

European Forum Wachau: Building a Resilient, Green, and Competitive Europe

The event under the general theme "Building a Resilient, Green and Competitive Europe" takes place for the 27th time. This year, the Europa Forum Wachau invited top-class guests to discuss the most important European issues. Among others also the topic of illegal migration, the war in Ukraine, and the Euro-integration of the Western Balkan states.

June 25, 2023

OMV Gives Final Investment Decision for Gas Project in Romania

OMV announced the final investment decision by OMV Petrom, the largest integrated energy company in Southeast Europe, for the Neptune Deep natural gas production development project.

June 22, 2023

OPEC and Non-OPEC Participating Countries Agree on Crude Oil Production Adjustments

In a bid to maintain stability in the oil market, OPEC and non-OPEC Participating Countries have announced key decisions during the 35th OPEC and non-OPEC Ministerial Meeting held in Vienna. The meeting emphasized the commitment to achieving a stable oil market and providing long-term guidance for the industry.

June 19, 2023

Preliminary Presentation in Vienna of UN Study Results on Fast Fashion and Old Clothes

The Austrian-based foundation COMÚN and the Chilean study author, Beatriz O'Brien, exclusively show the disastrous consequences of "waste colonialism" in research ordered by the UN in the run-up to the "Austrian Consumer Dialogues: Textiles".

June 19, 2023

Austrian National Bank Publishes Macroeconomic Forecast for 2023 to 2025

According to the published forecast of the Oesterreichische Nationalbank (OeNB), the Austrian economy is expected to pick up speed in the second half of 2023, with GDP growing by 0.5 percent in 2023. Accelerated growth of 1.7 percent is forecast for 2024. Although HICP inflation will fall steadily after the highs at the beginning of the year, it will still be above average at 2.9 percent in 2025.

June 18, 2023

Research Presentation: Western Balkans 20 Years after the EU Summit in Thessaloniki

On Friday, June 30, 2023, at 09:00, the Bertelsmann Stiftung and the Vienna Institute for International Economic Studies (wiiw), together with prominent politicians from Austria and the Balkans, will present their new study on the EU's geo-economic influence in the Western Balkans. The event will take place in the Reitersaal of the Oesterreichische Kontrollbank in Vienna.

June 15, 2023

NEFI Study Shows Paths to Climate-Neutral Industry in Austria

A recent study by the innovation network NEFI - New Energy for Industry has provided important impetus for a climate-neutral future for Austrian industry. In 2021, the domestic manufacturing industry was responsible for more than one-third of the total CO2 emissions in Austria. The NEFI experts have now developed three scenarios that show concrete ways to transform the industrial energy system.

June 11, 2023