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
Three Seas Initiative in Riga for Common Ground against Russia
The Three Seas Initiative met in Riga. Austria and eleven other Central Eastern European countries accepted Ukraine as a member of the Three Seas Initiative at the Presidential Summit in Riga. Austrian President Van der Bellen traveled to Riga and appealed for unity against Russia.
June 20, 2022
Austria Goes Back to Coal Power
The Mellach heating power plant in Styria, which is currently shut down, is to be converted so that electricity and heat can be generated there again from coal in an emergency. This was confirmed by Austria's Chancellor Nehammer.
June 20, 2022
UNIDO Strengthens Cooperation Between Italy, UN Agencies and Private Sector
United Nations Industrial Development Organization Chief Gerd Müller traveled to Italy. The aim of the trip was to intensify the cooperation with Italy. Müller met Italian diplomats, representatives of the business community and the United Nations in Rome and signed an agreement with the Italian energy company Eni.
June 19, 2022
Cooperation Program Between Indonesia and Austria Receives International Award
A project realised in the course of an international cooperation programme between Indonesia and Austria recently received the coveted Constantinus Award 2022 in the category "International Projects". The cooperation between the Austrian company Bit Media and the state of Indonesia involved the development of a maritime vocational training centre at the Vocational and Productivity Training Centre (BBPVP) Medan in Indonesia.
June 16, 2022
Vienna Stock Exchange Prize 2022 Back on Stage Again
This year, for the first time, the Vienna Stock Exchange Award went to the Styrian printed circuit board manufacturer AT&S. Second and third place went to the oil and gas group OMV and the building materials manufacturer Wienerberger. The prize was awarded for the 15th time.
June 15, 2022
Austrian Chancellor Strengthening Partnership with Estonia
Austrian Federal Chancellor Karl Nehammer met the Estonian Prime Minister Kaja Kallas in Tallinn for working talks. The meeting focused on bilateral relations, digitization, the war in Ukraine and the energy transition of the European Union.
June 10, 2022
EU Oil Embargo: Little Impact on Austria's Economy Expected
The planned EU embargo on Russian oil in response to the war of aggression in Ukraine will have far-reaching consequences for Europe. This is also the case for Austria. In a report, the Austrian National Bank examines the impact on the Austrian economy and forecasts comparatively mild effects. Nevertheless, the embargo conceals a number of risks that could also have a serious impact on Austria.
June 8, 2022
Austria Supports Women From Ukraine With Their Integration Into Austrian Working Life
The 100 Women - 100 Opportunities program supports Ukrainian women with their integration into the Austrian labor market. This New COMPASS Support Program was initiated by Austrian Federal Minister for Women, Family, Youth and Integration Susanne Raab, the Austrian Integration Fund, LEA and private businesses.
June 7, 2022
Dignitaries From Vienna in Davos: Recap of the World Economic Forum 2022
The World Economic Forum (WEF) took place and some dignitaries from Vienna attended the meeting in Davos. Read more about the World Economic Forum in Davos in the Recap.
May 31, 2022
The Austrian Development Bank's Efforts in Climate Protection and Energy Supply
The Austrian Development Bank recently published its latest Impact Report, disclosing the development effects achieved through its investments. The published report shows that the projects supported by OeEB saved more than 1.19 million tons of CO2 emissions and gave more than 297,000 micro, small and medium-sized enterprises access to one or more loans.
May 31, 2022
Think Tank: Concerns About EU Sanctions Against Russian Oil and Gas
For some time now, the business community has been complaining about the lack of information on how gas and oil will be distributed sensibly in the event of a supply freeze from Russia. The Austrian Economic Research Institute (WIFO) is also concerned about the future of the energy supply and discusses possible solutions.
May 29, 2022
How the Austrian Development Agency Assists in Moldova
The Austrian Development Agency supports the Republic of Moldova. The Republic of Moldova is characterized by an economy specialized in agriculture. However, the country has many political and economic problems, that need to be addressed.
May 23, 2022
UN Calls for Swift Action Against the International Food Crisis
UN Secretary-General Antonio Guterres once again warned of an impending increase in global famine at the recent meeting on global hunger taking pace at UN Headquarters. He highlighted the importance of the wheat supply shortfall from Ukraine and outlined a five-point plan to avert the coming crisis.
May 20, 2022
EU Supports Ukraine With Substantial Financial Aid
The second tranche of the EU macro-financial assistance to Ukraine has just been disbursed. The total of €600 million is intended to help cover the acute financing gaps in Ukraine, which is suffering severely from the consequences of the Russian war of aggression. The assistance is intended to improve Ukraine's macroeconomic stability and help keep state agencies functioning during this critical period.
May 20, 2022
European Central Bank Calls for Action Against Inflation
The European Central Bank is calling for quick action against inflation. The inflation rate shot up to 7.4 percent in the euro area recently, well above the ECB's target of two percent.
May 19, 2022
Austrian Exit From Russian Gas Possible: "Major Effort Necessary"
The exit from oil and gas supplies from Russia, which has been much called for at both national and international level, has been occupying the EU and also the Austrian government for weeks. Now the Austrian Energy Minister has presented a plan on how this planned phase-out can be achieved by 2027 and what concrete measures need to be taken to achieve it.
May 19, 2022
How China's Global Infrastructure Strategy Undermines European Integration in the Western Balkans and Beyond
The accession of the Western Balkans countries into the European Union continues to be a topic of debate amongst the EU Member States. Read how China's global infrastructure strategy may be undermining these countries' aspirations for EU membership.
May 19, 2022
War in Ukraine Continues to Dominate Austria's Economic Outlook
In a recently published report, the Austrian Institute of Economic Research (WIFO) gives an insight into Austria's economic situation and forecasts the development of the economy over the next few years. The Omikron wave and the war in Ukraine will continue to slow down Austria's economic growth in the next few years and no relief is expected for the time being. Nevertheless, there is also good news concerning the labour market.
May 12, 2022
Austrian Finance Minister Elected Chairman of the Board of Governors of EBRD
With Magnus Brunner, the EBRD is getting an Austrian as the new Chairman of the Board of Governors. Austria's Finance Minister succeeds the Portuguese Finance Minister and will hold the office for one year. Brunner takes over this position at an enormously important time, as the European Bank for Reconstruction and Development is playing a central role in the reconstruction of Ukraine with its financial resources.
May 12, 2022
Business Festival in Vienna as the Centre of the International Startup World
Vienna will be the venue for one of the biggest start-up events in the world this month. Thousands of visitors from over 40 nations will attend the ViennaUP'22 festival between 27 May and 3 June. If you want to find out what the 8-day programme will focus on and why ViennaUP is unlike any other festival, read on.
May 10, 2022
Protection of the European Single Market: European Commission Wants to Control Third-Country Subsidies
The European Commission has presented a new proposal to combat competition-distorting subsidies from third countries. The background for the proposal is the increasing global imbalance between companies from the EU and those from third countries. This is primarily to counter the influence of China and Chinese companies in Europe.
May 5, 2022
Construction Giant Strabag Removes Russian Voice on Supervisory Board
At the recently held Extraordinary General Meeting of STRABAG SE, Thomas Bull, a member delegated by the major shareholder Rasperia, was dismissed. His company is owned by the Russian oligarch Oleg Deripaska, who must therefore completely relinquish his control over Strabag.
May 5, 2022
Austria and the Indecision for the Gas Embargo
The war in Ukraine has been raging for two months. To stop Russia, a great many countries have imposed tough sanctions on Russia. Many European countries and the U.S.A. want to impose a gas embargo on Russia. Austria is still very cautious about this step.
May 3, 2022
Russian Gas Supplies: Wien Energie Invests One Billion Euros in Gas Exit
Austria's largest energy company, Wien Energie, is taking a big step towards independence from Russian gas supplies. The company is investing a sum of one billion euros in the expansion of renewable energies and thus wants to end the purchase of fossil fuels step by step in the next 5 years.
May 2, 2022
How the War in Ukraine Affects German-Austrian Trade Relations
After a Corona-induced decline in trade between Germany and Austria, the situation seemed to settle down again in 2021. However, high expectations for growth have recently been depressed by the Russian invasion of Ukraine. A brief analysis.
May 2, 2022
Reform of the Red-White-Red Card: Facilitation for Workers From Abroad
The Red-White-Red Card, which allows its holders access to the Austrian labor market, is to be made easier to obtain in the future. This was recently announced by Minister of Labor Kocher and Minister of Economics Schramböck. Relaxations in the approval procedure are intended to attract more skilled workers to Austria in the future in order to combat the acute shortage of skilled workers in the country. The Chamber of Commerce and the Federation of Austrian Industries are delighted.
April 28, 2022
Austria Could Be Independent of Russian Gas by 2027
In order not to be further dependent on gas supplies from Russia, the Austrian energy minister is planning to phase out Russian gas by 2027. Since Austria is enormously dependent on Russian suppliers, it is not possible to do without imports in the short term. If you want to know what measures Austria will strive for, read on.
April 27, 2022
Austria and IMF Extend Agreement on Joint Vienna Institute
The Joint Vienna Institute, a cooperation between the IMF and the Austrian government, is to be extended. The program, which is designed to help foreign countries become market economies, has been in existence for 30 years.
April 25, 2022
How the Ukrainian Humanitarian Crisis Affects Life in Vienna
The humanitarian crisis created by Russia's brutal war in Ukraine can now be felt in Vienna. Read how the crisis is affecting life in Vienna.
April 25, 2022
6.8% Inflation: How Private Households are Affected by Rising Prices
Inflation in Austria remains historically high and is pushing many households to their limits. Whether it's high gasoline prices or horrendous living costs, everyone is feeling the inflation. How the average household is affected by these problems and what impact they have on lower-income households, read here.
April 20, 2022
EU Subcommittee of the Austrian Parliament Discussed on Future EU Economic Policies
The EU Subcommittee of the Austrian Parliament discussed future EU economic policy. The topics of artificial intelligence, digitalization, EU trade policy, the update of the EU industrial strategy of 2020 and the modernization of competition law.
April 20, 2022
Impact Fund of the Austrian Development Bank: 72 Million Euros for Developing and Emerging Countries
The Austrian Development Bank, together with Bank Gutmann, has just completed the raising of capital for an investment fund that will benefit developing and emerging countries. A total of 72 million euros is to help improve living conditions in these countries and trigger an economic upswing.
April 15, 2022
No More Masks in Retail: New Covid Rules in Vienna
Recently, the Ministry of Health announced a significant relaxation of Covid-19 measures in Austria. The mask requirement in stores will be dropped, and the green passport for triple vaccinated people will also be extended. Read on if you want to know what will change for you and in which stores you still can't do without the mask.
April 15, 2022
Cooperation Between the USA and Austria - USA Adopts Austrian Education Model
In the future, Austria and the United States will deepen cooperation in the field of labor. The United States wants to copy Austria's successful apprenticeship system in order to counteract the acute shortage of skilled workers in the country. In addition to a regular exchange at the expert level, Austrian companies in the U.S. will also help with the implementation.
April 14, 2022
Due to the Ukraine War: Austrian National Bank Still Expects Huge Inflation in 2022
Shortages of raw materials and high energy prices, triggered by the Russian war of aggression in Ukraine, have led to an increased inflation rate of 5.6% in Austria. After the highest measured inflation rate in March 2022 since joining the monetary union, there is no easing now; this is not expected until 2023.
April 11, 2022
Uncertainty due to Ukraine War: Austria's Tourism Industry Lowers High Expectations for 2022
Austria's tourism industry is facing another setback after 2 tough years. Uncertainty caused by the Russian war of aggression in Ukraine and the related increase in economic problems could have an impact on tourism and thus also on the economy in Austria.
April 7, 2022
Europe's Energy Dilemma Requiring Austria and Germany to Rethink in Wake of Russian Aggression
Due to the Russian aggression against Ukraine, Europe has to face new questions about energy policy, which had been known for many years but were largely ignored and deferred. The much-discussed gas embargo in recent weeks is to further intensify the sanctions against Russia and its economy. Read more about the current situation.
April 6, 2022
Austrian Chancellor Met Scholz and Habeck in Berlin: "Russian Energy Embargo Not an Issue"
Olaf Scholz and Karl Nehammer recently met in Berlin to discuss the tense political situation. The Russian Federation's attack on Ukraine triggered a chain reaction of economic sanctions. Germany and Austria stand side by side as partners and want to respond to the difficulties together.
April 4, 2022
Economic Outlook for Austria: The Kremlin's Aggression against Ukraine is a Game Changer
After a few tough years in which the Covid-19 virus shaped the Austrian economy, a new enormously important factor is coming into play - the war in Ukraine. The Russian aggression led to more pessimistic economic outlook and will still play an enormous factor in the Austrian market in the future.
April 4, 2022
Austria as a Pharma Industry Location: 50 Million Euro Investment Package for the Life Science Sector
In order to strengthen one of the most important economic sectors of the domestic economy, the pharmaceutical industry, the budget for the funding program "Austrian Life Sciences" was recently presented. Minister of Economics Margarethe Schramböck hopes that this will make Austria more attractive as a business location for life science companies.
April 1, 2022
U.S. Companies Step Up Investments in Austria: A Record 17 New Ventures Launched in the Past Year
The international business sector in Vienna seems to be recovering. Last year 225 foreign companies settled in the capital of Austria - a record number since the beginning of the Covid-19 pandemic. An important factor in this development was the settlement of companies from the USA, which stood out with 17 projects. If you want to know where most of the companies come from and where to turn to if you have questions about settling in Austria, please read on.
April 1, 2022
Israel and Austria Move Closer Together: Strategic Partnership Agreement in Preparation
The strengthening of bilateral relations and common economic interests prompted Austria's Foreign Minister Alexander Schallenberg and Economics Minister Schramböck to visit Israel. The invasion of Russian troops in Ukraine as well as talks on the normalization process between Israel and several Arab states were on the agenda.
March 31, 2022
Space Diplomacy: The Annual Session of the COPUOS Legal Subcommittee
Space is an important future avenue for exploration, research, and commerce. This makes it all the more important for the nations of the world to negotiate these unlimited possibilities and to work out cooperation through diplomatic channels. One of them is the Committee on the Peaceful Uses of Outer Space (COPUOS) of the United Nations Office on Outer Space Affairs (UNOOSA). The COPUOS organizes a Legal Subcommittee which is held this week.
March 30, 2022
Housing in Austria: Average Monthly Rents Remain Above Inflation Rate
Rental prices are not spared from the persistently high inflation. On the contrary - according to a recent study, rental prices remain above the current inflation rate. If you want to know how expensive rent is and how much the average tenant pays, read on.
March 30, 2022
Vienna International Airport Hub With Newly Designed Terminal 2
The long-awaited Terminal 2 has finally reopened. After 2 years of renovation, it is finally available for passengers again. This is urgently necessary, because after the many years of the Corona pandemic, the airport management expects a significant increase in tourist numbers and accordingly more traffic at the airport Vienna-Schwechat.
March 30, 2022
U.S. Ambassador Vicki Kennedy Received at AmCham Austria Welcome Gala Dinner
New U.S. Ambassador Victoria R. Kennedy recently attended an event organized by the American Chamber of Commerce in Austria (AmCham Austria), where she spoke about transatlantic trade relations and the Ukraine conflict. Read on to learn more about the event and its participants.
March 24, 2022
Canada and Austria: Current State of Political and Trade Relations
Relations between Canada and Austria continue to develop. A brief analysis of economic, academic and political relations.
March 23, 2022
Austria Enhances Bilateral Economic Relations with Conflicting Neighbors India and Pakistan
The initiative ReFocus Austria, accompanied by Austria's Foreign Minister Alexander Schallenberg, visited the emerging republics of Pakistan and India in recent days. The aim of the trip was to establish economic relations and promote mutual investments. Read on if you want to know which sectors are in particular demand.
March 23, 2022
Austrian Parliamentary Delegation Visits India, which Maintains a Special Strategic Partnership with Russia
India received an Austrian delegation to strengthen bilateral relations between the two countries. Among other things, the delegation discussed the conflict in Ukraine and the hesitant attitude of the Indian government, which has so far not openly opposed the Kremlin.
March 17, 2022
Russian Operations of Strabag: Haselsteiner Cancels Syndicate Agreement with Holding Company of Oligarch Oleg Deripaska
Recently, the Haselsteiner Family Private Foundation informed the Strabag Board of Directors that it has terminated a syndicate agreement between the main shareholders. Previously, several attempts to buy up all the shares of the major Russian investor Oleg Deripaska failed.
March 15, 2022
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