Austrian Economic News and Analysis

Vienna: Immigrating Foreigners Boost EU's Fifth Largest City

Despite the COVID-19 pandemic, Vienna's population grew again in 2021. Read why immigration was critical for Vienna to continue its growth and what the forecast is for the future.

January 31, 2022

Inflation in Austria: Government Approves Relief Package to Deal with Rising Energy Prices

Chancellor Nehammer and Vice-Chancellor Kogler held a summit with energy suppliers and assembled a relief package to help combat inflation. Learn what's in the relief package and who will benefit from it.

January 28, 2022

City of Vienna to Provide 120,000 Euros to Migrant Organizations in 2022

The City of Vienna has decided to provide 120,000 euros in funding for migrant organizations and associations to help offset the financial stress of the COVID-19 pandemic. Read about the funding for projects in 2022 and examples of important integration projects from 2021.

January 28, 2022

Expo 2020 Dubai: Austria's Youth Showcase Their Innovation

The four teams that won Austria's "Innovative Youth" competition will get to showcase their projects at the World Expo 2020 in Dubai. Read about the competition and what the winning projects were.

January 27, 2022

Vienna Airport Hub: Ryanair to Take Further Market Share from Competitor Austrian Airlines

Ryanair continues to cut into the market share of Austrian Airlines at Vienna International Airport. Read about the growth of this discount airline and how it is competing with Austrian Airlines in its home country.

January 20, 2022

Kazakh Foreign Minister in Vienna Promises Investigation into the Unrest

Foreign Minister of Kazakhstan Muchtar Tileuberdi met with Foreign Minister Schallenberg in Vienna, and the pair discussed the recent protests and violence in Kazakhstan. Read more about their discussion, and watch their joint press conference.

January 20, 2022

Vienna - Perhaps the Best Place to Go in 2022

Vienna was ranked one of the top travel destinations for 2022 by multiple international media outlets. Read more about this positive development for Vienna's tourism industry.

January 19, 2022

Demand for Luxury Real Estate in Austria Increased by 12 Percent Due to the Corona Situation

Luxury real estate demand increased by 12 percent in Austria in 2021, according to the Engel & Völkers Group. Read more about the luxury real estate trends in Austria and around the world.

January 17, 2022

President of Switzerland on Official State Visit to Austria

On his first official visit to Austria as president, Swiss President Ignazio Cassis met with Austrian President Alexander Van der Bellen. Read more about the meeting between the two presidents.

January 14, 2022

Covid in Austria: Up to 32,000 New Cases Forecasted per Day

Experts are forecasting a stark increase in the number of COVID-19 infections in Austria in the coming weeks. Read more about the current COVID-19 situation in Austria.

January 12, 2022

Crisis in Lebanon - Austria's 180 Men Help Counter Hezbollah

Foreign Minister Schallenberg is in Lebanon for a working visit to discuss the ongoing crisis the country is facing. Read more about Schallenberg's visit and how Austria plans to help Lebanon.

January 11, 2022

Vienna Tourism: November Overnight Stays Plus 494% - "Only Arithmetically"

Despite a lockdown for part of the month, Vienna saw a stark increase in the number of overnight stays in November 2021 compared to November 2020. Read how this compares to the pre-pandemic levels of 2019 and how accommodation providers in Vienna have fared so far this year.

December 23, 2021

Austrian Economic Delegation Visits UAE and Expo 2020 Dubai

An economic delegation representing Austria visited the United Arab Emirates (UAE) and the World Expo 2020 Dubai. Read about the delegation's official visit to the UAE.

December 22, 2021

OECD: "Austria Is Set to Overcome the COVID-19 Shock and Its Economic Scars"

The Organisation for Economic Co-operation and Development (OECD) has released its latest Economic Survey of Austria. Read what the Survey says about the Austrian economy coming out of the latest wave of the COVID-19 pandemic.

December 20, 2021

"Golden Sunday" Returns: Austrian Non-Food Retailers Allowed to Remain Open on December 19

In an attempt to recoup some of the billions of euros retailers lost out on due to the lockdown in the middle of the holiday season, the Austrian government has announced that non-food retailers will be allowed to remain open on Sunday, December 19 for what is known as "Golden Sunday." Learn which stores the exception applies to and when you can do some last-minute Christmas shopping on Sunday.

December 17, 2021

Nehammer on First Trip to Brussels as Chancellor: "I'm an Ardent European"

Chancellor Nehammer made his first trip to Brussels for the European Council and the EU Eastern Partnership Summit. There he met with the other heads of state and government of the EU member states, as well as EU Commission President Ursula von der Leyen. Read what Nehammer discussed on the trip.

December 16, 2021

These Covid Rules Apply After the Lockdown for Vienna and Surroundings

The Austria-wide lockdown ended yesterday and applies to vaccinated and recovered individuals (2G). For the unvaccinated, the lockdown continues to be in effect. What new rules now apply at the federal level and in Vienna and the province of Lower Austria (Wien und Umgebung)?

December 13, 2021

After Pandemic Shock, Strong Upturn in Foreign Trade: China +26.4 %, USA +18 %

New data for January to September 2021 shows that Austria's foreign trade is returning to pre-pandemic levels. Read about Austria's improving trade figures.

December 10, 2021

Inaugural Statement of Austria's New Chancellor: "We Want to Reconcile with History"

Newly appointed Austrian Chancellor Karl Nehammer delivered his inaugural statement to the National Council. Read what the new chancellor said are some of the key issues his government will focus on.

December 10, 2021

Luxury Goods Group: Swarovski Drops Further in Ranking

The famous Austrian crystal glass manufacturer Swarovski has fallen a further 3 places on the global ranking of luxury goods sales. The company's sales also halved between 2017 and 2020 from 3.5 billion euros to 1.7 billion euros. Read about Swarovski's decline in sales and the general downturn in the luxury goods industry.

December 8, 2021

Who Is the New Austrian Minister of Finance Dr. Magnus Brunner?

The new Austrian Minister of Finance, Dr. Magnus Brunner, has assumed his new position after being sworn in by President Van der Bellen. Learn more about Dr. Brunner and his career prior to becoming finance minister.

December 8, 2021

The Percentage of Austrians Born Abroad Rises from 20% to 27%

Austria's population is growing and aging. In 2020, actually life expectancy has decreased by half a year. There are more seniors than under-20s. In 2022, the population is expected to reach nine million.

November 30, 2021

President of the German Chamber of Commerce in Austria Urges People to Vaccinate

Hans Dieter Pötsch, President of the German Chamber of Commerce in Austria (DHK), recently urged everyone to get vaccinated during the 66th General Assembly of the DHK. Read about Mr. Pötsch's urgent appeal and his outlook on economic relations between Germany and Austria.

November 30, 2021

The Consequences of the COVID-19 Pandemic for Austria's Economy

The consequences of COVID-19 pandemic continue to determine economic activity in Austria and the banks’ higher resilience has been key to COVID-19 response.

November 29, 2021

Naturalizations in Austria Up 21.1% Year on Year in the First Three Quarters of 2021

In the first nine months of 2021, Austrian citizenship was granted to 7,676 persons, including 1,131 persons residing abroad. With 368 naturalizations, the United States ranks fourth. Find out which other countries the new citizens come from.

November 26, 2021

Western Balkans: Foreign Minister Linhart Visits Albania and North Macedonia

Foreign Minister Linhart, accompanied by an Austrian business delegation, visited the Western Balkan States of North Macedonia and Albania. Read about the foreign minister's meetings with various government officials, as well as his meetings with local business people as part of the ReFocus Austria initiative.

November 22, 2021

Covid in Austria: Lockdown From Monday, Immediate Tightening of Measures in Vienna

Chancellor Schallenberg and Health Minister Mückstein have announced a nationwide lockdown for Austria beginning Monday. As of February 1, 2022, vaccination will be mandatory in Austria. Additionally, Vienna has announced a tightening of COVID-19 measures effective immediately. Read about the upcoming lockdown and the new measures in Vienna.

November 19, 2021

Japanese Life Sciences Corporation Invests More Than 100 Million Euros in Vienna

The Japanese life sciences company Takeda Pharmaceutical Company Limited is investing more than 100 million euros in a new building in Seestadt, Vienna. Read about the massive investment and see a picture of what it is supposed to look like upon completion.

November 18, 2021

Emirate of Qatar and Vienna to Cooperate in Cultural and Tourism Sectors

Vienna City Councilor Peter Hanke and Vienna Chamber of Commerce President Walter Ruck met with various government officials in Qatar to discuss further cooperation between Vienna and Qatar in the cultural and tourism sectors. Read about the visit and what, specifically, was discussed.

November 17, 2021

Covid in Vienna: Booster Shots for All after Four Months and Vaccination for Children Five Years and Older

The City of Vienna has decided to offer booster vaccinations for COVID-19 to everyone four months after their second dose. The Austrian capital has also begun vaccinating children 5 to 11 years old. Read about these two new vaccination offers.

November 17, 2021

Migration: Expansion of Value and Orientation Courses for Asylum Seekers Planned

Integration Minister Susanne Raab announced that the mandatory values and orientation courses for asylum seekers will be expanded to include three days of lessons rather than just one. Read more about the expansion of the program and what will be taught.

November 12, 2021

US Embassy: Visit of the Chargé d'affaires Strengthens Economic Ties between USA and Upper Austria

The Chargé d'affaires of the US Embassy in Vienna Mario Mesquita visited Linz and met with Upper Austrian Governor Thomas Stelzer and Voestalpine CEO Herbert Eibensteiner. Read about Mesquita's visit and what was discussed.

November 11, 2021

Austrian Foreign Trade Picks Up Again

Austria's foreign trade in 2021 has improved significantly compared to 2020, and in some months, it is even approaching the pre-pandemic levels of 2019. Read the detailed numbers showing that Austrian trade is picking up again.

November 11, 2021

Expo Dubai: Viennese Coffeehouse is Culinary Ambassador

The Viennese coffeehouse, Austrian Delight, is serving as the culinary ambassador for Austria at the World Expo in Dubai. Read about how the cafe is representing Austria and what else Vienna is offering at the World Expo.

November 11, 2021

Linhart's Round of Visits to Central Asian Autocrats Was All about Deepening Economic Relations

Foreign Minister Linhart visited the Central Asian countries of Kyrgyzstan, Tajikistan, Uzbekistan, and Turkmenistan to strengthen economic relations. The foreign minister met various leaders and participated in multiple economic forums. Read about the details of his trip to Central Asia.

November 9, 2021

Climate Crisis: Vienna Joins "Race to Zero" Campaign

At the World Climate Conference (COP 26) in Glasgow, Vienna has announced that it is joining the "Race to Zero" campaign, which aims to cut emissions in half by 2030 and create a carbon-free world. Read about Vienna's new climate change commitment.

November 8, 2021

COVID-19 in Austria: From 3G to 2G Nationwide

After a meeting with the governors of the federal states of Austria, Chancellor Schallenberg announced a nationwide shift from 3G COVID-19 requirements to 2G. Read more about the new rule and what the chancellor said about it.

November 8, 2021

Strengthening Bilateral Economic Relations: Austria's Linhart in Kyrgyzstan, Tajikistan, Uzbekistan and Turkmenistan

Foreign Minister Linhart is visiting Central Asia with a business delegation to attend the first EU-Central Asia Economic Forum and discuss economic relations with various government representatives. The foreign minister's trip includes stops in Kyrgyzstan, Tajikistan, Uzbekistan, and Turkmenistan. Read about Linhart's agenda and what topics will be discussed.

November 5, 2021

Anadi Bank: Former Deutsche Bank Board Member Becomes New Board Member for FinTech

Alp Dalkilic, a former board member at Deutsche Bank, has been appointed to the Management Board at Anadi Bank. Dalkilic is primarily responsible for the bank's FinTech strategy. Read more about Dalkilic and Anadi Bank.

November 5, 2021

COVID-19 in Austria: Concerns About Transition to 2.5G Rule in Workplace

Due to increased COVID-19 cases and hospitalizations, Austria is considering transitioning from the 3G rule in the workplace to a 2.5G rule in the coming weeks. Some government officials are expressing concerns about the implementation of this change. Read about the potential requirement change and the concerns that some have about it.

November 3, 2021

Schallenberg at UN Climate Conference: "We can only overcome a global crisis together"

Chancellor Schallenberg recently spoke at the 2021 UN Climate Change Conference (COP26) in Glasgow. The Austrian chancellor stressed the need for international cooperation to fight climate change. Read some of Austria's climate goals, what steps it is taking to achieve these, and what the chancellor said still needs to be done.

November 2, 2021

Austria Deepening Relationship with Gulf States: Foreign Minister Linhart in Qatar

Qatari Prime Minister Sheikh Khalid bin Khalifa bin Abdul Aziz Al-Thani and Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani recently met with Foreign Minister Linhart in Doha, Qatar. The leaders discussed various issues, including the strengthening of ties between Qatar and Austria. Linhart also met with Qatari business leaders as part of the ReFocus Austria initiative. Read about Linhart's trip to Qatar.

October 29, 2021

Strategic Partnership with United Arab Emirates in the Pipeline

On a trip to the United Arab Emirates (UAE), Austrian National Council President Wolfgang Sobotka expressed support for a strategic partnership between the two countries. Read about this new partnership that is currently in the works.

October 28, 2021

Tourists Return to Vienna

Vienna saw a notable increase in overnight stays in September compared to September of last year. This is a positive sign for the tourism industry in Austria, which has been hit hard by the COVID-19 pandemic. Read about the changes in tourism levels in the Austrian capital.

October 28, 2021

Economic Diplomacy a la "ReFocus": Connecting Diplomatic Representatives with Austria's Business Community

Diplomatic representatives in Austria met with members of the Austrian business community as part of the "ReFocus Austria" government initiative aimed at promoting Austrian companies abroad and Austria as a business location. The main focus of this event was opportunities in the "green economy." Read more about this event and "ReFocus Austria."

October 27, 2021

Rating Agency Fitch Affirms Stable Outlook for Austria at AA+

Austria's AA+ rating is supported by a rich, diversified, open and high-value-added economy with strong political and social institutions, according to Fitch, the NYC based rating agency.

October 26, 2021

Vienna Hosts "Central 5" Foreign Ministers

The foreign ministers of Slovenia, Slovakia, Hungary, the Czech Republic, and Austria, which make up the informal "Central 5" (C5) forum, recently met at the Albertina in Vienna. Read about the meeting, what Austrian Foreign Minister Michael Linhart said, and watch the full joint press conference.

October 26, 2021

Official State Visit of the King of Jordan to Austria

King Abdullah II of Jordan recently met with President Van der Bellen in Vienna. The two leaders discussed various issues, including climate change. Read more about King Abdullah's official visit to Austria.

October 26, 2021

Austria's Strategy for the Upcoming European Council Meeting

Ahead of the European Council meeting in Brussels, Austrian Chancellor Schallenberg, EU Minister Edtstadler, and members of parliament laid out Austria's strategy for the meeting. Read their stances on the key issues they plan to raise in Brussels.

October 22, 2021

Infineon Opened €1.6 Billion High-tech Chip Factory in Villach

After three years of planning and construction and a € 1.6 billion price tag, Infineon Technologies AG finally opened its new high-tech chip factory in Villach, Austria. Read more about the new factory, the chips produced there, and what Infineon does.

October 20, 2021