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Austrian Foreign Trade News and Analysis

Serbia´s Current Account Deficit on the Rise

According to RCB (Raiffeisen Centrobank), the current account gap widened in June by 15.6% mom supported by remittances fall (-32.0% mom),

September 7, 2012

Poland Adapts Austerity Targets

Due to the economic crisis in Europe, the Polish government gives up its aim to reach a budget deficit below 2.2% of GDP.

September 5, 2012

Slovakia Records Growing Current Account Surplus

In the first five months of 2012, Slovakia´s current account surplus reached € 1.24bn. Against the reference period of 2011, this is an increase by € 350m.

September 4, 2012

Slovenian Bankruptcy Would Hit Austria Particularly Hard

Prime Minister Janez Jansa announced that Slovenia may have to declare its national bankruptcy in October. Austria´s share in foreign direct investment made in Slovenia reaches about 50%.

September 3, 2012

IMF: Austria Must Prevent Spillover Effects

The Executive Board of the International Monetary Fund (IMF) has concluded the Article IV consultation with Austria. The Austrian banking sector is “overly ambitious” in the CESEE region, IMF says.

September 3, 2012

Romania Still Shows Weak Growth Rates

“We expect economic recovery to remain sluggish. Weak external demand suggests exports and industry would not offer support to GDP growth. “ RCB (Raiffeisen Centrobank) says.

August 31, 2012

Barroso: “We Must Complete Europe” (Part 2)

At the Alpbach Economic Symposium 2012, the President of the EU-Commission José Manuel Barroso explained the “logics of integration”. In order to meet new challenges, the EU has to promote integration, Barroso says.

August 30, 2012

Spindelegger Welcomes Russia’s WTO Accession

Austrian Foreign Minister Michael Spindelegger underlines Russia´s importance for the domestic business location.

August 30, 2012

Lithuania Suffers From Crisis in Eurozone

The Baltic country has to lower GDP growth forecasts. As foreign trade grows not as fast as expected, the Bank of Lithuania becomes more cautious. This year, Lithuania´s GDP is expected to grow by 3.0%.

August 22, 2012

Austrian Economy to Stagnate

Domestic economy set to stagnate in the third quarter – chances of a slight upswing towards the end of 2012. Thanks to a good first half of the year, economic growth will come in at around 1 per cent in 2012.

August 18, 2012

Croatia: Crisis Sharpens

The Croatian recession seems to continue. Consumption falls further, unemployment continues to rise.

August 7, 2012

Austria Has Fourth Biggest Net Surplus

The EU27 current account shows a deficit € 4.1bn. € 31.1bn surplus for trade in services.

July 19, 2012

Europe Hinders Austrian Economy

Due to the European economic weakness, Austria almost stagnates. Slight corrections in austerity programmes, weaker euro and lower oil prices indicate an economic stabilisation in late 2012 though.

July 17, 2012

Bulgaria Aims to Join Eurozone

Bulgaria´s Finance Minister Simeon Djankov underlines the importance of the banking supervision and the Fiscal Pact, but wants to keep the fiscal competence.

July 16, 2012

Poland Not to Enter the Eurozone Soon

For the time being, Poland will keep the Zloty. After the Eurozone has managed the current crisis, an accession is conceivable, Foreign Minister Radoslaw Sikorski says.

July 14, 2012

EU – An Escape for Serbia?

The economic prospects for Serbia are gloomy. The priority of the new Serbian government is to join the European Union.

July 14, 2012

Austrian Foreign Trade Figures Flattening

After record results in 2011, the growth in Austrian foreign trade was substantially down in the first months of 2012. Austrian politics promotes exports to non-European markets like China, Brazil and the U.S.

July 12, 2012

Stable Outlook for Austrian Industrial Sector

Austrian industrial enterprises expect production, order intake and employment tob e stable in the second half of 2012. The uncertainty remains.

July 11, 2012

Economic Report: „Reducing Dependence on Europe“

Today, the Austrian government published ist „Economic Report 2012“.

July 9, 2012

Growth in CESEE Region Flattens Further

The Vienna Institute for International Economic Studies (WIIW) lowers ist forecast for the CESEE region.

July 6, 2012

Libya: Austrian Companies Face Losses of € 200m

Since the attacks against Libya in 2011, the damage for Austrian companies operating in Libya total € 200m. Major projects had to be postponed.

July 4, 2012

Hungary: Financial Transaction Tax to be Extended

The Hungarian government plans a growth stimulus program, which should be funded with the extension of the current financial transaction tax.

June 30, 2012

„Austria Is Well Situated, but Needs Reforms Urgently“

Austria´s economic perspectives are slightly positive. The Austrian Chamber of Commerce reaffirmed its call for regional economic reforms.

June 30, 2012

Support for Export-Oriented SMEs

The Austrian Ministry of Finance increased the bill guarantee facility for small and medium-sized enterprises to € 1.2bn.

June 29, 2012

Austria Connect 2012 in Washington D.C.

From September 13, 2012 to September 15, 2012 the Austrian Trade Commissions will hold its conference in Washington D.C.

June 29, 2012

Leitl: „Securing Austria´s Top Ranking“

WKO´s President Christoph Leitl calls for reforms. In order retain Austria´s economic position, reforms should be accelerated and taxes should be cut.

June 27, 2012

Austria and South Korea Celebrate 120 Years of Bilateral Relations

Austria´s Foreign Minister Spindelegger: "Relationships between South Korea and Austria better than ever".

June 26, 2012

Austria´s Exports to Asia on the Rise

Last year, Austrian exports totaled € 122bn. Above all, exports to emergin markets Brazil, India and China are growing.

June 21, 2012

CESEE Banks: Small Exposure in Southern Europe

The riskiness of assets held by CESEE banks is manageable, the U.S. rating agency Fitch says. The CESEE region has closer links to Western Europe than to Southern Europe.

June 20, 2012

Mitterlehner: „Romania is an Important Trading Partner“

Austria´s Minister of Economic Reinhold Mitterlehner sees many business opportunities for Austrian enterprises in Romania. Above all, the energy sector is highly promising, Mitterlehner says.

June 18, 2012

Gloomy Growth Prospects for Austria

Bank Austria cuts its growth prospects for Austria. Instead of a GDP growth of 2.0% in 2013, the analysts now expect economic growth to reach 1.5%.

June 16, 2012

Leitl Underlines Good Relations with Hungary

At the visit of Hungary´s Viktor Orban, the President of the Austrian Chamber of Commerce (WKO) stresses the long-term commitment of Austrian enterprises in Hungary and claims legal security in return.

June 14, 2012

Austrian Central Bank Expects Economic Stabilization

Austria´s budget deficit is expected to decrease, the economic growth should increase slightly.

June 11, 2012

Slow Growth in Austrian Foreign Trade

January to March 2012: small increase in imports (2.3%) and exports (2.8%).

June 6, 2012

Austrian Furniture Industry Increases its Exports

In 2011, the total production of the Austrian furniture industry decreased by 3.3 percent to close to € 2.3bn according to the latest figures.

June 6, 2012

Austria to Expand Relations with Cyprus

Federal President Fischer and WKO´s President Leitl accomodated the Cypriot-Austrian Business Forum. Economic relations show potential for expansion and further development.

June 4, 2012

Economic Balance: EU Warns Austria

The Commission of the EU issues an early warning for Austria as the thresholds of three macro-economic indicators were exceeded.

May 31, 2012

Service Exports Key Success Factor for Austrian Foreign Trade

Regardless of global economic turbulence, Austria enjoyed considerable success in the international trade of goods and services in 2011.

May 22, 2012

Great Demand for Austrian Tourism Knowledge in Bulgaria

The Bulgarian tourism industry pushes for an improvement in quality. Austrian AWO brings together Austrian suppliers and potential business partners in Bulgaria.

May 21, 2012

“Three Problems of Europe: Divergence, Indebtedness and Weak Banks”

The new director of the Austrian IHS (Institute of Advanced Studies) Christian Keuschnigg thinks that a Greek exit would have to take place suddenly.

May 21, 2012

Austrian Innovations on the Rise in Export Markets

The patent statistics clearly show that Austrian companies and inventors are becoming ever more prominently positioned on the international markets.

May 18, 2012

Economic Indicator: Slow Recovery Expected

The Bank Austria business indicator indicates a slight upward trend. In the second quarter, economic growth is expected to reach 0.2%.

May 16, 2012

Austrian Economy Grows Slowly

After a period of stagnation, the Austrian economy showed a small growth rate of 0.2% in the first quarter of 2012.

May 15, 2012

Saudi-Austrian Forum in Vienna

Saudi Arabia and Austria celebrated the 55th anniversary of Saudi-Austrian relations. Foreign trade is growing substantially.

May 14, 2012

Keuschnigg: „Problem Countries Must Cut Wages“

The designated director of the Austrian IHS (Institute of Advanced Studies) thinks that a drastic wage cut in Greece, Portugal and Spain is inevitable.

May 12, 2012

Small Rise in Foreign Trade

January to February 2012: moderate increase in imports (3.9%) and exports (5.4%).

May 8, 2012

Austria Emphasizes Importance of Partnership with Russia

Austrian State Secretary Wolfgang Waldner meets Russian Deputy Foreign Minister Titov.

May 8, 2012

Global Demand for Solar Technology from Austria

Riyadh, the capital of Saudi Arabia, is currently home to the world's largest solar thermal plant. The technology behind this plant came from Austria.

May 8, 2012

Austrian Exports to Canada up by 4.5% in 2011

Bilateral trade between Austria and Canada reaches € 1.13bn. Canadian Exports to Austria were down by 1.9%.

May 7, 2012

“Russia now among top 10 Austrian Trading Partners”

Austrian Foreign Minister Spindelegger meets with Russia’s Deputy Prime Minister Zubkov.

April 25, 2012