Western Balkan Countries in Austria | Bilateral Relations

Austria and the Western Balkans as a Region (Albania, Bosnia & Herzegovina, Kosovo, Macedonia, Montenegro, Serbia). See also each country individually.

Southeast Europe Agrees on Growth Strategy

In order to meet the 2020 growth strategy of the EU, the Balkan countries plan to co-operate more closely. Turkey and Bulgaria emphasize their good relations.

December 8, 2012

Hypo Group: Deadline Expires

Today, the first deadline for the sale of Hypo Group´s subsidiaries in Southeast-Europe expires.

December 7, 2012

Serbia: Government Demonstrates Optimism

Serbian Minister of Economics Mladjan Dinkic expects that the country´s exports will grow substantially in the next years.

December 7, 2012

Serbian Government Emphasizes Austerity Policy

Next year, the Serbian budget deficit is expected to come at 3.3% of GDP. Until 2015, the deficit will be lowered further, the government says.

December 4, 2012

Czech Republic: Deposits Grow Substantially

At the end of September, client deposits at Czech banks reached CZK 3,100bn. Compared to September 2011, this is an increase by 8.3%.

December 1, 2012

Serbia: Industrial Data on the Rise

In Serbia, the economic activity and foreign trade grows again, the Statistical Office says.

December 1, 2012

Serbia: Manufacturing and Retail Industry Terminate Recession

As per seasonally adjusted data GDP grew in Q2/12 by 2.1% qoq after falling by 1.9% qoq in Q1/12, finally moving into the positive territory after declining four quarters in a row.

November 29, 2012

Serbia: Exports Decreasing

As per seasonally adjusted data exports fell in August by 0.4% mom (July/12: +2.2% mom), while imports fell by 1.9% mom (July/12: +0.2% mom). Trade deficit in Jan1Aug/12 widened further to € 4.0bn (+12.8% yoy).

November 29, 2012

Serbian Industrial Sector Expands

Surprising summer industry growth, local demand might hold more growth. Real wages grow slightly, Raiffeisen Research states.

November 28, 2012

Serbia: Budget Deficit Soared by 22.4%

This development was supported by sharper expenditures enlargement (+8.0% yoy) while fairly small revenue increase (+5.1% yoy), delivering public debt/GDP to 53.8% in September 2012.

November 28, 2012

Serbia: Real Income Shrinks

In October 2012, salaries and wages per employee in the Republic of Serbia decreased by 3.5% in real terms.

November 26, 2012

CESEE: Eurozone crisis and Austerity Push Half of the Region into Recession

Export weakness and suppressed domestic demand will push nearly half of the CESEE region into recession this year, including the Czech Republic, Hungary, Slovenia, and nearly all Western Balkan countries.

November 26, 2012

"Austria remains a reliable partner for Albania on its way towards the EU"

Austria´s Vice-Chancellor Spindelegger at the opening of the Skanderbeg exhibition celebrating the 100th anniversary of Albania's independence and 20 years of Austrian development cooperation in Albania

November 26, 2012

Serbian Government to Raise Corporate Tax

The austerity pressure forces the Serbian government to increase taxes. Serbia´s corporate tax will move from 10% to 15%.

November 20, 2012

Serbia Attempts New Economic Reforms

The Serbian government does not only want to pursue a strict austerity policy. The country aims to become more attractive for international investors.

November 17, 2012

CESEE: Business Climate Deteriorates

According to OeKB (Austrian Clearing Bank), the economic sentiment in Southeastern Europe is declining. Poland remains the growth engine.

November 7, 2012

Hypo Group Starts Selling Business in SEE

The nationalized Austrian banking group has to downsize drastically. Today, Hypo Group started to put the subsidiaries in Southeastern Europe for sale.

November 6, 2012

Belgrade to Sharpen Austerity Policy

Next year, Serbia reduces the budget deficit from 6.2% to 3.5% of GDP. The Serbian government expects that the economy will recover next year.

October 25, 2012

Albania to Become Official Candidate

The Western Balkan country was recommended by the EU Commission. Serbia and Kosovo must reach a “sustainable solution”.

October 10, 2012

Serbia´s National Bank Fights Against Inflation

Today, the Serbian National Bank raised the base rate from 10.50% to 10.75%. IMF has lowered the economic outlook for Serbia.

October 9, 2012

"Serbia can count on Austria to be its partner"

The Austrian State Secretary encourages Serbia to embark on pro-European course.

October 5, 2012

CEE Countries Must Work Upon Economic Convergence

CEE countries are struggling with weaker external demand and uncertain consumers, whereas in most cases fiscal policy is under control. Labour productivity, costs and competitiveness of CEE region give reason for optimism.

October 5, 2012

EU as „Serbia´s Most Important Market“

The U.S. economist Paul Krugman thinks that Serbia´s future is the European Union. The EU is worried about the turn towards Russia.

October 4, 2012

Serbia to Grow in 2013

The Serbian economist Jurij Bajec explained that the Serbian economy will recover next year. Real GDP growth will reach 2.0%, he says.

October 1, 2012

Serbia Expects Rising Tax Intake

In order to meet demands of IMF, the Serbian Parliament approved the revised 2012 budget. The tax intake will not solve the country´s problems, economists consider.

September 29, 2012

Serbia: Bad Loans Declining Slightly

At the end of June, the share of non-performing loans came at 19.5%.

September 29, 2012

Serbian Industrial Production Still Shrinks

According to Raiffeisen Research, the crisis in the industrial sector goes on. Real wages are shrinking.

September 27, 2012

Serbia Asks China for Loan

The Serbian Minister of Finance Mladjan Dinkic asked the Chinese Exim Bank for a € 850m loan in order to realize construction projects. IMF is not satisfied with Serbia´s austerity policies yet.

September 26, 2012

Dacic: „Reforms, Attracting Investments and Starting EU Integration“

The Serbia Prime Minister Ivica Dacic underlined that the government will implement reforms in order to stop the economic crisis.

September 26, 2012

Macedonia to Stimulate Economic Growth

Due to the recession in the Eurozone, exports are shrinking. Next year, Macedonia will overcome the crisis, the local government says.

September 24, 2012

Serbia: „EU Cannot Force Us to Recognize Kosovo´s Independence“

The Serbian Prime Minister is ready to continue talks with Kosovo at a higher political level. For the EU, a recognition of Kosovo´s indepence is the precondition for Serbia´s EU accession.

September 22, 2012

Serbia to Privatize Publicly Held Companies

In order to reduce the budget deficit, the Serbian Minister of Finance Mladjan Dinkic plans to sell a part of the state-owned companies.

September 22, 2012

Serbian EU Approach Endangered

The Serbian government rejects making concessions to Kosovo. The EU accession may be damaged, however.

September 19, 2012

EVN and Verbund Open the Ashta Hydropower Plant in Albania

The project company “Energji Ashta“ and its owners EVN and Verbund are opening the first section of the Ashta hydropower plant (Ashta I) on the Drin River in Northern Albania.

September 18, 2012

Vienna Insurance Group Becomes Market Leader in Macedonia

After the acquisition of QBE Makedonija, Vienna Insurance Group ranks first in the Macedonian insurance market.

September 17, 2012

INA Underlines Interest in OMV´s Petrol Stations

The Croatian oil group wants to take over the petrol station business of Austrian OMV in Croatia and Bosnia.

September 12, 2012

“A new chapter begins for Kosovo”

Austrian Vice-Chancellor Michael Spindelegger underlined the success of the Ahtisaari UN Office in Pristina .

September 12, 2012

Serbia Lifts VAT Rate

In order to prevent the national bankruptcy, the Serbian government raises the VAT by two percentage points.

September 11, 2012

RWE Agrees to Strategic Collaboration with Serbian Energy Utility EPS

The German energy group has signed a Memorandum of Understanding on further development of energy generation in Serbia. The focus will be on laid on hydropower.

September 11, 2012

Temporary Surplus in Serbia´s Budget

Due to the VAT intake, Serbia faced a budget surplus in July. In June, Serbia recorded a massive deficit.

September 8, 2012

Serbia: Exports Decline, Foreign Deficit Goes Up

According to RCB (Raiffeisen Centrobank), the draught in Serbia is likely to reduce the corn yield exports volumes. The trade deficit rose by 13.6% in June.

September 8, 2012

Serbian Industrial Production Declines

In June, Serbia´s industrial production fell by 4.0% against 2011. The outlook is not promising, RCB says.

September 7, 2012

Takeover of OMV´s Petrol Stations: INA Faces Legal Restrictions

The Austrian OMV Group plans to withdraw from Croatia and Bosnia. The Croatian subsidiary of MOL is interest in OMV´s petrol stations, but may face legal restrictions from a competition law point of view.

September 7, 2012

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

Croatian INA Submits Offer to OMV

Austrian OMV sells its petrol station business in Croatia and Bosnia. The Croatian subsidiary of Hungarian MOL has submitted a binding offer.

September 5, 2012

Hypo Group Reduced Capital at Croatian Subsidiary

The Austrian nationalized bank cut the stock capital of the Croatian subsidiary by € 100m.

September 3, 2012

Croatian Crisis Aggravates

For Croatia, the end of the severe recession is not foreseeable. Croatia´s real economy is hit hard, the financial sector suffers from bad loans.

August 31, 2012

Serbian Government Tries Act of Liberation

Serbia´s economy weakens, the outlook is negative. Even a bankruptcy is not excluded anymore.

August 29, 2012

Croatian Labor Market Crisis Deteriorates

Not only the unemployment rate is increasing. Croatia has the third-highest youth unemployment rate in Europe.

August 29, 2012

Croatia Said to Become Part of South Stream Pipeline

Good news for Croatia: Gazprom and Plinacro are said to have agreed on a natural gas pipeline across Croatia. The pipeline may enhance employment and reduce natural gas costs.

August 27, 2012