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Budget Deficit

Fekter: „Austerity Package is Structural Reform Package“

In spite of criticism by economists, for the Austrian Minister of Finance, the austerity package is a “big success”.

February 20, 2012

Doubt and Criticism on Austerity Package

For the director of IHS, the austerity measures do not contain real reforms. The implementation could become difficult. Administration reforms and health system reforms are too low, observers say.

February 13, 2012

Austerity Package Has Lack in Structural Reforms

The industrialists regard the Austrian austerity package even-tempered. WIFO misses structural reforms.

February 11, 2012

Austrian Government Presents € 27bn Austerity Package

The largest austerity package in Austria´s history mainly consists of cuts in expenditures. The government emphasized the socially balanced measures and the necessity due to reasons of competitiveness.

February 11, 2012

Euro-Crisis: Austrian Managers are Optimistic

In spite of the current euro-crisis, most Austrian managers believe that the currency will remain. Moreover, a deepening of the cooperation between EU-member states is expected.

February 6, 2012

Austrian Government Debt Quota Declining Slightly

Euro area government debt down to 87.4% of GDP in the third quarter 2011 compared with second quarter 2011.

February 6, 2012

Austerity: Leitl and Sorger Call for More Effort

The Presidents of the Federation of Austrian Industries (IV) and the Chamber of Commerce (WKÖ) aim for re-gaining the “AAA” for Austria. The government should cut expenses instead of rising taxes.

January 27, 2012

Budget Deficit Lower Than Forecasted

The Austrian budget deficit in 2011 reached 3.3%. Initially, the figure was expected to amount to 3.9%.

January 27, 2012

Government to Sharpen Austerity Measures

After the downgrade of Austrian sovereign bonds from „AAA“ to „AA+“ by S&P, the Austrian government aims to reach its austerity targets earlier.

January 17, 2012

Downgrade: Government Surprised and Criticized

For the Austrian government, the downgrade by the U.S. rating agency is „not comprehensible”. The domestic industry urgently claims structural reforms.

January 14, 2012

Study on „Economic Freedom“: Austria Falls

In the global ranking of the U.S. “Heritage foundation”, Austria only occupies rank 28. The government would not introduce enough reforms, bureaucracy would be too high.

January 13, 2012

Pressure on Hungary Increases

The chairman of the Austrian Central Bank, Ewald Nowotny, sees no danger for Austrian banks from Hungary. EU and IMF criticize the Hungarian government.

January 11, 2012

Slow Growth in CEE Expected

According to Raiffeisen Research, real GDP in CEE to grow by 2.0 per cent in 2012, while Austria set to post GDP decline of 0.5 per cent.

January 11, 2012

„Not Talking Down Austerity Policy“

Bernhard Felderer, head of the Austrian Institute of Advanced Studies (IHS), warns daily issued ideas for new taxes. First signs of a recovery are arising.

January 7, 2012

„We Are at the Tipping Point“

2012 will be a crucial year for Europe and Austria, says the director of the Austrian Institute of Economic Research (WIFO). The coming decade will be coined by debt reduction.

January 5, 2012

Austrian Government Debt Stands at € 214bn

Austrian government debt in relation to GDP declined slightly to 71.6%. Social insurance carriers reduced their debt by 49.5%.

December 30, 2011

Austrian Government Wants to Save € 10bn

The coalition partners agreed to cut expenses by € 2.0bn per year until 2016. Details were not published.

December 27, 2011

Moody’s Keeps Austria’s AAA

The rating agency points to Austria’s economic strength and attempts to introduce a balanced budget requirement in the constitution.

December 23, 2011

Felderer Expects Structural Changes

The head of the public debt committee, Bernhard Felderer says that new taxes are inevitable.

December 20, 2011

Fekter Pushes for Further Austerity Measures

The Austrian Minister of Finance, Maria Fekter (ÖVP), announced that the planned austerity measures will not be sufficient. The coalition partner SPÖ is upset.

December 19, 2011

Debt Brake: Government Tries Again

In order to install the „debt brake“ into the constitution, the Austrian government tries again to persuade the opposition parties.

December 12, 2011

Only 0.3% GDP Growth in Third Quarter

The Austrian GDP stagnates, which is due to decrease in domestic consumption. The only positive impetus comes from the export industry.

December 9, 2011

Austrian „Debt Brake“ Resolved

Due to the lack in approval by the opposition parties, the „debt brake“ will only be resolved as a simple act.

December 8, 2011

Austrian Government Pushes for Further Austerity Measures

The Minister of Finance, Maria Fekter, did not exclude an austerity package. First effects should be seen already in 2012. However, it is not clear yet if economic forecasts for the next year will hold.

November 26, 2011

Austrian Budget: 3.2% Deficit in 2012

Today, the Austrian Minister of Finance, Maria Fekter, presented the budget for 2012. The debt quota rises further until 2015.

October 19, 2011

Government Debt Committee Sees No Margin for Tax Cuts

The committee called for debt reduction and warned against a tax reform. The gap between government revenues and spending is increasing.

July 7, 2011

Moody’s Gives Negative Outlook for Carinthia

Austria’s southernmost province received a negative outlook due to an increasing budget deficit, high debt and credit guarantees for Hypo Alpe Adria.

July 1, 2011

Austrian Government Debt Grew to € 210bn

Debt of the federal sector increased by € 6.3bn, while all other sectors registered a decline. Social insurance carriers’ debt fell by 32%.

June 30, 2011

Austrians Support Aid for Greece

The majority of the Austrian population does not want to let Greece down. 55% see the common currency at risk.

June 22, 2011

Surprising Profit at ASFINAG

With an annual result of € 339m for 2010, the Austrian motorway financing company had much better results than expected.

May 6, 2011

New High for Austria´s New Indebtedness

Austria´s budget deficit for 2010 is at 4.6%, which is the highest one in the last 15 years. However, the average of EU-countries is even higher.

April 27, 2011

Austrian Public Deficit up to 4.6%

Public Finance 2010: Public deficit at 4.6%, public debt at 72.3% of GDP

April 1, 2011

Leitl Demands Reduction of Public Debt

The President of the Austrian Economic Chamber sees potential for efficiency in the administration, as well as in the health and pension system

April 1, 2011

Manufacturing Industry Sharply Criticizes the Union

Employees' proposals are not very productive, the Austrian Industrial Association says. There is no shift from wages toward corporate profits.

March 22, 2011

Austria's Budget Deficit is Lower than Expected

The preliminary budget outcome for 2010 is 0.6% better than forecast. However, the results of the ÖBB could increase the deficit again.

February 17, 2011

Austria's Budget Deficit is at 4.1%

Although the budget deficit is lower than expected, but the official national debt could increase considerably due to the ÖBB.

February 1, 2011

"Austria Does Not Deserve an AAA Rating"

The chief economist of the American Citigroup, Willem Buiter, also denies Austria, alongside the U.S. and the UK, the right to the AAA rating.

January 29, 2011

Budget-saving Measures in Austria are Insufficient

According to the WIFO, budget deficit and public debt are lower than the EU average; central potential savings have been neglected however.

January 26, 2011

WKÖ endorses policy of the European Commission

The Austrian Economic Chamber welcomes the focus of the EU Commission on structural reforms, consolidation of public finances and competitiveness.

January 13, 2011

CEE Economic Growth Forecast: 3.8% in 2011

According to UniCredit, especially Turkey, Poland, Czech Republic and Estonia will bounce back impressively due to stronger industry and domestic demand.

January 13, 2011

Massive Rise of Debt in the Public Sector

Austria's debt is rising dramatically. Not only the state budget, but also the provinces and municipalities are the major contributors to this situation.

December 31, 2010

Nowotny Calls for Consistent Budget Consolidation

The Governor of the OeNB draws balance at the end of the year and gives his outlook on the challenges for 2011

December 30, 2010

AAA Rating Confirmed for Austria

The rating agency Standard & Poor’s; leaves Austria’s credit status unchanged.

December 22, 2010

Austrian Official Debt Level Rises

Due to the EU-wide commitment to a more transparent presentation of liabilities, the official debt ratio of Austria will continue to increase.

December 21, 2010

WIFO: Economic boom persists, but also risks

The export-driven boom of the Austrian economy continues. Growth will however slow down in the first half of 2011.

December 20, 2010

Austria's Tax Revenues are Higher than Expected

As the economy developed relatively well this year relatively, tax revenues increased. The deficit for 2010 might therefore turn out to be lower than planned.

December 17, 2010

Nowotny Pleads for Euro-Bonds

The governor of the Austrian National Bank, Ewald Nowotny, is for the introduction of euro-bonds. Germany’s resistance is pre-programmed.

December 6, 2010

Triple-A Rating: Treichl vs. Nowotny

The Chairman of the Erste Group is not convinced anymore by Austria's financial policy; the Governor of the National Bank however, still stands on "AAA".

December 3, 2010

Stable Recovery of Austrian Economy

The Oesterreichische Nationalbank (OeNB, Austrial National Bank) is assuming a growth of the economy of 1.9% for 2010. Further acceleration is possible for subsequent years.

December 3, 2010

The Budget is Finally Set

After weeks of discussions about the 2011Austrian Federal Budget, the final details were announced today. There are very few amendments to the original project.

November 30, 2010