Economic Crisis

Speaker of Swedish Parliament Met Sobotka

The Speaker of the Swedish Parliament Andreas Norlén met virtually with his Austrian counterpart, National Council President Wolfgang Sobotka. The main topics of the meeting comprised the fight against the Covid-19 pandemic, parliamentary security and foreign relation issues.

January 12, 2021

Austria's Unemployment Rate at 11 Percent

Crisis-related unemployment, especially due to the lack of a seasonal start in tourism, has a huge impact on the unemployment rate in Austria at the moment. More than 500,000 people are currently seeking for jobs, which is an increase of more than 63,000 compared to the previous. month.

January 5, 2021

WKO Heads Demand Clear Plan for Path to Normality

The heads of Austria's Federal Economic Chamber demand a clear plan that shows a step-by-step path to normality. They demand regular mass testing, where negative test results are connected to more freedoms. According to them, the lockdown immediately after Christmas will hit many companies particularly hard.

December 18, 2020

Von der Leyen and Kurz: Light At the End of the Tunnel

After a virtual meeting between EU Commission President Ursula von der Leyen and Austria's Chancellor Kurz both assured that there is a light at the end of the tunnel of the Covid-19 pandemic. The two politicians have discussed EU's vaccine strategy and other topics regarding the ongoing pandemic.

November 27, 2020

Edtstadler: "No Understanding" for EU Budget Veto of Poland and Hungary

Hungary and Poland refused to agree on the EU's financial framework for the next seven years. Austria's Minister Edtstadler as well as her German counterparts do not understand Hungary's and Poland's veto and demand a clear resolution of any blockades that delay the distribution of important Covid-19 aid measures.

November 24, 2020

WKO: Thoughts About Opening Stores on Sundays

The President of the Austrian Federal Chamber of Commerce (WKO) has expressed his thoughts about a possible opening of stores on Sundays before Christmas. This would create the opportunity for companies to equalize customer flows which they have missed out on during the ongoing lockdown.

November 24, 2020

European Commission Approves Second Fixed Cost Subsidy

The European Commission has approved Austria's request to grant further subsidies to companies particularly impacted by the ongoing pandemic. The so-called Fixed Cost Subsidy II could cover up to 70 percent of the uncovered fixed costs and up to EUR 3 million.

November 23, 2020

October: Minus 84.5 Percent Overnight Stays in Vienna

The Covid-19 crisis has hit the hotel and tourism industry hard. Especially urban areas are affected which is also the reason for the drastic numbers of overnight stays in Vienna. Compared to 2019, the city recorded a minus of 84.5 percent in the month of October.

November 20, 2020

Austrian Government Plans Deficit of EUR 22.6 Billion

Due to the ongoing Covid-19 pandemic and the resulting economic crisis, the Austrian government has agreed on a budget that plans with a deficit of EUR 22.6 billion for next year. Estimated lower revenues due to the weak economy on the one side face higher expenditures because of the subsidies for various businesses on the other.

November 20, 2020

Eurochambres President Demands Rapid Measures for Businesses

At the presentation of the 28th Eurochambres Economic Survey, President of the Association for European Chambers of Commerce Leitl demands "immediate help" for businesses affected by the Covid-19 pandemic. According to him, the survey results show sharp declines in many economic indicators.

November 11, 2020

Austrian National Bank: Exports Increase Again

Exports, excluding tourism, were above the comparable figures from 2019 for the first time in Austria since the outbreak of the Covid-19 crisis. The Austrian National Bank is confident that a second wave can be contained and that no further monetary or fiscal policy measures are needed.

October 21, 2020

World Statistics Day 2020: New Economic Monitor Shows Austria's Economic Development

Statistics Austria has introduced a new economic monitor which shows Austria's economic development over time. Data is updated biweekly and will include more than 80 economic indicators across different sectors and industries. In addition to this monitor, Statistics Austria provides a Covid-19 data collection which focuses also on population, health and education.

October 19, 2020

Austrian Economy Slumped by 12.1% in Q2 2020

The newly published report by Statistics Austria shows a massive economic slump in the second quarter of 2020. Austria's GDP declined by more than 12 percent compared to the second quarter of 2019 while expectations for the last two quarters of the year are not much better.

September 28, 2020

European Commission Approves Further EUR 4 Billion for Austrian Companies

Further EUR 4 billion intended to help Austrian companies sustain the Covid-19 crisis were approved by the European Commission. Grants and guarantees of up to EUR 800,000 per company can be given out in cases of hardship and danger of bankruptcy.

September 22, 2020

Kurz: "There is light at the end of the tunnel"

Today, Chancellor Kurz was holding a State of the Union Address and talked about the Coronavirus, special vacation for parents and a "pact against isolation". According to him, the next summer will be normal again. However, the time until then will be challenging.

August 28, 2020

Kurz is Giving a Speech with 3 Major Topics

On Friday, Chancellor Kurz is giving a speech concerning the current situation in Austria and the planned political content of the following months. The three major topics are economy and labour, digitization and education as well as social cohesion and civil society involvement.

August 26, 2020

Serbia: Fight against Unemployment Key Aim of Government

Serbia's Government aims to cut down unemployment to below 20 percent and tries to attract new investors.

July 9, 2013

GDP Growth below Expectations in Q2

The real growth rate was revised downwards to 0.7%. Wifo expects a normal slowdown but no economic crisis.

September 16, 2011

Austrian Labor Market Relatively Stable during Crisis

A recent study shows: The labor market has weathered the economic crisis. Politicians and companies have taken the right decisions.

June 24, 2011

Austria´s Economy Performed Better than EU-average During Crisis

The Vienna Institute for International Economic Studies (wiiw) has just published a study, which quantifies trade-related transmission mechanisms of the global drop in investment demand and output to recession in Austria.

April 28, 2011