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Economic Development
Austria Threatened by Recession: Finance Minister Marterbauer Warns of Difficult Year Ahead
Finance Minister Markus Marterbauer (SPÖ) made a grim forecast for the Austrian economy at a meeting of the EU Economic and Financial Affairs Council (ECOFIN) in Brussels. According to Marterbauer, the country must expect a recession in 2025. This could have far-reaching consequences for the budget and the government's ability to act financially. Despite this negative development, the federal government is sticking to its goal of avoiding an EU deficit procedure.
March 12, 2025
Austria's Real Estate Market Continues to Weaken: Hope for Recovery in 2025
Economic uncertainty, high interest rates, and strict lending guidelines also left their mark on the Austrian real estate market in 2024. While prices and transaction volumes fell in some federal states, Vienna recorded growth. Experts see opportunities for a recovery in the coming year.
March 5, 2025
New Economics Minister Hattmannsdorfer Against the Deindustrialization of Austria and Europe
Dr. Wolfgang Hattmannsdorfer (ÖVP) sent out a signal for the importance of industry in Austria with his first official company visit as Minister of Economic Affairs. The trip took him to his hometown of Linz to voestalpine, where he emphasized that the business location is facing decisive challenges. The new minister assured that “the stop button for industrial migration” would be pressed with the new government program.
March 5, 2025
Construction Prices 2024 in Austria: Moderate Increase Despite Tense Situation in the Construction Industry
Construction prices in Austria rose moderately by 1.3% in 2024 compared to the previous year. This was announced by Statistics Austria in its latest report. While price increases eased over the year, the economic situation in the construction industry remains challenging. Residential construction in particular is suffering from high construction and financing costs, which could have a long-term impact on the labor market and future housing supply.
February 10, 2025
Shock for Austrian Foreign Trade: Weak Demand from Abroad Depresses Exports
The Austrian economy is facing a new challenge: exports slumped more sharply in November 2024 than they have for years. In particular, weak demand from Germany and the EU is causing concern - experts are warning of long-term consequences for industry and the labor market.
February 7, 2025
Labor Market in Austria 2024: Number of Vacancies Significantly Decreased
The Austrian labor market is facing an apparent contradiction: while companies are complaining about an acute shortage of skilled workers, vacancies fell significantly in 2024. Rising unemployment figures meet unfilled positions, and many industries are struggling with economic uncertainties. What is behind this development?
February 6, 2025
Wiiw Forecast: Economic Growth in Central and Eastern Europe Defies Global Uncertainties
Despite weakening industry, private consumption remains a strong growth driver and makes a significant contribution to the region's economic stability. At the same time, the unpredictable economic policy decisions of the USA under President Trump pose considerable risks for the export-oriented countries in Central and Eastern Europe.
February 4, 2025
Austria's Industry and Economy under Pressure: Economic Experts Discuss Solutions
The situation in Austrian industry has deteriorated continuously since mid-2021. The Federation of Austrian Industries (IV) is now issuing an urgent warning about the consequences of this development. “Industry is in a bleak situation,” explained IV chief economist Christian Helmenstein. There is no sign of a recovery shortly, which is seriously jeopardizing the competitiveness of the location and the prosperity of the country.
February 2, 2025
Lower Austria's Schoeller-Bleckmann Oilfield Equipment AG Records Significant Drop in Profits
Schoeller-Bleckmann Oilfield Equipment AG (SBO), a leading global supplier of specialized equipment for the oil and gas industry, recorded a significant decline in net profit in the first three quarters of 2024. With a slump of 38 percent, profit fell to 34.4 million euros, highlighting the challenges of a volatile market and geopolitical uncertainties.
November 21, 2024
Insolvency of Viennese Real Estate Developer Lukas Neugebauer and his LNR Group
Another Austrian real estate company has been hit by insolvency. Bankruptcy proceedings have now been opened at the Vienna Commercial Court over the assets of Viennese real estate developer Lukas Neugebauer and his LNR Group. The bankruptcy affects both B&R Generalunternehmer GmbH and LNR Development GmbH, two central companies in Neugebauer's real estate conglomerate. The insolvency affects 32 creditors who have claims totaling 94 million euros. The creditors have until December 30, 2024, to assert their claims.
October 23, 2024
Record Number of Company Bankruptcies in Vienna Burdens Economy and Labor Market
In Vienna, more than 1,100 companies filed for insolvency between January and September 2024, with the real estate sector particularly hard hit. This development contributes to rising unemployment, which has increased by 8.8% compared to the previous year. Experts blame the rise in the poor global economic situation, high inflation, and increased energy and rental costs. The increase is particularly worrying for retail and service companies, as shown by the example of Pepco, which has affected over 600 employees.
October 21, 2024
Inflation in Austria at its Lowest Level Since 2021
Inflation in Austria fell to 1.8 percent in September compared to the same month last year. This was the lowest figure for a good three and a half years, according to Statistics Austria.
October 19, 2024
Largest Insolvency in Styria: Fisker GmbH and its Effects
The insolvency of the Austrian Fisker subsidiary has far-reaching consequences for the Styrian economy. With a mountain of debt of almost four billion euros, it is the largest corporate bankruptcy of the year.
August 8, 2024
Austrian National Bank Examined the Spread of Crypto Assets in Austria
Cryptocurrencies such as Bitcoin are widely known in Austria, but their actual distribution in private households remains modest. A recent study by the Austrian National Bank (OeNB) found that only 3% of the population own crypto assets. These few owners usually only hold small amounts, which rarely make up more than a third of their total financial assets.
July 16, 2024
Austria Businesses Heading for a Record Year of Bankruptcies in 2024
Austria is facing a possible record year for corporate insolvencies in 2024. The current economic situation shows a significant increase in insolvencies, especially in the first half of the year.
July 15, 2024
Austria's Challenges and Successes in the OECD Report
The OECD has presented its latest country report for Austria. Every two years or so, the Organization for Economic Cooperation and Development analyses each member country as a whole and summarizes the findings of this analysis in a comprehensive report. Austrian policymakers have now taken up this report and are hotly debating it.
July 9, 2024
Algerian Foreign Minister Ahmed Attaf in Vienna on Close Economic Relations
Austria's Foreign Minister Alexander Schallenberg welcomed his Algerian counterpart Ahmed Attaf to Vienna for a working visit. During the talks between the two foreign ministers, particular attention was paid to the joint fight against illegal migration and the expansion of economic cooperation, especially in the field of green hydrogen.
July 4, 2024
Economic Outlook in Austria: High Inflation and Stagnation Until 2026
The Austrian Institute of Economic Research (WIFO) has published a comprehensive analysis of economic development and inflation forecasts for Austria, covering the years 2024 to 2028. The study shows that Austria will continue to struggle with high inflation until mid-2026 before the European Central Bank's (ECB) target of two percent is reached. At the same time, the economy will not see a slight recovery until 2025.
July 1, 2024
30 Years of the WKÖ Export Prize: Austrian Companies Honored for Top Performance
Austria's export industry has achieved impressive successes over the last 30 years. EU accession in 1994 played a key role in this, paving the way for a more than five-fold increase in goods exports. Despite challenging framework conditions, the 63,700 domestic export companies achieved a record value of 200 billion euros in goods exports and 83 billion euros in services exports last year.
June 18, 2024
Ukraine's Economic Potential: Analysis by the Vienna Institute for International Economic Studies
In a new comprehensive study by the Vienna Institute for International Economic Studies (wiiw) and the Bertelsmann Foundation, Ukraine is recognized as having enormous economic potential.
June 12, 2024
Strengthening Economic Relations Between Austria and Saudi Arabia
The Saudi Minister of Economy, Faisal Al-Ibrahim, visited Vienna and met with the Austrian Federal Minister of Labor and Economy, Martin Kocher. A Memorandum of Understanding (MoU) was signed as part of the 9th Saudi-Austrian Joint Committee, which aims to strengthen further and diversify economic relations between the two countries.
June 5, 2024
Inflation Outlook for Austria Shows Significant Improvement
The Austrian National Bank's (OeNB) latest inflation forecast gives cause for cautious optimism for the Austrian economy. Inflation has decreased and economic growth has also returned since the start of the year, albeit weakly.
March 13, 2024
Viennese International Economic Institute: Growth in Eastern Europe Weaker than Expected
The Central and Eastern European EU member states recorded weaker economic growth in the first quarter of this year, according to a recent study by the Vienna Institute for International Economic Studies (WIIW).
July 6, 2023
Austrian National Bank Publishes Macroeconomic Forecast for 2023 to 2025
According to the published forecast of the Oesterreichische Nationalbank (OeNB), the Austrian economy is expected to pick up speed in the second half of 2023, with GDP growing by 0.5 percent in 2023. Accelerated growth of 1.7 percent is forecast for 2024. Although HICP inflation will fall steadily after the highs at the beginning of the year, it will still be above average at 2.9 percent in 2025.
June 18, 2023
Austrian National Bank: Monetary Policy Strategies Must Act
In his speech at the opening of this year's Economics Conference, Austria's National Bank - Governor Robert Holzmann shed light on the importance of a robust and resilient monetary policy in uncertain times. Given the recent financial market turmoil, he stressed that monetary policy strategies must not remain empty words and that the instruments must work.
May 24, 2023
Tax Burden in Austria Still High According to OECD
According to a study conducted by the Organization for Economic Cooperation and Development (OECD), taxes and duties for Austrian employees continue to be high in international comparison.
April 25, 2023
President Van der Bellen Visited his Albanian Counterpart in Tirana
Austrian Federal President Alexander Van der Bellen started his official Western Balkans visits on Sunday. The first country he visited was Albania, where he met with his counterpart Bajram Begaj. They discussed the ongoing reforms in Albania and Austria supporting those reforms.
March 27, 2023
OPEC Fund Approves New Financing to Fulfill its Climate Action Plan
The OPEC Fund for International Development (OFID) approved more than $300 million in new funding in the first quarter of 2023, reflecting the institution's commitment to fulfilling its Climate Action Plan. Three of the four projects approved by the OPEC Fund's Governing Board directly support climate finance.
March 15, 2023
Minister Schallenberg Welcomed Bolivias Vice President David Choquehuanca
Austrian Foreign Minister Alexander Schallenberg has met with Bolivian Vice President David Choquehuanca. Together they talked about the good relations between the two countries and the consequences of the Russian aggression on Ukraine.
March 14, 2023
Minister Schallenberg Shows Solidarity for LDC Countries at Doha Conference
Austrian Foreign Minister Alexander Schallenberg attended the Least Development Countries (LDC) in Doha. There, he expressed solidarity for the LDCs and reassured Austria’s support for the countries.
March 6, 2023
What is the Houskapreis? 13 Projects Nominated for the B&C Private Foundation Research Award
The nominated projects for the Houskapreis 2023, the research prize of the B&C Private Foundation, have been determined. But what is the renowned Austrian Houska Prize all about?
March 6, 2023
New Funding for Economic Transformation in Austria
The Ministry of Labor and Economic Affairs (BMAW) has announced a new funding track under the Climate and Transformation Offensive. The Austrian Research Promotion Agency (FFG) supports the Austrian economy in the transformation and the BMAW provides €300 million for research funding until 2026.
March 1, 2023
Romanian Delegation Searching for a Solution in Vienna
A Romanian delegation has arrived in Vienna to search for the solution for Austria’s Schengen Veto Block. Part of the delegation was also Romania’s ex Foreign Minister Titus Corlățean.
February 27, 2023
North Macedonia Takes Over OSCE Chair for 2023
From January 1, 2023, North Macedonia takes over the OSCE Chair. In addition to the focus on the crisis regions and above all the military aggression against Ukraine, the country's priorities as chairman will be the re-affirmation of the benefits of the OSCE and the restoration of dialogue and trust.
January 2, 2023 · Updated: January 20, 2023; 12:00
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