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Austria Presents Financial Budget for 2022
Austrian Finance Minister Gernot Blümel presented Austria's draft financial budget for 2022 to the Austrian Parliament in the form of the annual budget speech. The plan includes tax reforms, budget increases for various ministries, estimates regarding the COViD-19 crisis, and more. Read some of the specific provisions in the budget outlined by the finance minister.
October 14, 2021
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European Commission Forecasts GDP Growth for Austria
In its spring forecast, the European Commission has issued GDP growth rates for all its member countries as well as for the EU as a whole and the euro area. Read more to find out the exact rates.
May 17, 2021
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Covid-19: Austria Ranks Second for Aid Measures in EU
According to recent calculations published by the International Monetary Fund (IMF), Austria ranks second for Covid-19 aid measures among all EU Member States. Only Greece has spent a higher portion of its GDP (13.7%) for aid instruments, while Austria invested 11.7 percent to relieve its businesses and people.
April 12, 2021
Statistics Austria: Highest Public Deficit Since Records Began
Due to the Covid-19 pandemic, Austria has recorded its highest public deficit since the start of the record in 1954. The deficit in 2020 amounted to 8.9 percent of the GDP (EUR 33.2 billion), which was caused by a sharp increases in government spending and a decrease in government revenue.
April 1, 2021
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Austria's Economy Is Far Behind EU Average
According to the latest numbers issued by the EU's statistics office Eurostat, the gross domestic product of the EU fell by 0.6 percent in Q4 2020 compared to the third quarter of the same year. Austria, however, has performed the worst out of all EU member states and saw a GDP decline of 4.3 percent.
February 17, 2021
Austria's and EU's GDP Forecast Gives Hope
In the EU winter forecast for the level of economic output in the near future, Austria's and the whole Euro area's GDPs are said to grow by almost 4 percent in 2021 and 2022. Although the economies declined in the fourth quarter of 2020 and first quarter of 2021 due to the impact of the second wave, the economic outlook is still promising for the remainder of 2021 and 2022.
February 12, 2021
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Eurostat: Austria Is Second in EU With Research Expenditures
In its recent publication, the statistical office of the European Union, Eurostat, put Austria on second place for research expenditure relative to GDP. Austria has invested 3.19 percent of its gross domestic product in R&D, which is only surpassed by Sweden with 3.39 percent of the country's GDP.
November 27, 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
Federal Chamber of Commerce: Lockdown Is Unthinkable and Needs To Be Avoided
The heads of the Federal Chamber of Commerce emphasize the importance of avoiding a second lockdown due to rising Covid-19 cases in Austria. They also demand further support measures for the economy and particularly hope that the EU approves the planned fixed cost subsidy.
October 9, 2020
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Schramböck: "Every New Infection Is a Potential Danger for the Business Location"
Federal Minister for Economic Affairs Schramböck empasizes the importance of low infection rates for the business location. She demands more rigid measures for Vienna, which is currently the Covid-19 hotspot in Austria.
October 5, 2020
Public Deficit Amounts to 9.4%, Public Debt to 82.6% of GDP in First Half Year of 2020
Austria's government has lost its successful path to a lower public deficit due to Covid-19. In the first half year of 2020, the public deficit amounted to 9.4% while public debt rose to 82.6%. The outlook for the second half of 2020 is not much better and an increase of public debt is expected.
September 30, 2020
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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
Economic Sentiment in Austria and the EU Brightened Further in August
Businesses and the population of the EU still have below-average economic sentiment although the expectations improved over the last month. The sharp decline due to Covid-19 is made up by about 60 % already.
August 31, 2020
Vienna Based UNIDO Holds Expert Panel to Discuss Developments in Industry and Society
The United Nations Industrial Development Organization hosted an expert panel about the future of industry and society. Main topics were the advancement of attaining the sustainable development goals and shaping society as a whole.
August 21, 2020
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Boyden Partners Met in Vienna to Discuss Emerging Markets Strategies
The annual global Boyden conference took place in Vienna. Despite the current political crisis in Ukraine the headhunting company sees good prospects of Austrian enterprises and managers.
May 23, 2014
Lithuania Locomotive for Baltic States
Among the three Baltic conomic growth saw the highest increase in Lithuania.
May 12, 2014
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Hypo Group: Shady Deals with Balkan Diplomats
The Austrian problem bank Hypo Group has troubles recovering debts.
May 3, 2014
Fitch Upgrades Rating for Slovenia
Fitch Ratings has revised the Outlook on Slovenia's Long-term foreign and local currency Issuer Default Ratings (IDR) to Stable from Negative and affirmed the IDRs at 'BBB+'.
May 2, 2014
EU Enlargement: A Success Story for Central Europe
Austria is one of the main beneficiaries of the EU enlargement of 2004.
April 30, 2014
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Spindelegger: “Arsonists Are to Blame Not Fire Brigade”
The downsizing of ailing bank Hypo Group Alpe Adria is a heavy burden for this year’s budget. According to Finance Minister Spindelegger, the deficit comes at 2.7 percent of GDP while public debts will soar.
April 29, 2014
Hypo Group: Huge Burden for Austrian Budget
The downsizing of problem bank Hypo Group Alpe Adria is a huge burden for this year’s budget.
April 29, 2014
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Serbia: New Government Taking Drastic Measures
New head of the Serbian government Aleksandar Vucic has ambitious plans to reform the state and restructure state finances.
April 28, 2014
Poland: Budget Deficit Soaring
Last year the budget deficit amounted to 4.3 percent of GDP.
April 17, 2014
Poland: Excessive Deficit Procedure for Two More Years
The Polish government expects the EU Commission to cancel the Excessive Deficit Procedure in “less than two years” due to the measures applied so far the continuing of economic recovery.
April 16, 2014
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S&P Upgrades Polish Banking Sector
Rating agency Standard & Poor’s has upgraded the Polish banking sector from “negative” to “stable”.
April 16, 2014
Serbia: “Radical Measures” Needed to Tackle Grey Economy
Experts call for higher penalties to make tax evasion and gray economy less profitable and establish financial discipline.
April 14, 2014
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Vucic: “Not Afraid of Social Riots”
The future Prime Minister of Serbia underlined the necessity of reforms.
April 10, 2014
Poland: Growth Forecast Raised Again
The International Monetary Fund has raised the forcast of GDP growth in Poland.
April 9, 2014
IMF Upgrades Growth for Slovenia
In its latest report the International Monetary Fund has raised its projection for GDP growth in Slovenia.
April 9, 2014
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Austria: Government Wants “Restrictive Budget Performance”
Today the Austrian government has decided upon a “restrictive budget performance.
April 8, 2014
Fitch: Polish Rating Foundations Very Solid
As reported by news portal “Warsaw Voice”, rating agency Fitch considers the Polish credit rating foundations to be very solid.
April 8, 2014
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Hypo Group: Heavy Burden for Austrian Fiscal Position
The Austrian National Bank, however, expects the structural medium-term budgetary objectives to be achievable.
April 7, 2014
Poland: No Danger of Deflation
According to Marek Belka, governor of the National Bank of Poland (NBP), there is not threat of deflation.
April 7, 2014
Hungary: Clear Victory for Orban
Today, Hungary has held parliamentary elections. Despite controversial and radical reforms, Prime Minister Orban was confirmed.
April 6, 2014
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Czech Economy Recovers Slowly
In 2013, the Czech GDP was down for the second consecutive year. This year, the Czech economy is expected to expand by 1.4%.
April 5, 2014
RBI: Economic Recovery Despite Geopolitical Tensions
Economic upswing vs. geopolitics.
April 4, 2014
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CEE: Economy Could Become More Vulnerable to Crimea Crisis
If the political crisis in Crimea aggravates negative effects in the economy could soon become evident.
April 2, 2014
Czech Republic: Euro Support Still Weak
Almost a quarter of Czech citizens support the idea of joining the single European currency union.
April 2, 2014
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Hungarian Recovery Remains Shaky
Last year, Hungary´s government successfully managed the economic turnaround. Nevertheless, Hungary´s growth remains artificial.
March 31, 2014
Austria: State Revenues Increased
In 2013 the Austrian budget deficit came at 1.5 percent of GDP wile public debts increased to 74.5 percent of GDP.
March 31, 2014
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Leitl: “Growth Must Not Mean Less Reforms”
Economic growth is now weaker than in the previous phases of upturn.
March 28, 2014
Poland to Fulfill EU Commission’s Regulations
According to Polish Finance Minister Mateusz Szczurek, Poland will have no difficulties fullfilling the standards set by the European Commission with regard to the budget deficit.
March 27, 2014
Austria: Economic Growth Slowly Getting in Gear
Wifo (Austrian Institute of Economic Research) projects economic growth in Austria to revive again only at the end of this year.
March 27, 2014
Hungary: Orban Striving to Become PM Again
In an attempt to gain another four years as head of the government Hungarian Prime Minister Viktor Orban praises the country’s achievements in the past years since his Fidesz party came into power.
March 26, 2014
Poland: Pension Reform Not to Affect Rating
According to rating agency Fitch, Poland’s country rating will not be affected by the pension reform.
March 25, 2014
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Slovenia: Confusion over Real Estate Tax
The deadline for real estate owners to prepare for the new real estate tax has been extended by a month.
March 19, 2014
Wifo Warns European Council of Economic-Policy Standstill
The Austrian Institute of Economic Research sharply criticizes the current economic policy of the European Union and calls for a change of course to reach the self-defined targets.
March 19, 2014
Low Inflation Still No Threat to CEE
Currencies in CEE should not be affected by low inflation, according to Erste Group.
March 19, 2014
Austria: Carinthia Forced to Pay for Hypo Group
Finance Minister Michael Spindelegger announced wanting to include the federal province of Carinthia to participate in the downsizing costs for ailing bank Hypo Group Alpe Adria. Austerity measures are “inevitable”.
March 17, 2014
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