Public Debt

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

Austrians Want to Save More

According to a survey by ING International Study, 26% of the interviewed persons want to save more money. Optimism is decreasing.

December 28, 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

Crisis Reaches Austria’s Real Economy in 2012

Economic growth will collapse next year, investment activities and consumption will suffer from the crisis. A recovery is expected for 2013.

December 21, 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

S&P: Austria Faces Recession

The rating agency forecasts shrinking economic output for countries with large exports.

December 17, 2011

Stagnation Expected for Austria

The Austrian economy is weakening steadily into the New Year. The Bank Austria Business Indicator continued to decline in November turning slightly negative as in the previous month.

December 17, 2011

OeNB: Developments in the Sovereign Debt Crisis Will Be Crucial for Financial Stability

The Austrian National Bank (OeNB) presented the 22nd Financial Stability Report.

December 16, 2011

Rising Number of Private Insolvencies

Mobile phone and car expenses are causing most private insolvencies in Austria.

December 15, 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

Rating Agencies Are Seen As Threat

The governor of the Austrian Central Bank, Ewald Nowotny, attacks S&P. For the head of the economic research institute IHS, Bernhard Felderer, the negative outlook must be seen as a warning signal.

December 7, 2011

Economic Stability: Austria Occupies Top Rank

According to a study by Allianz, Austria has the third rank among the EU countries.

December 7, 2011

„Debt Brake“: Critcism Against Opposition

After the “debt brake” has failed, the President of the Chamber of Commerce Christoph Leitl, Finance Minister Fekter and the Federal President Fischer criticize the three opposition parties.

December 6, 2011

S&P: Negative Outlook for Austria

The rating agency Standard & Poor´s gives a negative outlook to all triple-A countries in the EU.

December 6, 2011

Austrian Industry Supports Audit Court

For the Federation of Austrian Industries (IV), the administration has to be reformed immediately. Future investments are needed instead of administrative expenses.

December 5, 2011

Rising Finance Requirements for Austria

In 2012, the Austrian state has to take on significantly more debt than this year. The issued bond volume will grow by 30%.

December 3, 2011

Austria to Issue More Bonds in 2012

Total issue volume will be € 27-30bn. At the end of November, Austria’s bond debt stood at € 162.9bn

December 2, 2011

OECD: 2012 Brings Stagnation

The OECD forecasts only a 0.6% growth rate for Austria. The euro-zone will experience a recession.

November 28, 2011

Austria to Participate in Merkel´s Bond Plans?

According to the German Prime Minister Angela Merkel, triple-A countries should issue common “elite bonds”. Austria should take part.

November 28, 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

Fekter Optimistic to Hold AAA-Rating

Austria's Finance Minister expressed confidence on Tuesday that the country would hold on to its AAA sovereign rating.

November 22, 2011

Felderer Pleads for Pay Freeze for Civil Servants

The head of the Austrian Institute of Advanced Studies (IHS), Bernhard Felderer, suggests to stop the salary increase for civil servants next year.

November 19, 2011

„Debt Brake“: Government Tries to Persuade Opposition

This week, the Austrian government announced to insert a maximum debt level into the constitution. The approval of one opposition party is still missing.

November 19, 2011

Economic Downturn Becomes More Obvious

Due to the strong development in the first half year, Austria´s economic growth will amount to 2.9% in 2011. However, for 2012 the growth rate will decrease significantly.

November 16, 2011

„Debt Brake“ for Austrian Government

As the Austrian government fears a downgrade of its rating, the coalition partners agreed to install a „debt break“. Reactions are ambiguous.

November 15, 2011

Sharp Criticism Against Felderer

The head of the Viennese Chamber of Labor, Werner Muhm, attacks the director of IHS, Bernhard Felderer. His economic forecast is “propaganda of fear”.

November 12, 2011

Spindelegger: Cost Cuts and Privatizations to Save Triple-A

Annual interest payments would grow by € 3bn if Austria was downgraded by one notch.

November 11, 2011

Felderer: “Austria’s Triple-A at Risk”

The head of the IHS warns against a spillover of the Italian crisis and calls for a national debt brake.

November 9, 2011

Concerns About Austria´s Finance

Due to missing infrastructure projects, Austria loses € 28bn year by year. The President of the Audit Court, Josef Moser, regards the situation of Austria´s finance as dramatic.

November 7, 2011

Austria Has Third-Highest Pension Costs in Europe

Austria´s expenditures for retires reached 12.7% of ist GDP. Only France and Italy surpass Austria. Sustainability of the domestic pension system improved slightly.

November 7, 2011

Federal Railways: Debt Burden € 15.2bn

The Austrian Minister of Infrastructure, Doris Bures, announced the amount of debt for Austrian Federal Railways and Asfinag.

November 5, 2011

New Speculations about Austria’s Triple-A Rating

Current rumors about a possible downgrade are unfounded, according to a ministry spokesman.

November 4, 2011

„Austria´s Triple A Not in Danger“

For the Austrian Minister of Finance, Maria Fekter, the status of the domestic economy is “well prepared”.

October 29, 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

CEE Less Vulnerable to Severe Economic Crisis

The reaction of the CEE region to the global slowdown should be less severe than in the post-Lehman crisis, as CEE economies are in a completely different stage of their economic cycle and have reduced their imbalances.

October 17, 2011

Austrian Economy Cooling Down Rapidly

Drastic deterioration in industrial climate and consumer sentiment point to a break in the economic recovery in the second half of 2011.Economic outlook for 2012 lowered to just 1.4 per cent.

October 15, 2011

Private Insolvencies on the Rise

The number of private insolvencies rose by 6%, while the number of companies filing for bankruptcy declined by the same rate from January to September.

October 13, 2011

OeNB: Austrian Economy Is Stagnating

Uncertainty about the global economic development has reduced business and consumer confidence in Austria.

October 12, 2011

Debt Crisis Reaches Steel Industry

The CEO of Austrian voestalpine expects stagnation in European steel production volumes. Declining commodity prices might reduce margin pressure.

October 12, 2011

Austrian Government: Sharp Critics from Industrialists

The Federation of Austrian Industries (IV) attacks the government massively. For the industrialists, the new taxation plans are not acceptable.

October 8, 2011

Androsch „Another Three to Four Billions for Hypo Group“

The former Minister of Finance, Hannes Androsch fears a loss of Austria´s AAA-rating. “We are being observed accurately.”

October 4, 2011

Public Debt Increased to 71.8% of GDP in 2010

Austrian public finance 2010: Public deficit up to 4.6%, public debt grew by 2.3 percentage points.

September 30, 2011

Strong Decline in Company Insolvencies

The number of private insolvencies rose rapidly from January to September, while the number of companies filing for bankruptcy dropped significantly.

September 28, 2011

Austria´s Triple A „Not Endangered“

From a global view, 18 countries have a “AAA-status”. The current debt crisis makes market observers nervous.

September 26, 2011

IMF: „NPL in Eastern Europe Decreasing“

After the announcement of the Hungarian government to convert foreign currency loans at the expense of banks, the IMF has good news for Austrian banks.

September 21, 2011

S&P: „Austrian Banks Undercapitalized“

The rating agency Standard & Poor´s (S&P) sees a substantial undercapitalization for Austrian banks. The recommended rist-adjusted capital quota is 8%, Austrian banks are below.

September 19, 2011