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Weekly Briefing: End of Lockdown for Vienna and Lower Austria Stirs Up Hope
Now Vienna has also officially confirmed that on May 19 the long-awaited opening will take place. The end of the lockdown in Vienna and Lower Austria and nationally reaching 3 million Covid-19 vaccinations are not the only indications that the Austrian economic recovery gets off the starting blocks. Find out more about this week's developments.
May 6, 2021 · Updated: May 6, 2021; 17:05
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Unemployment Decreases: Austria's Economy Trends Upwards
Austria's economy and employment show signs of recovery. The recent unemployment figures show a decline of about 8.7 percent in April compared to the previous month. Compared to last April, which was one of Austria's first months in the midst of the pandemic, this is a decrease of 32 percent.
May 4, 2021
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Austrian Unemployment Decreases in March
The number of unemployed Austrians has decreased significantly in March compared to the previous month. About 56,000 fewer people have been reported unemployed, while the number of people in training at the Austrian Arbeitsmarktservice (AMS) has increased. This is likely due to the recent measure, which provides training priorities in areas where there is a particular demand for qualified workers.
April 7, 2021
Extension of Re-Employment Promise in Austria Gives Planning Security
In order to alleviate the hard-hit tourism industry, Austria's Labor Minister Martin Kocher and Tourism Minister Elisabeth Köstinger have announced to further extend the re-employment promise until the end of official closures. This gives the respective businesses more planning security, since they will not have to worry about their well-trained employees.
March 31, 2021
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Austria's Labor Minister Demands More Education and Training Opportunities
At an informal Employment and Social Affairs Council, Austria's Labor Minister Martin Kocher and his EU counterparts were discussing employment and social policies that address the recovery from the current crisis. Kocher emphasizes the need for education and training opportunities, which will proof to be useful for getting back to economic strength.
March 17, 2021
International Women's Day 2021: Gender Pay Gap in Austria Still Significant
Since the International Women's Day is on March 8, Statistics Austria has revealed some data that show the still significant differences between women and men in Austria's workforce. On average, women earn around 14 percent less than men and only 3.8 percent of employed women hold managerial positions, compared to 8.1 percent of employed men.
March 5, 2021
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Deadline for Austrian "Reemployment Promise" Gets Extended
To further support the hard hit Austrian economy, the Minister of Labor and Minister of Tourism have decided to extend the deadline for the so-called "reemployment promise". This allows employers to lay off their employees and agreeing to re-hire them, once the sector is allowed to open up again. The affected employees receives unemployment benefits without any placement activities by the Austrian Arbeitsmarktservice.
February 15, 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
Hahn: European Commission Is Entering Top League of Global Financial Markets
With the issuing of social bonds worth EUR 17 billion, the European Commission tries to safeguard jobs and prevent the economy from collapsing in its member countries. Commission President von der Leyen as well as Austrian EU Budget Commissioner Hahn are pleased by this important step.
October 22, 2020
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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
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
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Sacher Hotels Lay Off 140 Employees
The dramatic situation in Austria's tourism industry does not even spare one of the most prestigious hotels in Europe. The Sacher Hotels, located in Vienna and Salzburg, have announced the dismissal of 140 employees.
September 15, 2020
2,300 Potential Job Losses in Steyr
The German truck and bus subsidiary MAN announced that 9,500 jobs are in danger due to reorganization of the company. 2,300 and therefore the total workforce of the production site in Steyr, Austria might be included in the cut.
September 11, 2020
WKO Secretary General: Labor Market Situation Improves, But Remains Great Challenge
The secretary general of Austria's Federal Chamber of Commerce WKO recognizes a slightly positive trend in the labor market but underlines the importance of ongoing and future economic measures.
September 7, 2020
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Austrian Technology Company Kapsch Will Cut Around 400 Jobs
Vienna-based company Kapsch is likely to cut about 400 jobs globally in the near future. The company has commenced a transformation program that will allow it to be successful in the future.
September 3, 2020
Dombrovskis in Alpbach: Economy Must Serve All People
Executive Vice-President of the European Commission Dombrovskis highlights the importance of the young generation in rebuilding the economy after Covid-19. Unemployment needs to be tackled and sustainability and digital innovation will be supported.
September 2, 2020
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Higher Unemployment Rate in Euro Zone, Decreasing Numbers in Austria
Even though many EU Member States have loosened Covid-19 containment measures, unemployment increased once again in the euro zone. Austria's rate decreased slightly from June to July 2020.
September 2, 2020
Austrian Chamber of Labour: EUR 315 Million Could Create 75,000 Jobs
According to an expert of the AK Austrian Chamber of Labour, 75,000 jobs can be created with the spending of EUR 315 million. This might be worth a thought in an economic challenging situation due to Covid-19.
August 18, 2020
Federal Chancellor: "The situation is still serious"
Austrian government presents details of the aid package designed to save jobs and businesses.
March 26, 2020
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Voestalpine: Short-time Work in 50 European Subsidiaries
The biggest economic challenge of the past decade represented by the coronavirus pandemic has hit the Austrian technology group Voestalpine hard. Short-time work in Austria and other European countries such as Germany, Belgium and France is unavoidable due to the slump in demand.
March 24, 2020
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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Fitch Keeps Slovak Rating Unchanged
Slovakia´s issuer default rating was kept unchanged at “A+”. The outlooks remain stable.
March 1, 2014
Bosnia: The Calm After the Storm
The protest movement has lost momentum. The future of Bosnia is more uncertain than ever before.
February 15, 2014
Bosnia: Protests Go On
After a number of political step-downs, the protests in Bosnia do not come to an end. The protest movements wants to take back controversial privatizations and the state presidium to step down.
February 9, 2014
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Bosnia: Protest Movement Calls for Revolution
After the most serious riots since the end of the civil war, the violence has stopped for the time being. Nevertheless, the mood is still more than tense.
February 8, 2014 · Updated: February 8, 2014; 13:33
Bosnia: Protests Turn Into Violence
Due to the extremely tense social situation in the Balkan country, first protests turned into violence.
February 7, 2014
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Bucharest: Fitch Affirms Sovereign Debt Rating
The U.S. rating agency Fitch has kept the long-term issuer default rating at “BBB-“. The outlook remains stable.
February 3, 2014
Austria: Massive Increase in Unemployment
At the beginning of February, 450,000 Austrians were jobless. In absolute terms, is a new record high.
February 3, 2014
CESEE: Recovery Remains Modest
The European Bank for Reconstruction and Development (EBRD) has published a report on the regional economic prospects. The economic recovery in CESEE remains fragile.
January 23, 2014
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Polish Government to Focus on Social Security
According to Poland´s Prime Minister Donald Tusk, the reduction of unemployment and the improvement of social security will be priority issues in 2014.
January 13, 2014
Czech Economy: Good Prospects for Sustainable Recovery
The Czech economy is expected to return to growth already in the first half of 2014. Growth will not be only based on exports.
January 10, 2014
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Southeastern Europe Endangered of Civil Unrests
According to the Economist Intelligence Unit, several CESEE countries may face civil unrests in 2014. In particular, Southeastern Europe is in the danger zone.
January 4, 2014
„Such Growth Rates Will not Return“
In an interview with the Austrian daily “Presse”, economist Karl Aiginger explains that the worst should be over. The reform pressure on the Austrian government is enormous.
December 30, 2013
Bulgaria: S&P Downgrade Criticized Sharply
Bulgarian Minister of Economy Dragomir Stynev does not agree with S&P´s view on Bulgaria´s creditworthiness.
December 16, 2013
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Poland: Growth May be Higher than Projected
Poland´s new Finance Minister Mateusz Szczurek thinks that the growth estimations for 2014 may be too cautious.
December 12, 2013
Poland: Unemployment Grows Further
In November, the unemployment rate came at 13.2%. The labor market has the worst behind, the government says.
December 11, 2013
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Slovakia: Economy Accelerates Slightly
In the third quarter of 2013, the Slovak GDP year-on-year growth was up to 0.9%, according to the Slovak Statistical Office.
December 8, 2013
Austria: Decent Economic Outlook
Despite an economic acceleration, the macro-economic frame conditions remain difficult in 2014. A major risk factor is the fiscal situation.
November 24, 2013
Austrian Labor Market Continues Downward Trend
Since mid-2012, the Austrian labor market conditions are worsening. Unemployment is going up, the number of vacancies are going down.
November 4, 2013
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Czech Growth Outlook Revised
The Czech Ministry of Finance has improved its economic forecasts.
November 1, 2013
Hungary: Unemployment Continues Downward Trend
In September, Hungary´s unemployment rate was down by 0.6 percentage points. The number of jobseekers is 8.1% less than in 2012.
November 1, 2013
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Czech Unemployment Stable
In the last twelve months, the Czech labor market conditions remained almost unchanged. Employment was up slightly, unemployment was flat.
November 1, 2013
Bulgaria: Unemployment Anticipated to Decrease
Regarding the economic development in 2014, Bulgarian Industrial Capital Association demonstrates optimism.
October 31, 2013
IMF on Slovenia: “Cleaning Up Banks is the Priority”
The IMF urges Slovenia to restructure its ailing banking sector. Slovenia faces expensive bank aid-programs.
October 29, 2013
Southeastern Europe: Dramatic Labor Market Conditions
In Southeastern Europe, the labor market conditions are similarly bad as in Southern Europe. Above all, youth unemployment is extremely high.
October 22, 2013
Bulgaria: FDI Inflow Shrinks Drastically
In the first eight months of 2013, foreign direct investments fell by more than 51%. Without impulses from foreign investors, the country will not return to growth.
October 21, 2013
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Serbia Fights Against National Bankruptcy
The Serbian government has decided to implement a new austerity package. Above all, civil servants face substantial salary cuts.
October 9, 2013
Croatia: Domestic Consumption Remains Weak
In the next years, Croatia´s economic performance will mainly depend on external factors.
October 5, 2013
Czech Republic: Unemployment Stabilizes
Despite the unfavorable macro-economic frame conditions, the Czech labor market situation is stable. Employment rose by 0.8 percentage points.
October 2, 2013
Upward Trend in Poland´s Labor Market
The unemployment quota stabilizes at a high level. Poland´s economic outlook improves gradually.
October 1, 2013
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