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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.
Yesterday
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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
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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
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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
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Upward Trend in Poland´s Labor Market
The unemployment quota stabilizes at a high level. Poland´s economic outlook improves gradually.
October 1, 2013
Czech Republic: Working Poor Class Grows
In total, about one million Czechs fall into the category of employed poor. Their number is growing substantially.
September 28, 2013
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Hungary: Official Unemployment Rate Below 10%
Hungary´s statistical office KSH has published the newest labor market data today. The real labor market conditions in Hungary are expected to be substantially worse.
September 27, 2013
Poland: Tusk Demonstrates Optimism
This year, Poland´s economic growth begins to accelerate. According to Prime Minister Donald Tusk, the growth rate will be higher than 1.5%.
September 4, 2013
Serbia: Moderate Upward Trend
In the first three months, Serbia´s GDP was up by 0.5%. However, domestic demand is still declining.
August 6, 2013
Croatia: Upwsing Depends on Return of Investors
Vedrana Jelusic, head of EBRD Croatia, thinks that Croatia benefits from the joining the EU. Introducing the euro is no issue yet, she told “Wirtschaftsblatt”.
August 3, 2013
Vienna: Industrial Sector Shrinks
The Viennese industrial sector faces hard times. Not only the number of workers, but also the order intake is decreasing substantially.
July 18, 2013
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Poland: Economic Upswing not before 2014
Poland´s National Bank NBP expects that the country´s economic performance will not improve visibly this year.
July 16, 2013
Cyprus: 37.5 % Only The First Cut
Assets will be burdened much higher than assumed. Apart from the mandatory levy of 37.5 % a further amount of 22.5 % will be frozen in.
March 30, 2013
67 % of Estonians Work in Service Sector
According to the data of the 2011 Population and Housing Census (PHC 2011) of Statistics Estonia, 67% of persons employed in Estonia worked in service sector, 29% in industrial sector and only 4% in primary sector.
March 30, 2013
Turkey: Economic Imbalances Become More Visible
Unlike the Eurozone, Turkey´s economy still shows substantial growth rates. However, Turkey suffers from a number of structural weaknesses.
March 13, 2013
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