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Economy
Austrian Economic Chamber: Opportunities and Challenges for Austria in Global Trade Dynamics
Against the backdrop of an increasingly interconnected global economy and the challenges posed by geopolitical tensions, Mariana Kühnel, Deputy Secretary General of the Austrian Federal Economic Chamber (WKÖ), emphasized the critical role of international trade for the Austrian economy. On the occasion of the Market Access Day in Vienna, she spoke about the need to secure access to global markets and open the doors to international sales markets, especially for small and medium-sized enterprises (SMEs).
March 21, 2024
Austria on the Way to Innovation Leader in the European Innovation Scoreboard 2023
Austria has improved to sixth place in this year's European Innovation Scoreboard (EIS) and is thus on the right track to becoming an innovation leader.
July 13, 2023
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
Selling of Turmoel Fuel Business to the Polish Group Orlen
The Austrian-based Doppler mineral oil group has sold its Turmöl fuel business to the partly state-owned Orlen mineral oil group from Poland, Orlen announced. As a result, the Turmöl service stations are switching to a large international group.
July 4, 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
Ministers of German Speaking Countries in Vienna
The economic ministers of the German-speaking countries, namely from Germany, Switzerland, Austria, and Liechtenstein met in Vienna to discuss several economic measures from the past and for the future.
February 13, 2023
Austrian Airlines Repays State Loan Ahead of Schedule
Austrian Airlines recently announced that it plans to repay the government loan granted in 2020 to bridge the COVID-19 pandemic by the end of 2022. This is possible due to the increasing number of passengers and a particularly profitable summer.
October 27, 2022
Vienna's Luxury Shops Struggle with the Loss of Russian Tourists
During the past two decades, Russian tourists with purchasing power have enriched the city centre's luxury shops, but since the invasion of Russian troops in Ukraine, hardly anyone visits the Austrian capital. According to the latest statistics, fewer than one percent of tourists staying overnight in Vienna are Russians. Due to the loss of purchasing power, the tourism industry in Vienna suffers greatly.
August 15, 2022
The Importance of Migrant Businesses for Vienna's Economy
It is common to see migrants run and maintain many businesses in Vienna. They offer a variety of different products and services, but they all share one thing: they make a significant contribution to the Viennese economy. In a new study, migrant businesses were examined and their impact on Austria's capital was clearly demonstrated.
August 8, 2022
How the War in Ukraine Affects Austrian Businesses
Besides causing enormous humanitarian and political problems, the Russian invasion has also caused a chain reaction in the economy that has been felt worldwide. Austrian Institute of Economic Research (WIFO) published a survey that examines exactly these questions in order to determine how strongly Austrian companies feel the crisis impacts them and which sectors are most affected.
July 19, 2022
Austria's Foreign Trade Achieves Strong Growth
In the previous year, there were strong increases in foreign trade compared to the first CoV year 2020. It is pleasing that almost all federal states were able to record a positive foreign trade balance.
July 15, 2022
Why Germany and Austria Are More Dependent on China for Strategic Raw Materials than on Russian Gas
China has established global dominance over many of the strategic raw materials needed to be competitive in the economy of the future. Read how Austria, Germany, and others have arguably become more dependent on these materials from China than on Russian gas.
July 5, 2022
Why Austria's Economic Recovery is Losing Momentum
According to the Austrian Institute of Economic Research (WIFO), the global economic slowdown, which mainly affects industry, has dampened Austria's economic outlook. This downturn is only dampened by tourism, which has recovered better than expected since the Covid-19 pandemic.
June 30, 2022
European Central Bank Calls for Action Against Inflation
The European Central Bank is calling for quick action against inflation. The inflation rate shot up to 7.4 percent in the euro area recently, well above the ECB's target of two percent.
May 19, 2022
Uncertainty due to Ukraine War: Austria's Tourism Industry Lowers High Expectations for 2022
Austria's tourism industry is facing another setback after 2 tough years. Uncertainty caused by the Russian war of aggression in Ukraine and the related increase in economic problems could have an impact on tourism and thus also on the economy in Austria.
April 7, 2022
Russia's Sberbank with European Headquarters in Vienna under Pressure
The Austrian Financial Market Authority (FMA) has announced a moratorium on Sberbank Europe AG, a European subsidiary of the Russian state-owned Sberbank. Read what this means for Sberbank Europe and its customers.
February 28, 2022
Russo-Ukrainian War: First Effects of Western Sanctions on Russian Economy
The Russian economy is already beginning to feel the effects of the Western sanctions for its invasion of Ukraine. Read what effects the sanctions are having on the economy.
February 28, 2022
Continued Strong Interdependence of Business between Russian, Ukrainian and Austrian Companies
Austrian businesses have established significant ties with those in Ukraine and Russia over the years. Read about the amount of business Austria does with each country and how the recent escalation of tensions could affect this.
February 23, 2022
EU - African Union Summit as Driver for Strengthened Economic Partnership between African Countries and Austria
Austria plans to use the upcoming European Union - African Union Summit as a means to strengthen the economic partnership between African countries and Austria. Read more about Austria's plans for strengthening cooperation with Africa.
February 15, 2022
Ukraine Crisis: Potential Impact of Russian Invasion on Ukrainian, Russian and EU Economies
The solution of the Russian aggression and violation of rights towards Ukraine, is of central importance for the world we want to live in. The Vienna Institute for International Economic Studies (WIIW) conducted a study on the potential economic impacts of a Russian invasion of Ukraine. Read their prediction for how an invasion would affect the economies of the EU, Russia, and Ukraine.
February 8, 2022 · Updated: February 11, 2022; 08:35
Economics Minister Schramböck Calls EU Chips Act "An opportunity for Europe"
The European Commission has unveiled its draft for the European Chips Act. Read about the Chips Act and why Economics Minister Schramböck called it "an opportunity for Europe."
February 8, 2022
Armenia and Austria Strengthen Bilateral Ties
Foreign Minister Schallenberg is visiting Armenia in an attempt to strengthen bilateral ties. Read about Austrian-Armenian relations and Schallenberg's trip, which includes meetings with Armenian Prime Minister Nikol Pashinyan and Foreign Minister Ararat Mirzoyan.
February 2, 2022
Economic Outlook for Austria until 2024
Strong economic rebound amid high uncertainty about impact of Covid-Omicron variant. Find out what the economic future holds for Austria until 2024.
February 2, 2022
Inflation in Austria: Government Approves Relief Package to Deal with Rising Energy Prices
Chancellor Nehammer and Vice-Chancellor Kogler held a summit with energy suppliers and assembled a relief package to help combat inflation. Learn what's in the relief package and who will benefit from it.
January 28, 2022
Vienna Airport Hub: Ryanair to Take Further Market Share from Competitor Austrian Airlines
Ryanair continues to cut into the market share of Austrian Airlines at Vienna International Airport. Read about the growth of this discount airline and how it is competing with Austrian Airlines in its home country.
January 20, 2022
Meet Mordechai Rodgold, Israel's Ambassador to Vienna
H.E. Mr. Mordechai Rodgold is the current Ambassador of Israel to Austria. Learn more about Ambassador Rodgold and his impressive career.
January 19, 2022
Demand for Luxury Real Estate in Austria Increased by 12 Percent Due to the Corona Situation
Luxury real estate demand increased by 12 percent in Austria in 2021, according to the Engel & Völkers Group. Read more about the luxury real estate trends in Austria and around the world.
January 17, 2022
President of Switzerland on Official State Visit to Austria
On his first official visit to Austria as president, Swiss President Ignazio Cassis met with Austrian President Alexander Van der Bellen. Read more about the meeting between the two presidents.
January 14, 2022
Vienna Tourism: November Overnight Stays Plus 494% - "Only Arithmetically"
Despite a lockdown for part of the month, Vienna saw a stark increase in the number of overnight stays in November 2021 compared to November 2020. Read how this compares to the pre-pandemic levels of 2019 and how accommodation providers in Vienna have fared so far this year.
December 23, 2021
Austrian Economic Delegation Visits UAE and Expo 2020 Dubai
An economic delegation representing Austria visited the United Arab Emirates (UAE) and the World Expo 2020 Dubai. Read about the delegation's official visit to the UAE.
December 22, 2021
OECD: "Austria Is Set to Overcome the COVID-19 Shock and Its Economic Scars"
The Organisation for Economic Co-operation and Development (OECD) has released its latest Economic Survey of Austria. Read what the Survey says about the Austrian economy coming out of the latest wave of the COVID-19 pandemic.
December 20, 2021
"Golden Sunday" Returns: Austrian Non-Food Retailers Allowed to Remain Open on December 19
In an attempt to recoup some of the billions of euros retailers lost out on due to the lockdown in the middle of the holiday season, the Austrian government has announced that non-food retailers will be allowed to remain open on Sunday, December 19 for what is known as "Golden Sunday." Learn which stores the exception applies to and when you can do some last-minute Christmas shopping on Sunday.
December 17, 2021
Luxury Goods Group: Swarovski Drops Further in Ranking
The famous Austrian crystal glass manufacturer Swarovski has fallen a further 3 places on the global ranking of luxury goods sales. The company's sales also halved between 2017 and 2020 from 3.5 billion euros to 1.7 billion euros. Read about Swarovski's decline in sales and the general downturn in the luxury goods industry.
December 8, 2021
Who Is the New Austrian Minister of Finance Dr. Magnus Brunner?
The new Austrian Minister of Finance, Dr. Magnus Brunner, has assumed his new position after being sworn in by President Van der Bellen. Learn more about Dr. Brunner and his career prior to becoming finance minister.
December 8, 2021
President of the German Chamber of Commerce in Austria Urges People to Vaccinate
Hans Dieter Pötsch, President of the German Chamber of Commerce in Austria (DHK), recently urged everyone to get vaccinated during the 66th General Assembly of the DHK. Read about Mr. Pötsch's urgent appeal and his outlook on economic relations between Germany and Austria.
November 30, 2021
Western Balkans: Foreign Minister Linhart Visits Albania and North Macedonia
Foreign Minister Linhart, accompanied by an Austrian business delegation, visited the Western Balkan States of North Macedonia and Albania. Read about the foreign minister's meetings with various government officials, as well as his meetings with local business people as part of the ReFocus Austria initiative.
November 22, 2021
Emirate of Qatar and Vienna to Cooperate in Cultural and Tourism Sectors
Vienna City Councilor Peter Hanke and Vienna Chamber of Commerce President Walter Ruck met with various government officials in Qatar to discuss further cooperation between Vienna and Qatar in the cultural and tourism sectors. Read about the visit and what, specifically, was discussed.
November 17, 2021
Austrian Foreign Trade Picks Up Again
Austria's foreign trade in 2021 has improved significantly compared to 2020, and in some months, it is even approaching the pre-pandemic levels of 2019. Read the detailed numbers showing that Austrian trade is picking up again.
November 11, 2021
Linhart's Round of Visits to Central Asian Autocrats Was All about Deepening Economic Relations
Foreign Minister Linhart visited the Central Asian countries of Kyrgyzstan, Tajikistan, Uzbekistan, and Turkmenistan to strengthen economic relations. The foreign minister met various leaders and participated in multiple economic forums. Read about the details of his trip to Central Asia.
November 9, 2021
Strengthening Bilateral Economic Relations: Austria's Linhart in Kyrgyzstan, Tajikistan, Uzbekistan and Turkmenistan
Foreign Minister Linhart is visiting Central Asia with a business delegation to attend the first EU-Central Asia Economic Forum and discuss economic relations with various government representatives. The foreign minister's trip includes stops in Kyrgyzstan, Tajikistan, Uzbekistan, and Turkmenistan. Read about Linhart's agenda and what topics will be discussed.
November 5, 2021
Tourists Return to Vienna
Vienna saw a notable increase in overnight stays in September compared to September of last year. This is a positive sign for the tourism industry in Austria, which has been hit hard by the COVID-19 pandemic. Read about the changes in tourism levels in the Austrian capital.
October 28, 2021
Rating Agency Fitch Affirms Stable Outlook for Austria at AA+
Austria's AA+ rating is supported by a rich, diversified, open and high-value-added economy with strong political and social institutions, according to Fitch, the NYC based rating agency.
October 26, 2021
Official State Visit of the King of Jordan to Austria
King Abdullah II of Jordan recently met with President Van der Bellen in Vienna. The two leaders discussed various issues, including climate change. Read more about King Abdullah's official visit to Austria.
October 26, 2021
Austrian Foreign Trade: Imports and Exports Above Pre-Crisis Levels
Austria's foreign trade again recorded strong growth in July 2021. Imports rose by 18.3% year-on-year and exports by 10.4%. This means that foreign trade was already above pre-crisis levels. Compared to July 2019, imports reached 101.3% and exports 104.5%.
October 14, 2021
Number of Foreign-Controlled Enterprises in Austria Declines
About 11,700 companies in Austria were owned by foreign groups or had owners based abroad in 2019, down about 200 companies or 1.6% from the previous year. Conversely, Austrian companies owned about 6,000 subsidiaries abroad; this was about 0.2% more than the year before.
October 12, 2021
Inflation in Austria: Highest Rate in 10 Years
In August 2021, the inflation rate reached 3.1%, the highest value since December 2011.
August 31, 2021
City Diplomacy: What Connects the German-Speaking Capitals Berlin, Bern and Vienna
Mayor of Berlin Michael Müller, Mayor of Bern Alec von Graffenried, and Mayor of Vienna Michael Ludwig met in Vienna to exchange experiences and learn from each other. The three mayors drew up a joint declaration that addressed climate change, affordable housing, economic resiliency from the COVID-19 pandemic, and democracy and the rule of law.
August 19, 2021
Blümel: We Are Continuing to Help Those Businesses That Need It
Austrian Finance Minister Gernot Blümel announced that businesses can apply for two types of aid to help mitigate struggles due to the ongoing COVID-19 pandemic and economic crisis. The default bonus II has been adapted and extended until the end of September, and the loss replacement until the end of the year.
August 16, 2021
Economic Opportunity: Malaysian-Austrian Joint Statement on Cooperation
Malaysian Minister of International Trade and Industry Mohamed Azmin Ali met with the Austrian Minister of the Economy Margarete Schramböck. The pair discussed cooperation in the high-tech industry, education and more. The two ministers also signed a joint statement, affirming Malaysia and Austria's intention of further economic cooperation.
August 3, 2021
Eurochambres President Leitl: Focus on Digital Skills, Education and Qualification
At a meeting with EU Commissioner Mariya Gabriel, the Austrian Eurochambres head, Christoph Leitl, and Austrian Chairwoman of the Eurochambres Women Network, Martha Schultz, demanded focus on digital skills, education and qualification of the EU education program Erasmus+ for European reconstruction.
April 21, 2021
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