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Austrian Economic Headlines and Analysis

Salzburger Festspiele Generates EUR 215 Million Added Value per Year

The president of the Salzburg Festival (Salzburger Festspiele), Helga Rabl-Stadler, presented a new study proving the financial significance of the event. According to the study the festival generates added value of EUR 215 million per year in the whole country.

August 22, 2016

Social Progress Index: Austria Ranked 13th

Austria has been ranked 13th by NGO Social Progress Imperative, in its Social Progress Index ranking. It precedes Japan and Germany and scored many points thanks to renewable energy projects. However, the state reveals shortages with respect to education, tolerance and equal opportunities. Nordic states, such as Finland, Canada and Denmark lead the index.

July 25, 2016

Most Expensive Expatriate Cities: Vienna Moves Up to 54th Place Overall in the Index

For the 22nd year running, global HR consulting firm Mercer has published its annual Cost of Living Ranking that lists the costliest and cheapest destinations for expatriates. Asia hosts five of the world’s 10 most expensive cities for expatriates. Hong Kong is once again the world’s most expensive city for expatriates. Vienna moves up to 54th place from 56th place overall in the index. 209 countries have been surveyed. See the full index below.

July 22, 2016

OSCE: "Reliable, Affordable and Sustainable Energy Supplies are Prerequisite for Stability and Security"

Energy experts from the OSCE Mediterranean Partners for Co-operation, representing both government institutions and private sector companies, will begin a week-long field study of sustainable energy in Austria and Germany.

July 12, 2016

Brexit and Its Consequences for Austria

Like any other economy within the euro area, Austria will also be confronted with challenges following the Brexit vote, according to the latest analysis by RBI Research analysts. However, the economic momentum should not experience any noticeable weakening, even though one should expect considerable declines in exports to the United Kingdom.

July 1, 2016

CESEE Outlook: Modest Recovery - EU is Obstacle to Growth – BREXIT Poses Uncertainties

According to the latest prognosis of the Vienna Institute for International Economic Studies, the countries of Central, East and Southeast Europe (CESEE) will have a trend growth rate of up to 3% in the period of 2016-2018. This is 1-1½ percentage points higher than average growth in the eurozone. Consumption will be the main growth driver. The Austrian economy is still benefiting from its economic ties with the region. Direct effects of BREXIT on the region will be limited – indirect effects for the European economy as a whole may be considerable.

June 29, 2016

Agenda Austria Recommends Campaign Against Öxit

Think tank Agenda Austria recommends the government in Austria to devise a large campaign against an Austrian exit ("Öxit”), highlighting the benefits of EU membership, since the experts anticipate an increase in discussions concerning this issue.

June 27, 2016

Moody’s Downgrades Long-Term Credit Rating of Austria

Moody’s has downgraded the long-term credit rating of Austria, from "Aaa” to Aa1. In January 2012 rating agency Standard & Poors had reduced Austria’s rating from AAA to AA+, whereas in February 2015, Fitch did the same.

June 27, 2016

Stock Markets Including Vienna Stocks Nosedive on Brexit Vote

The Vienna stocks are plummeting on Friday, in line with historic losses on other European and international markets, after the Brits voted to leave the EU in Thursday's referendum.

June 24, 2016

Austrian Business Meets Foreign Diplomacy

In the context of the ‘Business meets Diplomacy’ series of events, representatives of the Austrian economy meet members of the foreign diplomatic corps for an exchange of views on Austrian business and the economy.

June 20, 2016