Austria gets AAA despite rise in unemployment

Austrian News Brief: Oct. 2012

The U.S.-based rating agency Moody’s has confirmed Austria’s AAA rating, despite an overall negative economic outlook for Europe. The triple-A verdict is based on Austrian unemployment being the lowest in the European Union, and the overall strength of its economy, retaining strong growth rates compared with most of its European counterparts.

However, Austria is also suffering from rising unemployment, as recent figures from the national unemployment service agency Arbeitsmarkservice show: According to the official data, in August 232,661 people were unemployed, up 6.1% compared to 2011. Nevertheless, with an overall unemployment rate of 4.5%, Austria’s figures are well below the EU average of 10.4%.