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Kurt Bayer: Fighting for Economic Fairness

Kurt Bayer: Fighting for Economic Fairness

Economist Kurt Bayer is theoretically retired. A former senior economist with the Austrian Economics Research Institute (WIFO), head of economic policy for the Austrian Ministry of Finance and a director of the World Bank, he now has time to meet at Café Engländer on a weekday and talk about his work with Transparency International (TI), […]

Non-staff expats earn less

Migrant entrepreneurs living and working in Vienna earn less than natives, according to the study by the Vienna Business Agency (Wiener Wirtschaftsagentur). Roughly 72% live on €800 per month. Since the 1970s, the number of non-Austrian entrepreneurs has more than tripled (to 26,200 in 2011, 81.5% of all migrants). Today, one in three entrepreneurs is […]

GmbH-Neu: Easing Business Start-ups

On 22 March, Justice Minister Beatrix Karl and Economics Minister Reinhold Mitterlehner presented the government’s proposal for revised rules for setting up new companies in Austria – specifically lowering the required capital to register a GmbH or limited company, and reducing fees. The aim is to lower the barriers for starting new businesses. “A strong […]

Viennese real estate prices rising, yet ‘relatively cheap’

Viennese real estate prices rising, yet ‘relatively cheap’

The market for Viennese real estate is heating up, according to Immo-Barometer (Property Barometer). Following a 2.5% rise in prices in the second quarter, rental prices have continued to rise by 3% in the third quarter. On average the price per square metre in the capital lies at €13,89, with the 1st District reaching €15,34 […]

Booming summer tourism

Booming summer tourism

Austria’s summer tourism is booming this year, according to the data acquired in the first half of the season (May to July) by Statistik Austria. The data suggests a 3.9% increase of overnight stays of guests from abroad to 21.19 million, while the number of domestic figures has dropped slightly by 0.3%. Nevertheless, with a […]

Austria’s economy not improving

Austria’s economy not improving

The overall outlook for Austria’s economy is pessimistic, at least for the remainder of 2012, according to analysts at Bank Austria. The economy showed negative growth of 0.1% for July, for the first time this year. Analysts see the trend largely as a spill-over from the recession in several major EU countries. An early resolution […]

Austria tightens belt

An austerity package seeks to raise €26.5 billion in new taxes and cuts by 2016, affecting workers in both the public and private sector and the military. The “savings package” announced 10 Feb. includes raising the retirement threshold from 37.5 to 40 years of completed work, a pay-freeze for civil servants in 2013, and wage […]

Austria: Island of Stability? – Part Three

Austria: Island of Stability? – Part Three

Thanks to the lively demand for Austrian goods and services from outside Europe, the real effects of the ongoing debt crisis in the euro area have been contained – at least so far. This year the Austrian economy will post a strong growth of around 3%. Certainly, the reason for this is that Greece, Portugal, Ireland […]

Austria: Island of Stability? – Part One

Austria: Island of Stability? – Part One

With Europe in crisis, Austria can count itself lucky. The country has outperformed the rest of the European Union in these economic hard times. The recession of 2009 was not as deep – Austria’s economy shrank by 3.9% of the Gross Domestic Product (GDP), compared to the EU average of -4.2%. And Austria’s return to […]

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