The following provides information about business in Austria and the Austrian economic and business environment.
Austria is a highly developed industrialised nation with an important service sector. With its well-developed market economy and high standard of living, it is closely tied to other EU economies, especially Germany’s. Its economy features a large service sector, a sound industrial sector, and a small, but highly developed agricultural sector. Most Austrian business people, especially the younger generation, speak English. (Source: CIA World Factbook)
Austria, with its well-developed market economy and high standard of living, is closely tied to other EU economies, especially Germany’s. Its economy features a large service sector, a sound industrial sector, and a small, but highly developed agricultural sector. Business in Austria and the Austrian economy has benefited greatly in the past from strong commercial relations, especially in the banking and insurance sectors, with central, Eastern, and Southeastern Europe. After the global economic outlook improves, Austria will need to continue restructuring, emphasising knowledge-based sectors of the economy, and encouraging greater labour flexibility and greater labour.
KEY FACTS
Austria, with its well-developed market economy and high standard of living, is closely tied to other EU economies, especially Germany’s. Its economy features a large service sector, a sound industrial sector, and a small, but highly developed agricultural sector. (Source: CIA World Factbook)
Currency: EUR
Key exchange rates:
Interest rate: 1%
Current inflation: 3.7%
Inflation target: 2%
Tax rate: 20%
Major Austrian owned companies:
Red Bull
Red Bull is a leading product in the energy drinks market. It was first sold in 1987, and by 1997, was launched throughout Europe, North and South America and Australasia. The company now plans to expand through Asia, targeting the Japanese market.
Swarovski
Established in 1895, Swarovski has been the worldwide leader in the manufacturing of cut crystal, genuine gemstones and created stones, for over 100 years. With stores in more than 120 countries, Swarovski is a globally recognised brand in the luxury jewellery sector.
FIRST STOP
Banking
Oesterreichische Nationalbank The Oesterreichische Nationalbank (OeNB) is the central bank of the Republic of Austria and, as such, an integral part of both the European System of Central Banks (ESCB) and the Euro system.
Erste Bank Erste Bank is one of the largest bank groups in Austria. Founded in 1819, today it plays a major role in the development of financial management in Austria and Central Europe.
Legal
Wolf Theiss Wolf Theiss is one of the leading law firms in Central and Eastern and Southeastern Europe.
Griss & Partner Rechtsanwälte Griss & Partner Rechtsanwälte is regarded as a leading law firm in the southeast of Austria.
Accounting
ECA The ECA network consists of 19 partners offering you highly professional consulting services and tailor-made solutions.
Halpern & Prinz Halpern & Prinz Wirtschaftsprüfungs- und Steuerberatungsges. m.b.H. consists of two firms that complement each other and work together very closely. They offer an extensive consulting service in the fields of chartered accounting and tax consulting.
Eurochambres, the European Association of Chambers of Commerce and Industry, is one of the key representatives of business to the European institutions. It voices the interests of over 19 million member enterprises in 45 European countries through a network of 2000 regional and local Chambers represented by 45 national - and one transnational - organisations. More than 90% of these enterprises are small or medium enterprises, with chamber members employing over 120 million employees.
Eurochambres is the sole European body to serve the interests of every sector and size of European business - due to the multi-sectoral membership of Chambers - and the only one so close to business, as a result of the Chambers’ regional focus.
The Austrian Federal Economic Chamber is the representative of the entire Austrian business community. Membership is compulsory and consists of at least 300,000 businesses from many different sectors.
