The German insurance company Allianz positively rated Austria’s economic competitiveness in a current study on the eurozone economies. The study evaluated overall balance, taking account of the labor market, public finances, debt, wealth and competitiveness. Austria was ranked third among 17 eurozone countries, outperformed only by Germany and Estonia. Austria was one of the few core countries in the eurozone which managed to improve its overall standing since 2012.
Austrian Government program strengthens business location
The agenda of the new Austrian government includes plans to implement a series of measures designed to strengthen the Austrian business location. In addition to reducing auxiliary labor costs, the innovative strength of the Austrian economy is to be promoted by mobilizing foundation assets for research, technology and innovation.
Austria is a leading headquarters location. At present a total of 311 international companies have set up their headquarters in Austria. Austria intends to further expand upon its advantages as a headquarters location by continuing its headquarters campaign. In addition, Austria, the second most prosperous country in the EU, should be more clearly perceived as a business location. A nation brand agency will more strongly put the spotlight on “Austria as a brand” on an international level.
Setting up companies will be facilitated with more risk capital, quicker access to funding and a reform of the industrial code. Special attention will be paid to the creative industries and the ICT sector. Fair competition, greater transparency and new innovation and investment programs should further strengthen the economy. Finally, small and large craft businesses will be pleased at the ability to deduct up to EUR 6000 from their taxes.
Austria the EU’s Second Most Prosperous Country
Austria is the second most prosperous EU member state as measured by per capita income. The list based on price-adjusted data has Luxembourg rated first, followed by Austria and Ireland, whose per capita income is 30 and 29 percent higher respectively than the EU average. Germany is ranked seventh. Countries negatively affected by the crisis such as Spain, Portugal and Greece are much further back. Romania and Bulgaria are the two worst-performing countries, each with per capita GDP which is less than half the EU average.