Economic Policy in Austria
The EU single market, introduction of a common currency, expansion of the European Union (EU), increasing internationalisation of the economy and rapid structural change have dominated and fundamentally changed the Austrian economic policy framework and opportunities for action in previous years.
Fiscal and structural policy are coordinated across the EU, but nevertheless remain to a great extent the responsibility of the individual states. These two areas - together with European monetary policy - are critically important for ensuring growth, employment and competitiveness.
Fiscal policy is concerned with national budget policy measures aimed at influencing aggregate demand or individual components of this demand.
Current economic data - Austria
Important Austrian economic indicators have been collected in a table for informational purposes and are updated regularly. The table contains economic development indicators (e.g. production, foreign trade, labour market, financial sector).
Austrian Stability Programme
The Federal Government continues its stability-oriented and sustainable fiscal and economic policy strategy. The following key policy areas were identified:
- Implementation of the tax reform 2015/2016 and reduction of non-wage labour costs
- Additional stimuli in the areas of internal and external security and measures to address the refugee inflow
- Acceleration of future-oriented investment to strengthen the growth potential of the Austrian economy, including support to the digital economy agenda, the labour market and employment creation
- Continuation of structural reforms
Austrian Draft Budgetary Plan
In accordance with Article 4(2) of Regulation (EU) 473/2013, “draft budgetary plans” have to be prepared each year by October 15th. These documents should contain the Central Government`s draft budget for the forthcoming year as well as the main parameters of the draft budgets for all the other subsectors of the General Government. They have to be made public and, according to Article 6 of the said Regulation, submitted to the European Commission and the Eurogroup.
National Reform Programme
The Europe 2020 strategy was adopted by the European Council on 17 June 2010. Its objective is to promote employment and smart, sustainable, inclusive growth. The progress achieved by member states must be reported in National Reform Programmes (NRP) each year.
Austrian Economic Report
The Austrian Economic Report is coordinated by the Federal Ministry of Science, Research and Economy and prepared each year in collaboration with all of the federal ministries. It provides an overview of economic development, and the future goals and past priorities of the economic policy activities of the federal government.
The structure of the Austrian population will change greatly in future decades. The so-called baby-boomer generation will leave the labour market. At the same time, however, the birth rate will remain low and life expectancy will continue to rise. As a result, the number of people aged 65 and over will almost double between today and 2060, while the potential labour force (ages 15 to 64) decreases over the same period.