Current business situation
The Austrian economy is expected to grow by 1.6 per cent in 2014. Exports will continue to be the main driver of the upswing, benefitting from the gradual recovery in the euro area and the moderate improvement in the global economy.
Austrian business people are experienced in conducting international business. While broadly similar to Australian business practice the Austrian approach has a higher emphasis on order, hierarchy and formality.
Titles (Dr, Professor, etc.) should be used both in correspondence and in face-to-face meetings – business contacts are not normally addressed on a first name basis.It is usual that company representatives address each other by their surname.
For meetings, especially at the executive level, approximately six weeks notice is required. Punctuality is very important, if you are late for a meeting call ahead to advise and give as much notice as possible. The peak summer holiday months of July and August are difficult to arrange meetings. In addition, many companies shut down over the Christmas and New Year period.
English is widely spoken, but it is courteous to check.
Setting up in Market
ABA - Invest in Austria has information for those considering setting up a business.
Banking and finance
The banking system includes:
- joint-stock banks
- banking houses and private banks
- postal savings banks
- private savings banks
- mortgage banks
- building societies
- specialised cooperative credit institutions.
The most important credit institutions are the joint-stock commercial banks.
Links and resources
Government, business and trade
Invest in Austria
Federal Ministry of Science, Research and Economy
National Customs Websites Austria
News and media
Please note: This list of websites and resources is not definitive. Inclusion in this list does not imply endorsement by Austrade. The information provided is a guide only. The content is for information and carries no warranty; as such, the addressee must exercise their own discretion in its use. Australia’s anti-bribery laws apply overseas and Austrade will not provide business related services to any party who breaches the law and will report credible evidence of any breach. For further information, please see foreign bribery information and awareness pack.