AUSTRIA: TRADE DEFICIT UP IN 2000

Article Abstract:

According to Oesterreichische Nationalbank , Austria's trade balance clearly deteriorated in 2000. The deficit in international payment transactions widened to EUR 7.09bn from EUR 5.34bn. The surplus due to tourism and other services helped to reduce the current account deficit to EUR 5.5bn, which is still EUR 1,5bn higher than in 1999. Direct investments in Austria reached a record high of EUR 9bn in 2000, mainly due to the acquisition of Bank Austria by German HypoVereinsbank. Direct investments of Austrians abroad exceeded EUR 3bn. Although savings deposits must no longer be anonymous, the savings banks noticed no greater capital outflow and "other investments" in Austria remained almost unchanged.

Gross National Product

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Austria: On target for zero budget deficit?

Article Abstract:

Austrian finance minister Karl-Heinz Grasser has guaranteed that Austria will achieve a 0.0% budget deficit by the end 2002. Speaking to other European Union finance ministers in Luxembourg, he claimed that by the end of 2001 the deficit will be reduced to 0.6% of gross domestic product (GDP), following a reduction in 2000 of 1.2%. Grasser claimed to be able to achieve his aim of a 0.0% deficit because of reduced tax, reduced payments to the EU and through strict enforcement of the budget. The finance minister disagreed with predictions that Austria would suffer under world economic fluctuations, claiming that Austria was better equipped to cope with economic changes than ever before. He made no predictions for 2003.

Public Finance Activities, Budget Process, Budgeting, European Union

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