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Current account surplus rose again in 2015

12 May 2016

Despite continuing difficult economic circumstances on the international stage, Austria has in 2015 again achieved a considerable current account surplus.

At EUR 8.6 billion, or 2.6% of Gross Domestic Product (GDP), the surplus was even higher than in 2014 (EUR 6.4 billion), once again demonstrating Austria’s competitiveness in ongoing challenging economic conditions.

In particular Austrian companies profited from their integration into European manufacturing chains, according to the Oesterreichische Nationalbank (OeNB) . A gentle rise in economic output across the remaining Eurozone and robust economic development in Eastern Europe, combined with greatly reduced energy prices and a favourable exchange rate for the Euro, also had positive effects.

Both trade in goods and in services helped to boost the current account surplus: the balance of production figures for the end of 2015 were almost EUR 3 billion in the black, while service exports enjoyed a surplus of some EUR 12 billion. Within the service export industry, the transport sector joined tourism, construction and manufacturing outsourced to Austria (contract processing) in returning a particularly good performance.

Thanks to a current account surplus that has been increasing constantly for years, Austria’s net foreign wealth (financial receivables minus financial obligations abroad) reached record levels in 2015, rising to EUR +11 billion.

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