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Current account surplus hits record high in 2013

20 June 2014

Despite the challenging international backdrop, Austria achieved a significant current account surplus once again in 2013.

Amounting to almost EUR 8.5 bn, or 2.7% of gross domestic product (GDP), Austria’s current account surplus rose significantly in 2013 from the solid results of the previous year (EUR 7.3 bn).

This shows that Austria has been comparatively successful in overcoming the challenges of the unfavourable global economy. Nevertheless Austria needs to maintain its strong competitive ability and macroeconomic stability in the future by focusing on attractive framework conditions as the Oesterreichische Nationalbank (OeNB) underlines.

While goods exports underwent less positive developments (EUR -3.8 bn), exports of services were more successful than ever before, generating a surplus of EUR 15.4 bn. In addition to tourism (EUR +7.5 bn), the broad range of corporate services was a particularly strong contributor – especially those with a pronounced technology aspect – recording a plus of EUR 7.7 bn.

An interesting feature has been that industry is no longer just exporting goods, but also services. 16% of service exports (around EUR 5.5 bn out of EUR 34 bn in 2013) are already generated by industry.