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Booming exports boost Austria's economy

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14. September 2010

In the first six months of 2010 Austrian exports rocketed by 12.45%. This success was mainly due to Germany, the main trade partner, and exports to overseas.

Austria’s export industry is powering ahead, giving a boost to the wider economy. No surprise, given that foreign trade is a key economic driver for Austria. Experts have forecast economic growth of at least 1.6% for this year.

In the first six months exports rose by 12.5% against the previous year to EUR 51.37bn, while imports increased by 12.3% to EUR 53.49bn. Exports saw a rise of 23.8% in June alone. The forecasts for export growth are even more positive: for the whole year experts predict at least 7% growth in exports and export volumes of over EUR 100bn.

The Austrian economy has benefited not only from the weak euro, but also from the opportune international backdrop, predominantly by means of exports to Germany (+15%) and the EU member states (+12.7%). In the promising markets of BRIC (Brazil, Russia, India, China) exports rocketed by 24.3%, with a massive increase of 42.4% in China.

One area that is increasingly gaining importance is that of service exports. These are expected to account for a third of all exports by 2015, to the clear benefit of goods exporters: every euro generated by service exports generates an extra six euros in exported goods.