Introduction to the Austrian Economy Austrian Federal Economic Chamber

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1 Introduction to the Austrian Economy Austrian Federal Economic Chamber Global Incubator Network goaustria Programme 27 May 2016 Tradition & Dynamism in Central Europe 2 1

2 Austria in Europe: Key Data 3 Austria s Economy very briefly GDP 2015*: EUR 337 bn (ca. 365 bn USD, ca. 2,5% of EU/0,6% of World) Growth (real): +0,4 %, 0,7 %*, 1,6 %* Highly diversified economy Current account: surplus (last 13 years). 2014: 1 st time net capital holder R&D-intensity increasing: 1998: 1,7%/GDP, 2015: 3,0%* (US: 2,9, JP: 3,5) Foreign Direct Investment (active): strong, particularly in CEEC ( JV) > enterprises (99.6 % SME: < 250 employees, < 40 million EURO annual turnover, not affiliated (<25%) with large company -EU definition). approx with defined innovation activities: all sectors manufacturing, services, processes, business models, design & creative Leading Competence Units: firms with domestic/international ownership cooperating with SMEs along the value chain - flexibility & global marketing punch Regional Headquarters ( > 300 HQ, Vienna Airport) approx.3,7 million people working (ca. 25 % part time), population growing open economy open society (11 % of work-force migration back-ground) Part of European Union Social Partnership 4 * estimate 2

3 Austria & CEE: History, Culture, Proximity, Shared Experience Source: Euratlas 2009 Source: Stallwanger.it.dev 5 Austria in the European Union Accession to EU in 1995 (2/3 of popular vote) Member, fully integrated in EU (e.g. trade policy, 2/3 of national legislation = national transposition of EUdirectives, EU-regulations apply directly) EURO-Zone: European Central Bank (monetary policy) Net contributor and over-all beneficiary national economic policy: focus on competitiveness, growth, R&D, education, innovation & social stability, healthy environment (fiscal policies, wage policy, regulatory) 6 3

4 Austria in Central & Eastern Europe (CEE) Historic links: geography, cultural, economic, administrative borders open (Czech & Slovak Republic CZ/SK, Hungary - HU, Slovenia - SI) 1995 Austria joins European Union (EU) investment 2004 Austria s neighbours join EU (CZ, SK, HU, SI) - sustained above average growth early outgoing/direct investment (banks, insurance, suppliers, retail, packaging, consulting, real-estate) Central position in certain sectors (logistics, banking/insurance, energy, retail, automotive supply) > int l companies with CEE headquarters in Austria Vienna = hub in aviation - even to secondary CEEC cities 7 Strategic Conditions for Austrian Business High per-capita income -> high value added Small domestic market -> customer oriented international Few system suppliers (OEMs) -> aiming at becoming a high valueadded part of international supply chains. From technology absorbing/diffusing/follower to source of technology (driver) EU and Germany important that s fine: language, proximity, international orientation, ownership ok AT companies are nimble Position in growth markets (CEEC, Middle East, Asia). Medium and long-term growth potential intact. Strong in niches + technology leadership -> serve world wide Services/Tourism: above average growth / 2014: 27,2 million int l arrivals Manufacturing important (ca. 18 %, EU-28: ca. 15%), agro: 1.4% 8 4

5 Imports Exports Geographic Distribution 9 Austrian Federal Economic Chamber 1 represents the interests of the Austrian business community on the national and international level membership: all Austrian companies & entrepreneurs outside the professions: ca businesses (2015) in the trades & crafts, in industry, commerce, tourism, finance & insurance, transportation, services industries approx single person enterprises (!) < 180 companies with > employees over 1/3 women-owned many foreign owned which is OK public law, membership funded (2015: ca. 160 million) ca. 85 % member contributions 15% revenue from marketable services a small part public funds for specific projects. 10 5

6 Austrian Federal Economic Chamber 2 Information & service to members. Supporting entrepreneurial activity with expert knowledge e.g. taxation, labour law, vocational training, industryspecific legislation, standards, industry-wide advertising, sectoral market research. Web services Austria s largest institution for vocational training and life-long-learning in Austria (WIFI) ca people trained anually (staff, entrepreneurs) ca different courses, seminars, lectures, trainings consultancy services - how-to + company specific selected services accompanying Austrian firms abroad students in chamber-sponsored Universities of Applied Sciences (Fachhochschule, i.e. ca. 25% of all FH students), students in chambersponsored secondary education professional schools ca apprentists in ca enterprises (all lines of business) 11 Austrian Federal Economic Chamber 3 Advantage Austria: internationalization agency incl International Technology cooperation not only exports : foreign direct investment, sourcing practical support in doing-business, legal, IP, sectoral market analysis, representing interests 100+ offices world-wide (US: New York, Chicago, Los Angeles, D.C.) funded by business Startup Activities Go Silicon Valley, Go Tel Aviv Pitching Days: London, Tel Aviv, New York Ecosystem Scouting and Business Delegations to international startup hotspots: Dublin, Lisbon, Berlin, Helsinki, Seoul, Tokio, London, Tel Aviv, New York Born Global Award at Exporter s Day, Host of Pioneers Challenge Day 6

7 Austrian Federal Economic Chamber 4 Individual support by Tech officers Shanghai Tokio London Moskau Munich Paris Sao Paolo New York Los Angeles Innovation competence centers Zürich Tel Aviv Seoul Helsinki Dublin Social Partnership Part of Austria 1 cooperation between all major economic interests (labor + unions + business + farmers) opposite government institutionalized approach to socio-economic issues voluntary + informal (so separate entity) democratic with periodical free and secret ballots self-governance of public law institutions, mandatory membership, federal court of auditors scrutiny (except ÖGB) collective wage bargaining annually (nation-wide contracts) involvement in many aspects of business and business location development formal right to be heard - regional, national, European e.g. tax legislation, schooling & vocational training, energy, research & innovation, labor law, social legislation, social security system, government policies & administration 14 7

8 Social Partnership Part of Austria 2 Basic Method establish facts seek common interpretation of facts identify common goals reach agreement on steps necessary to reach them (recommendations) sell them together to politics and to own membership support government in implementation Agents of Change with high standards of responsibility and wide acceptance (broad consensus, balancing interests, a climate of dialogue, governments come & go) spend time consensus building get acceptance - gain time in implementation. Challenged by speed and open policy advice 15 Social Partnership Areas of Activity Collective Bargaining Agreements (industry level) integral part of employment contracts: minimum wage, working hours, minimum periods in case of dismissal, vacation times takes into acccount the capabilities of different industrial sectors covers 99% of employed people in business industry and trade in Austria Dual Vocational Training parallel schooling/on-the-job-training in firm and school Socialpartner partners establish framework conditions Federal advisory council for vocational training (ministry) Other Areas of Social Partnership Activity Legislation (formal right to be considered, national, regional, european) economic and social policy advisory councils and commissions Employment Agendy (AMS), Social Security System (pension, illness, accident) Legal System (competition) 16 8

9 Monitoring Report SWOT analysis of Austria Monitoring Report 2016 by the Austrian Federal Economic Chamber: Analysis of 150 international rankings and indicators 10 subject areas Austria s TOP-3 Areas: Quality of Life & Development Innovation, R&D and ICT Internationalization & Democracy Monitoring Report Index Austria s FLOP-3 Areas: Labor Market Regulation & Reforms Investment & Financial Market Monitoring Report Index shows: Austria among TOP-36% of business locations (i.e. 64% behind Austria) But: slow and steady decline of business location attractiveness & quality over time Source: WKÖ (Austrian Federal Economic Chamber) 17 Selected business location & competitiveness rankings World Competitiveness Scoreboard Source: Institute for Management Development Economic Freedom of the World Source: Fraser Institute Global Competitiveness Index Source: World Economic Forum Index of Economic Freedom Source: Heritage Foundation ? / / / / / Diversification of economy + Infrastructure + Quality of life + Dual education system + Unemployment + Social Partnership + Rule of law + Property rights protection + Health and environmental standards - Tax burden and duties - Public debt and deficit - Bureaucracy and regulation - Business financing (alternative sources) - Pension system (effective age of labor market exit, financing of the system ) - Lack of skilled labor - Speed of reforms (administration, pensions, labor market, social system, health sector, education system) 18 9

10 Key Message: All you need is here in Austria Hard facts mentors and a team of willing supporters (that takes action) Open Economy in the middle of Europe internationalisation is normal business Public policy is willing to do something money 19 Innovation is a topic for the goverment CHE SVK ITA GRC FIN TUR DEU EST BRA ESP DNK NOR CHN PRT SWE GBR JPN NLD CZE CAN IRL USA AUT BEL HUN SVN FRA RUS KOR Direct government funding of BERD Indirect government support through R&D tax incentives 0,0 0,1 0,1 0,2 0,2 0,3 0,3 0,4 0,4 % 0,

11 Key Message: All you need is here in Austria Soft facts Austria is secure in every way high living standards living in a place where other make holidays 21 Austria is a nice tourist and living destination 22 11

12 Thank you for your precious time! Harald Grill Economic Policy Department Austrian Federal Economic Chamber Wiedner Hauptstrasse 63 A-1045 Vienna ph:

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