Every year, the state of Upper Austria takes stock of the previous year, and the data is provided in the location report, which is prepared by researchers at the Joanneum in Graz. This year the presentation was clouded by the current weak economy. 2023 was still a very good year for the Upper Austrian economy, said Economics Minister Markus Achleitner (VP).
In the first half of 2023, Upper Austria exported goods worth 27.9 billion euros, 9.3 percent more than in the comparable period of 2022. “Every second job depends directly or indirectly on exports,” said Achleitner. There was also a record in the number of new companies founded, with 6,108 new companies founded.
Bild: TINA GERSTMAIR
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Bild: TINA GERSTMAIR
In 2024 the conditions will be difficult: international upheavals, still high energy prices and inflation as well as the lack of workers will put a strain on the location. “In Upper Austria there is more work than people working,” said Achleitner. He emphasized that the unemployment rate of 4.3 percent is the lowest in a federal state comparison.
According to Achleitner, there is reason for slight optimism for 2025. Energy prices and inflation would decline. Investments in research and development are particularly important: Upper Austria recently invested more than 2.4 billion euros in this area.
In the election year, Achleitner also formulated orders for the future federal government – “whatever it is made up”: tax relief for full-time work would have to be implemented and wage costs reduced in order to strengthen competitiveness again.
At the European level, we must fight to ensure that industry stays in Europe and does not move away. Even if tariffs are not a long-term solution, there will probably be no getting around them, said Achleitner, pointing to protectionist tendencies in China and the USA.
The State Economic Council views Germany’s economic weakness with concern. “Germany has a serious cold, there is a risk that Austria will go to bed with the flu,” he said. The neighboring country is the most important trading partner for Austria.
Last year, the location agency “Business Upper Austria” focused on promoting cooperation between companies and research institutions. Around 800 consultations are carried out every year, said managing director Werner Pamminger. The focus is on the areas of technology and digitalization.