Austria's exports in a descent: alarm for the economy!

Austria's exports in a descent: alarm for the economy!

Laimgrubengasse 10, 1060 Wien, Österreich - The alarming situation of Austrian external trade increasingly focuses on. Kurt Egger, Secretary General of the Economic Association, urges: "Austria is an export country - six out of ten euros are earned abroad and thousands of jobs depend on our international economic relationships." The latest figures from statistics Austria show a dramatic decline in exports by 14.7 percent in November, particularly striking is the decline in trade in Germany, the most important partner in Austria. Egger warns that a "fortress Austria" not only excludes the competition, but also harms the domestic economy. Such a cage could suffocate growth in the long term, as reported.

This decline in exports could have serious consequences, especially for the labor markets in both countries. According to a report on economic developments in Germany, around 25 percent of jobs in Germany depend directly on export, which has increased significantly over the past 20 years. In 2017 that was almost 11.2 million jobs that were coupled to the export. Industry such as mechanical engineering and automotive industry that together ensure millions of jobs together are particularly affected. A weak export is therefore not only for Germany, but also for Austria, with its strong economic integration, to a significant risk, such as the data provided by the IW Consult.

special importance of foreign trade

Foreign markets are of direct importance not only for the Austrian, but also for the German economy. The dependence on international markets is increased by close economic cooperation within the EU. According to the current forecast, the tense situation in foreign trade could continue to lead to a massive decline in jobs, whereupon Egger points out. A stable and cooperative economic environment is therefore essential to keep the location attractive in both Austria and Germany and to secure jobs, such as IWD.de