Economic update
Austria hopes for export boom as Expo ends
“Austrian leaders hope the country’s representation at the Expo 2010 will lead to an increase in exports to Asia.
Around 3.2 Mio people visited the Austrian pavilion — called "Aodili" which is Chinese for "Austria" — in the Chinese city of Shanghai. Austrian Economy Chamber (WKO) President Christoph Leitl said: "The Expo 2010 surpasses all previous Expo world exhibitions."
Leitl, however, stressed that work for Austrian politicians and businessmen started now since the country hoped to export significantly more to China and other countries in Asia during the next years. "We want to double the value of our exports to Chine on the long run," People’s Party (OVP) Economy Minister Reinhold Mitterlehner said, adding that he was convinced the many newly created business contacts would lead to an "export boom" to "one of the best future markets".
Social Democratic (SPO) Chancellor Werner Faymann pointed out China’s "important role in crisis times" for Austria’s economy when he visited the Austrian pavilion at the Expo in May. "Trade with most partners receded in the crisis, while it didn’t with China. The country has had a key role for the Austrian economy and will be even more important in the future," the chancellor and SPO chief said. Faymann said the number of Austrian firms operating in China, which saw its economy grow by 8.7% year on year in 2009, was on the rise. He added Austrian exports soared by 7.2% from 2008 to 2009.
Austria exported goods worth 85.1 bn USD all over the world in the first seven months of this year, up by 13.6% compared to the value of goods exported in the same time span of the previous year. The value of imports rose by 12.5% to 87.5bn USD at the same time.”
Source: www.austriantimes.at
Austrian unemployment rate edges up
“Austria has failed to retain its position as the Eurozone’s jobless rate model pupil, it emerged. Figures presented by Eurostat, the European Commission’s (EC) statistics agency, show that 4.5% of people living in Austria had no job last month (August 2010: 4.3%). The Netherlands, which took second place in August, did best with 4.4%, down by 0.1% compared to the previous month.
Austrian unemployment rate edges up “Austria has failed to retain its position as the Eurozone’s jobless rate model pupil, it emerged. Figures presented by Eurostat, the European Commission’s (EC) statistics agency, show that 4.5% of people living in Austria had no job last month (August 2010: 4.3%). The Netherlands, which took second place in August, did best with 4.4%, down by 0.1% compared to the previous month.
The Austrian government coalition of Social Democrats (SPO) and the conservative People’s Party (OVP) announced last week it planned to rake in 1.7 bn USD more in taxes year on year in 2011. SP? and ?VP also said they wanted to reduce spending by 2.2 bn USD.
The government hopes to reduce the budget deficit to 3.2% of the gross domestic product (GDP). Last year’s budget deficit reached 3.9% after just 0.4% in the previous year. This year’s deficit is expected to range around 4.5%.
Opposition party leaders have branded the coalition’s budget plans "uninspired and unambitious".”
Source: www.austriantimes.at
Tourism industry: September statistics
“According to the official agency "Wien-Tourismus" Tourism in the City of Vienna is going from one record to the next. First there was the best August result of all time. It was followed by a September all-time record where for the first time, the 1 million barrier in overnight stays was broken.
The 1,058,000 overnight stays last month were a 65,000 improvement on the previous, best September in 2008, and a near 10% rise compared with September last year.
There were double-figure increases in overnight stays by tourists from the main countries of origin - Russia, the US, France, Germany, Switzerland and Austria itself. But there were fewer by visitors from Japan, Great Britain and Italy.
Nearly two-thirds of beds were taken on average, and more than 80% of hotel rooms. All categories of hotels benefitted.
The entire year 2010 also looked good so far, said Wien-Tourismus. In the first nine months there were 8,143,000 overnight stays, nearly 12% more than during the same period of 2009, and 6% more than in January-September in the record year 2008.”
Source: www.apa.at
Company news: DO&CO and Quanmax
DO&CO turnover takes off
“Austrian caterer DO&CO managed to raise its turnover and earnings in the first half of the current business year. The company, which is headed by Attila Dogudan, said its turnover soared by 21% year on year between April and September 2010 to 310 Mio USD. It added earnings before interest and taxes (Ebit) edged up by 3% to 21 Mio USD.
DO&CO said turnover of its airline catering department rose from 187 to 238 Mio USD in the first six months of the current business year. The company handles the on-board catering of Austrian Airlines (AUA) and other aviation firms.
The Vienna-based firm was recently assigned to handle catering at the 2012 European Football Championship in Poland and the Ukraine. DO&CO was also in charge of catering for VIP guests and press at Euro2008 which was co-hosted by Austria and Switzerland.
DO&CO hit the headlines last month by announcing plans to enter the Istanbul Stock Exchange (ISE). The company, which is already listed on the Vienna Stock Exchange (WBAG), said it has already issued a request to Turkish financial market authorities.”
Source: www.austriantimes.at
Quanmax equity and earnings jump
“Notebook producer Quanmax has managed to raise its equity in the first three quarters of this year. The Upper Austrian company, which was formerly named Gericom, announced that its equity soared from 25 Mio USD in December 2009 to 46 Mio USD. This amount means the firm currently has an equity ratio of 52%.
Quanmax, which is quoted on the Frankfurt Stock Exchange (FWB), also said it had earnings before interest, taxes, depreciation and amortisation (Ebitda) of 3.6 Mio USD in the first nine months of 2010 — around 700,000 USD more than the company made between January and December 2009.
The Linz-based firm said it expected its annual turnover to reach 102 Mio USD. Quanmax previously announced its hopes to make 97 Mio USD this year. The company said in August it expected its annual turnover to surpass the 140-Mio-USD hurdle by 2012.
Quanmax said its net profit reached 3.5 Mio USD in the first nine months of 2010, adding it was optimistic about doing well in the fourth quarter due to strong demand for its products.”
Source: www.austriantimes.at
Prepared by Office of Commercial Affairs, Vienna November 3, 2010
Exchange Rate: 1 EUR = 1.392616 USD, 1 USD = 0.718073 EUR
Source: Bank of Thailand accessed on November 2nd 2010
Source : http://www.depthai.go.th