Austria: an overview - RBS Online

Austria: an overview

The RBS group has been present in Austria since 1988. Capital
Our Global Transaction Services (GTS) business offers Vienna.
clients cash and liquidity management, trade and supply
chain finance, and commercial cards. Our services are Major ports
delivered through a dedicated team of local banking As a landlocked country, most goods imported into Austria
professionals, who are supported by regional teams and are transported by road, air or rail.  Some imports arrive by
experts from across our global network. the river Danube and overland from Italian ports.
So, however large or small your operations in Austria, we
can offer the services and support to help you succeed. Language
German.
Geography
Economic overview
Vienna
Austria has an open, prosperous and heavily service based
AUSTRIA economy. Following the world financial crisis, Austrian GDP
contracted by 3.9% in 2009 but grew by 2% in 2010 as
A mountainous, land-locked Central European country Austria emerged from recession thanks to strong export
bordering Germany, Italy, Switzerland, the Czech Republic, growth 1. Faced with large losses in Central, Eastern and
Hungary, the Slovak Republic, Slovenia and Liechtenstein. South-Eastern Europe, the crisis hit Austrian banks hard.
Major centres include Vienna (capital), Graz, Linz, The Austrian government has provided support and is
Salzburg and Innsbruck. The area around Vienna is the expected to provide additional capital in the future.
main business centre. Its geographic position between
Western and Eastern Europe make it an excellent base for Austria is expected to continue its steady growth into
developing markets in the wider region. 2011/12 despite increases in inflation and its effect on
domestic demand 2.

Economic indicators 2010 % change

2009

Population 8,214,487 8,217,280 0.034

GDP US$325.6 billion US$322 billion -1.11

GDP per capita US$39,700 US$40,400 1.76

Exports US$130 billion US$157 billion 20.49

Imports US$136 billion US$156 billion 14.71

Unemployment 4.8% 4.5% -6.25

Inflation 0.5% 1.9% 280

Public debt 67.5% of GDP 70.4% of GDP 4.3

Source: CIA World Factbook

1 CIA World Factbook
2 OECD Economic Outlook

Business opportunities

Imports Imports by industry (% total imports)
Imports by country (% share)

Germany Machinery
Switzerland 13 Fuel
Italy
38 Netherlands Electrical
Other 10 Equipment
45
47

Vehicles
10 Plastics

3 9 Pharmaceuticals
7
7 34 4 Articles of
Iron & Steel

Other

Source: CIA World Factbook, 2009 Source: International Trade Centre, Trade Performance HS, 2009

Exports Exports by industry (% total exports)
Exports by country (% share)

Germany 18 Machinery
Italy Electrical
31 Switzerland 45 11 Equipment
52 US Vehicles
Other Pharmaceuticals
Plastics
8 8 Iron & Steel
Commodities
5 6 Other
4
444

Source: CIA World Factbook, 2009 Source: International Trade Centre, Trade Performance HS, 2009

Austrian per capita income is high, making it a ready Financial information
market for high quality consumer goods. Austria has a
well developed ‘green’ economy with opportunities for Currency and exchange rate
environmental products of all kinds. The Austrians are Recent average 1.17 euro = £1 sterling
becoming increasingly fashion conscious and there are
growing opportunities for clothing and footwear. There are Exchange controls
also specific opportunities in consumer markets such as A minority of countries impose restrictions on the exchange
mobile telecoms, food and drink, gardening equipment, pet of their currency. The Austrian government does not
care products and financial services. impose restrictions on exchange transactions.

Repatriation of capital
There are no restrictions on returning capital invested in
Austria back to its country of origin.

Tax
The standard rate of VAT: 20%. A lower rate of 10% is
applied to food, agricultural products and property rents.

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Contacts Statutory requirements

UK contacts UK regulations
UK Trade and Investment The Department for Business, Innovation and Skills controls
1 Victoria Street the export of goods according to the nature of the goods
London SW1H 0ET and their intended use, and also their intended destination.
For current export controls refer to: www.bis.gov.uk
Tel: 020 7215 2471
www.ukti.gov.uk Import restrictions and licences
Licences are not normally required from EU countries.
UK government support agency dedicated to assisting UK Information regarding technical standards may be obtained
businesses to export. Provides sector and country specific from the Austrian Standards Institute (www.austrian-
information and advice, trade fair and outward mission standards.at/en).
participation and bespoke market intelligence services.
Samples
Austrian Embassy Importers generally seek to avoid paying duty on goods
18 Belgrave Mews West entering the country solely for marketing purposes. Goods
London SW1X 8HU in free circulation within the EU are free from duties.

Tel: 020 7344 3250 Marking of goods
www.bmeia.gv.at/en/embassy/london Imported products must comply with local regulations for
the marking of goods. CE marking is required in accordance
Provides basic travel and investment information including with New Approach EU directives for certain goods.  It is
access to advice on trading in Austria. a requirement under Austrian law that labels should be in
German and metric.
Austrian Trade Commissioner
45 Prince’s Gate Shipping marks
London SW7 2QA There are no specific requirements.

Tel: 020 7584 4411 Packing materials
www.advantageaustria.org/gb It is a legal requirement that manufacturers are obliged to
accept back all their packaging materials from customers,
Advantage Austria is the official Austrian Foreign Trade at no extra cost. ARA (www.ara.at/index.php?id=412 ) is
Promotion Organisation and provides detailed guidance an Austrian company that organises the recycling for a fee.
on exporting to Austria as well as sector information and If importers wish to belong to the scheme, ARA should be
networking opportunities. informed of the amount of packaging material they will put
into circulation in Austria. The manufacturer then has a right
Local contacts to put a ‘dot’ on the packaging, which is in the form of a
British Embassy sticker for importers.
Juaresgasse 12
1030 Wien, Austria Duties
EU goods and goods in free circulation in the EU are duty
Tel: 00 43 1 716130 free. Austrian tariffs are based on the harmonised system.
www.ukinaustria.fco.gov.uk/en The Market Access Database (www.madb.europa.eu)
provides comprehensive tariff details.
The embassy has a dedicated team, providing general
and sector related support for UK businesses wishing to Insurance
do business in Austria. The team can provide information, No specific requirements.
guidance and access to business contacts.

Austro-British Chamber of Commerce
Schwindgasse 5/1/4
1040 Vienna

Tel: 0680 3257016
www.abchamber.org

Provides practical business services through events,
networking and seminars.

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Documentation rbs.co.uk/international

Special certificates Consular fees
Countries often require importers to obtain prior Some countries will charge a legalisation fee for documents
authorisation to bring certain products into the country. such as a certificate of origin. If requested to have
The Austrian government requirements include: documents legalised, Austrian officials will generally do so
for a nominal fee.
A certificate of health required for meat and animal
products, plants and fruit. Consular invoices
A consular invoice is a document certifying a shipment
Wine certificates to certify the wine complies with EU of goods and shows information such as the consignor,
import standards. consignee and value of the shipment. A consular invoice is
not required in Austria.
Phytosanitary certificates for plants and plant products.
Bills of lading
Certificates of origin A bill of lading is a document issued by a carrier to a
A certificate of origin is a document stating in which shipper acknowledging receipt of goods to a named place
country goods originated. A certificate of origin may be of delivery. As some countries specify the type of bill of
required for clothing and textiles. lading that will be acceptable it is important to check with
the relevant customs authority. In Austria a bill of lading
Commercial invoices may be ‘To order’.
The customer’s VAT registration must be shown on the
invoice, as per the current EU procedures. For goods For goods delivered by road, an international consignment
moving within the EU, no requirement for invoices note (CMR) would normally be used in place of a bill of
accompanying the goods exists. lading.

To find out more about how RBS can support your
business needs in Austria, please contact your
relationship manager or call 0800 210 0235.

This marketing communication is for information purposes only and does not constitute a binding obligation on The Royal Bank of Scotland plc or The Royal Bank of Scotland N.V. June 2011
The Royal Bank of Scotland plc. Registered in Scotland No. 90312. Registered Office: 36 St Andrew Square, Edinburgh EH2 2YB.
The Royal Bank of Scotland plc is authorised and regulated in the United Kingdom by the Financial Services Authority. 
The Royal Bank of Scotland N.V. is authorised by De Nederlandsche Bank and regulated by the Autoriteit Financiele Markten (AFM) for the conduct of business in the Netherlands.
The Royal Bank of Scotland plc is in certain jurisdictions an authorised agent of The Royal Bank of Scotland N.V. and The Royal Bank of Scotland N.V. is in certain jurisdictions
an authorised agent of The Royal Bank of Scotland plc.

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