Bloomberg News

Austria’s Fundamentals Are Sound, State Secretary Schieder Says

November 15, 2011

Nov. 15 (Bloomberg) -- Austria’s economic fundamentals are sound, according to State Secretary for Finances Andreas Schieder.

“The Austrian budget numbers, the fundamental data is good,” Schieder told reporters in Vienna today. “We have low unemployment -- the lowest in the European Union --, we have low youth unemployment, we have high productivity, high export orientation, a moderate deficit and a debt quota that will be reduced in the coming years. I see the fundamental data for real economists that Austria is well positioned.”

Austria is introducing a so-called debt brake to cut its debt level to 60 percent of gross domestic product by 2020. A draft law modeled on a German rule will be discussed in today’s cabinet meeting.

The debt brake will help secure Austria’s AAA rating, Economy Minister Reinhold Mitterlehner told reporters today.

To contact the editor responsible for this story: Zoe Schneeweiss at zschneeweiss@bloomberg.net


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