Tourism boosts Austria's current account surplus

Reuters    Translate This Article
20 May 2014

VIENNA (Reuters) - Austria's current-account surplus grew to 2.7 percent of gross domestic product in 2013 as record tourism boosted service revenues and its merchandise trade deficit narrowed.

The 2013 surplus was 8.5 billion euros ($11.7 billion), Austria's central bank said on Tuesday, up from a revised figure of 7.3 billion euros in 2012.

Austria's direct investments in neighbouring central, eastern and southeastern Europe fell to 1.5 billion euros, their lowest level since 1999. Only Croatia, the Czech Republic and Serbia remained in the top 10 countries.

Eighty percent of a total of 10.5 billion euros in foreign direct investment—down from 14.8 billion in 2012—went to the Netherlands, Germany and Norway.

($1 = 0.7289 Euros)

(Reporting by Georgina Prodhan; Editing by Larry King)

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