Standard & Poor's improves Austria's rating

Austria retains its AA+ rating from Standard & Poor's. Despite the huge deficits of the past few years and recent weak economic development, the US rating agency is improving Austria's outlook from “stable” to “positive,” according to the government.

The discussion of Austria's economic situation is not currently supported by much optimism: it was only recently that Austria was discussed as one of the few EU countries that has seen a decline in real GDP per capita in recent years. Economic forecasts also looked bleak in the summer. The federal government's net financing balance in the first half of 2024 was less than EUR 13.7 billion.

According to the Ministry of Finance, there is now good news to report: As the ministry explained to the “Press”, the rating agency “Standard & Poor's” is improving Austria's rating in a new assessment. Austria's rating remains at AA+, and the outlook is improving.

“The rating agency Standard & Poor's has raised its outlook for Austria from stable to positive,” Finance Minister Magnus Brunner told the press. “This shows that our economy is very resilient despite the challenges of recent years.” According to the rating agency, the reason for the rating is the improvement in terms of energy supply: In addition to its large gas reserves, Austria has also introduced additional gas purchasing capacity and is pushing forward with the diversification of its energy supply, it is said.

“Fiscal rules must remain an important benchmark for future governments in Austria and across Europe in order to return to sustainable budget policy after times of crisis,” Brunner explained once again.