Austria’s Foreign Trade: Status and Prospects

Abstract

Foreign trade is the main driver of Austria’s economy. However, for two consecutive years now, the growth rates of its foreign trade have been in negative territory. At the same time, the country’s economy is also in recession - the longest since the establishment of the independent republic. The decline in foreign trade is due to weak economic performance in recent years, both in Austria itself and among its key European trading partners, especially Germany. This situation is largely caused by the boomerang effect of the anti-Russian economic sanctions imposed by European countries.