Austrian National Bank reports Austria posted a EUR 11.7 billion current account surplus in 2024 and record foreign financial assets

The Austrian National Bank (OeNB) published its update on Austria’s external sector, reporting a 2024 current account surplus of EUR 11.7 billion (2.4% of GDP) despite a difficult international environment and weaker global trade. The surplus was supported by a higher net balance in goods trade amid lower imports and exports and by stable tourism earnings, while two decades of current account surpluses helped lift Austria’s foreign financial asset holdings to a record level. Net exports of goods and services contributed EUR 13.8 billion (2.9% of GDP). Goods exports fell by EUR 8.1 billion to EUR 189.5 billion (-4.1%) and imports declined by EUR 12.0 billion to EUR 181.6 billion (-6.2%), with notable export setbacks cited in machinery and vehicles. Tourism receipts totalled EUR 24.3 billion, with average spending of around EUR 213 per night by foreign visitors; although Austrians’ travel spending abroad rose 11.2%, the travel balance still recorded a surplus of EUR 8.6 billion. The euro area, especially Germany, remained Austria’s main trading partner, with exports to Germany at EUR 90 billion (33% of total) and to the United States at EUR 18 billion (6.5%), while the OeNB noted that announced United States tariff measures are estimated to reduce Austria’s real value added by up to 0.3%. In cross-border finance, outward direct investment rose by EUR 11.6 billion and inward flows reached EUR 10.7 billion; securities transactions were marked by a EUR 32.1 billion build-up of liabilities linked mainly to bank and government bond issuance. Austria’s foreign financial assets reached about EUR 1,190 billion at end-2024, liabilities about EUR 1,073 billion, and the net international investment position rose to a record +EUR 117 billion.