The Austrian National Bank has published Austria’s latest external sector statistics, showing a current account surplus of EUR 9.5 billion in 2025, or 1.9% of GDP, as total trade in goods and services increased 2.7% to about EUR 554 billion. Tourism remained the main support for the surplus, goods trade also made a positive contribution under the bank’s balance of payments methodology, and the release said there are still no signs that Austrian firms are relocating activity to avoid US tariffs. Tourism generated a EUR 9.7 billion travel surplus, with visitors spending about EUR 26 billion in Austria, up 6.6% from a year earlier, although higher prices meant tourism businesses did not earn more in real terms. Goods trade added EUR 5.1 billion to the current account under the OeNB’s external sector statistics, which capture global trade activities such as exports by Austrian companies via foreign affiliates and therefore differ from Statistics Austria’s border-based goods trade figures. Austria’s net foreign asset position reached a record EUR 135 billion, helped by EUR 47 billion in valuation gains on foreign financial investments and partly offset by exchange rate losses on US dollar assets. For 2026, higher energy prices linked to the war in the Middle East and the closure of the Strait of Hormuz are expected to weigh on the current account, reducing the surplus by about 0.75 percentage points of GDP, versus an effect of about 2 percentage points in 2022. The bank attributes the smaller impact to less severe price increases so far and Austria’s lower dependence on oil and gas.

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