Summer Tourism Bank Lending Change Austrian Economy

25 Aug 2012

The second quarter of 2012 was the best in Austria’s history since 1995. Tourists to enjoy the Austrian summer have reached all time high. Bank lending to companies have also grown in the second quarter. These factors have helped in the growth of economy of Austria. This came at a time when the most of the euro zone is going through a huge economic crisis.

There was a 2.5% rise in overnight hotel bookings in May-July quarter. Overnight hotel and lodge bookings were a whooping 82.2 million in the first 7 months of 2012.Tourism is one of the main deciding factors of Austrian economy and is responsible for 5% of economic output and a massive 7% of jobs.

Central bank of Austria reported 2.8% increase in loans to business customers. Bank lending to companies has come a long way from the negative 1.5% rates in 2009. Household lending by banks rose 0.4%. Taking into account the data, financial analysts and economists predict a 0.8% rise in Austrian economy in 2012.

Austria is one of the richest countries in the world. A few factors why you should visit or stay in Austria:

• Safest country in the world for living or visiting

• Crime and felony rate is negligible

• Valued member of European Union and a stable political arrangement

• Negligible corruption

• Organized and high-tech banking system

• Well built and ample infrastructure

• Easy availability of accommodation for tourists

• Pollution free and green environment

• Heaven for sports, nature and outdoor activities lover