Recent Study: Travel and Tourism in Austria to 2017

Austria witnessed an increase in tourism activity during the review period. The decline in international arrivals in 2009 was compensated by the increase in domestic tourism. Over the forecast period, the country is expected to witness an increase in the number of visitors, both domestic and international, as well as an increase in tourist expenditure. The key reasons for growth are improving economic conditions in the European region which accounts for the majority of international arrivals to Austria, tourism promotion activities undertaken by the Austria National Tourist Office (ANTO), increasing air capacity and an increase in demand for health-and-wellness tourism. The key tourism offerings are the country's distinctive central location in Europe, winter sports activities, its cultural and historical heritage, museums and palaces across the country, and serene landscapes.

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Key Highlights

* Given the sluggish domestic demand in the eurozone and fragile global economic recovery, Timetric expects the Austrian economy to grow at a modest pace of 0.5% in 2013. However, the economy is forecast to grow in the range of 1.6-1.9% over the remainder of the forecast period, in line with improvements in domestic and external demand conditions.
* According to Eurostat, in terms of tourism intensity, defined as the number of nights spent by residents and non-residents in the country compared to the country's population, the Alpine region in Austria is among the most attractive destinations in the EU-27.
* Austria's central location in Europe, at the intersection of trade and travel routes, is beneficial not only for the travel and tourism sector but also in terms of investment and business. As of 2012, headquarters or production sites of more than 300 international companies are located in Austria, of which 28 are Fortune 500 companies.
* Mean household income is expected to increase over the forecast period, increasing domestic tourist volumes as a result. The country also witnessed an increase in spa offers and adventure activity tours.
* Initiatives taken by the Austrian government are expected to attract more businesses to the country. The GmbH (limited liability companies) reform, which came into effect on 1st July 2013, lowered the minimum start-up capital to found a GmbH in Austria from EUR35,000 to EUR10,000. The reform is expected to lead to the setting up of an extra 1,000 GmbHs every year which will create new jobs and lead to an increase in business-related travel.

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