World Travel Guide

City Guide  - Vienna  - Business
Business

Business Profile: In addition to being the capital, Vienna is Austria's economic powerhouse and takes the lead in the administrative, cultural and educational sectors. It is also an important centre for international business, and is one of the most sought-after conference venues in the world. Vienna is home to a number of international organisations, including the United Nations Industrial Development Organisation (UNIDO), the International Atomic Energy Agency (IAEA), the Organisation of Petroleum Exporting Countries (OPEC), the United Nations International Drug Control Programme (UNDCP) and the World Federation of Tourist Guides Association (WFTGA).

One-quarter of Austria's workforce is employed in Vienna, and the Vienna area generates approximately 28% of the country's GDP. Around 40% of all Austrian industrial companies are located in Vienna. Most of the industry is small- to medium-sized; there are very few Austrian multinationals. The unemployment rate for the first quarter of 1999 was around 9.5%, compared with the national average of 8.5% (1998 averages were 8.7% and 7.2% respectively). The inflation rate has been hovering around the 2% mark.

Since joining the European Union on 1 January 1995, Austria has continued to build on its trade with Western Europe (three-quarters of its trade is with EU nations, and Germany is its most important trading partner). At the same time, it is a major player in the expanding markets of Eastern Europe. Overall, it has good ties with its neighbours to the east, and this translates into strong economic relationships (some 14% of exports are to Eastern European nations). Since it has a small domestic market, Austria is highly dependent on exports. The country has a highly skilled workforce, and has the fortune of having congenial labour-management relations. Co-operation is mutually beneficial and results in far fewer strike days. Austrians have a high standard of living (within the top 15 countries worldwide) and the competitive marketplace means that consumers demand high standards of quality and service.

Business Etiquette: The Austrians, and especially the Viennese, are extremely formal to strangers. It is essential to address business contacts by their title, until familiarity is well established. English is commonly used in international business settings, however, a few words in German by way of introduction will not go amiss. Business dress is not too formal in Vienna - it is possible to go to a business meeting without a tie. It is, however, better to err on the side of caution in the first instance. Business hours are generally Monday to Thursday 0800 until 1600 or 1700, with many offices closing slightly earlier on Friday 1500 or 1600.



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ENTERTAINMENT
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