Austria's Economic Relations to the Black Sea Region and its Economic Perspectives. Update 2011

Geographical proximity, a wealth of raw materials, and a potential market and labour pool have increased the importance of the Black Sea Region for the EU as much as for Austria. The paper updates the key findings of the analysis of the region's macroeconomic development and Austria's economic relations with the area, submitted by WIFO in 2010. In 2010, all countries in the Black Sea Region recorded economic growth. Growth was most dynamic in Turkey (real GDP: +8.2 percent). Following a contraction caused by the economic crisis, Austrian exports of goods into the Black Sea Region were once again growing at a brisk rate (+33 percent in 2010). In the services sector, exports to Turkey surged, and direct investment by Austrian businesses in Turkey was very lively in 2010.