International organisations positively contribute to Austrian economy: study

Vienna: Around 50 Austria-based international and quasi-international organisations contributed approximately 1.7 billion euros (1.84 billion US dollars) of value added to the country's economy in 2023, according to a study published by the Austrian Institute of Economic Research (WIFO) on Monday.

The study, commissioned by the Austrian Federal Ministry for European and International Affairs, showed that these organisations' economic contribution to Austria increased by over 25 percent compared to the figure in the previous study conducted between 2018 and 2020.

In addition, these organisations and their activities secured around 16,100 full-time equivalent jobs in Austria in 2023, an increase of almost 4 per cent, according to the study.

While acknowledging the costs associated with hosting these organisations, such as sales tax refunds and security measures, the study said, "the magnitude of the positive effects is so significant (and the quantifiable costs so low) that a cost-benefit calculation would certainly show a highly positive balance."

Austria is home to more than 50 international and quasi-international organisations, including the International Atomic Energy Agency, the United Nations Industrial Development Organization, the Organization of the Petroleum Exporting Countries, and the Organization for Security and Co-operation in Europe.