Up to the early 1990s, the export surplus for tourism was the major component in the current account offsetting the perennial trade deficit. Since then the structural weaknesses of the Austrian tourism industry have had a negative impact on the balance for travel services. The trend decline in...

Since the beginning of the 1990s, the Austrian tourism industry has suffered a series of setbacks, partly caused by specific factors such as German reunification, currency devaluations in several important competitor countries and the slump in air fares, and partly due to substantial structural...