Corruption Shaves 5% Off Austria's Economy, Greens Say

Corruption shaved about 5 percent, or 17 billion euros ($22 billion), from Austria’s economy in 2012, according to a study by the opposition Green Party.

The party published today a 398-page review of documents and testimony collected last year by a parliamentary corruption panel that investigated abuses among Austrian businesses and politicians. The country slid nine levels to No. 25 in the latest Transparency International corruption-perceptions index released last month.

Austria, which produced about 320 billion euros of goods and services in 2012, was criticized in a report released yesterday by the Organization for Economic Cooperation and Development for lax bribery investigations and bank rules. The country hasn’t convicted a citizen of foreign bribery since ratifying the Anti-Bribery Convention in 1999, the OECD said.

Parliamentary investigations have focused on improprieties at Telekom Austria AG, the country’s former phone monopoly, as well as state-owned real-estate and infrastructure companies.

To contact the reporter on this story: Jonathan Tirone in Vienna at jtirone@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

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