Economy of Austria

Economy - overview:Austria, with its well-developed market economy and high standard of living, is closely tied to other EU economies, especially Germany's. The Austrian economy also benefits greatly from strong commercial relations, especially in the banking and insurance sectors, with central, eastern, and southeastern Europe. The economy features a large service sector, a sound industrial sector, and a small, but highly developed agricultural sector. Membership in the EU has drawn an influx of foreign investors attracted by Austria's access to the single European market and proximity to the new EU economies. The outgoing government has successfully pursued a comprehensive economic reform program, aimed at streamlining government and creating a more competitive business environment, further strengthening Austria's attractiveness as an investment location. It has implemented effective pension reforms; however, lower taxes in 2005-06 led to a small budget deficit in 2006. Weak domestic consumption and slow growth in Europe held the economy to growth rates below 3% in 2002-05. Due to higher growth across Europe, Austria grew 3.3 percent in 2006. To meet increased competition - especially from new EU members and Central European countries - Austria will need to continue restructuring, emphasizing knowledge-based sectors of the economy, and encouraging greater labor flexibility and greater labor participation by its aging population.
GDP (purchasing power parity):$283.8 billion (2006 est.)
GDP (official exchange rate):$310.1 billion (2006 est.)
GDP - real growth rate:3.3% (2006 est.)
GDP - per capita (PPP):$34,600 (2006 est.)
GDP - composition by sector:agriculture: 1.8%
industry: 30.4%
services: 67.8% (2005)
Labor force:3.88 million (2006 est.)
Labor force - by occupation:agriculture: 3%
industry: 27%
services: 70% (2005 est.)
Unemployment rate:4.9% (2006 est.)
Population below poverty line:5.9% (2004)
Household income or consumption by percentage share:lowest 10%: 3.3%
highest 10%: 22.5% (2004)
Distribution of family income - Gini index:31 (2002)
Inflation rate (consumer prices):1.6% (2006 est.)
Investment (gross fixed):21% of GDP (2006 est.)
Budget:revenues: $155.9 billion
expenditures: $161.6 billion; including capital expenditures of $NA (2006 est.)
Public debt:63% of GDP (2006 est.)
Agriculture - products:grains, potatoes, sugar beets, wine, fruit; dairy products, cattle, pigs, poultry; lumber
Industries:construction, machinery, vehicles and parts, food, metals, chemicals, lumber and wood processing, paper and paperboard, communications equipment, tourism
Industrial production growth rate:5.7% (2006 est.)
Electricity - production:64.9 billion kWh (2005 est.)
Electricity - production by source:fossil fuel: 29.3%
hydro: 67.2%
nuclear: 0%
other: 3.5% (2001)
Electricity - consumption:65.2 billion kWh (2005 est.)
Electricity - exports:17.73 billion kWh (2005 est.)
Electricity - imports:20.4 billion kWh (2005 est.)
Oil - production:25,360 bbl/day (2004)
Oil - consumption:282,000 bbl/day (2004 est.)
Oil - exports:34,680 bbl/day (2004)
Oil - imports:157,500 bbl/day (2005)
Oil - proved reserves:62 million bbl (1 January 2005)
Natural gas - production:1.637 billion cu m (2005)
Natural gas - consumption:9 billion cu m (2005)
Natural gas - exports:1.324 billion cu m (2004)
Natural gas - imports:9.18 billion cu m (2005)
Natural gas - proved reserves:15.01 billion cu m (1 January 2005 est.)
Current account balance:$5.913 billion (2006 est.)
Exports:$133.3 billion f.o.b. (2006 est.)
Exports - commodities:machinery and equipment, motor vehicles and parts, paper and paperboard, metal goods, chemicals, iron and steel, textiles, foodstuffs
Exports - partners:Germany 31.7%, Italy 8.8%, US 5.7%, Switzerland 4.6%, France 4% (2006)
Imports:$134.3 billion f.o.b. (2006 est.)
Imports - commodities:machinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products; foodstuffs
Imports - partners:Germany 46.5%, Italy 6.8%, Switzerland 4.4%, Netherlands 4% (2006)
Reserves of foreign exchange and gold:$12.72 billion (November 2006 est.)
Debt - external:$594.3 billion (October 2006 est.)
Economic aid - donor:ODA, $681 million (2004)
Currency (code):euro (EUR)
note: on 1 January 1999, the European Monetary Union introduced the euro as a common currency to be used by financial institutions of member countries; on 1 January 2002, the euro became the sole currency for everyday transactions within the member countries
Currency code:EUR
Exchange rates:euros per US dollar - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002)
Fiscal year:calendar year

Austria Quickstats

  • Population: 8,199,783 (July 2007 est.)
  • Area: 83,870 sq km
  • Density: 99 /km² (99th)
  • GDP (total): $279.5 billion (34th)
  • GDP (per capita): $35,500 (8th)
  • Literacy: 98%

Languages of Austria

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  • Currency: euro (€) ² (EUR)
  • Dial code: +43

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