Austria Economy: from the All Country Info reference guide to country facts

Austria Economy

Austria Economy: A summary of information about Austria Economy, from government research data as well as independent research and other sources.

You are here:
All CountriesAustria > Austria Economy

Austria: Economy

Economy - overview
Austria with its well-developed market economy and
high standard of living is closely tied to other EU economies,
especially Germany's. Membership in the EU has drawn an influx of
foreign investors attracted by Austria's access to the single European
market. Through privatization efforts, the 1996-98 budget
consolidation programs, and austerity measures, Austria has brought
its total public sector deficit down to 2.1% of GDP in 1999 and public
debt - at 63.1% of GDP in 1998 - more or less in line with the 60% of
GDP required by the EMU's Maastricht criteria. Cuts mainly have
affected the civil service and Austria's generous social benefit
system, the two major causes of the government's deficit. To meet
increased competition from both EU and Central European countries,
Austria will need to emphasize knowledge-based sectors of the economy
and deregulate the service sector. Growth, which slowed to 2.0% in
1999, probably will rebound to 2.8% in both 2000 and 2001.
GDP
purchasing power parity - $190.6 billion (1999 est.)
GDP - real growth rate
2% (1999 est.)
GDP - per capita
purchasing power parity - $23,400 (1999 est.)
GDP - composition by sector
agriculture: 1.3%
industry: 32.4%
services: 66.3% (1998 est.)
Population below poverty line
NA%
Inflation rate (consumer prices)
0.5% (1999)
Labor force
3.7 million (1999)
Labor force - by occupation
services 68%, industry and crafts 29%,
agriculture and forestry 3% (1999 est.)
Unemployment rate
4.4% (1999)
Budget
revenues: $54 billion
expenditures: $59.5 billion, including capital expenditures of $NA
(1999 est.)
Industries
construction, machinery, vehicles and parts, food,
chemicals, lumber and wood processing, paper and paperboard,
communications equipment, tourism (1997)
Industrial production growth rate
2.3% (1999)
Electricity - production
56.066 billion kWh (1998)
Electricity - production by source
fossil fuel: 31.46%
hydro: 65.92%
nuclear: 0%
other: 2.62% (1998)
Electricity - consumption
51.891 billion kWh (1998)
Electricity - exports
10.5 billion kWh (1998)
Electricity - imports
10.25 billion kWh (1998)
Agriculture - products
grains, potatoes, sugar beets, wine, fruit;
dairy products, cattle, pigs, poultry; lumber
Exports
$62.9 billion (1999 est.)
Exports - commodities
machinery and equipment, paper and paperboard,
metal goods, chemicals, iron and steel; textiles, foodstuffs (1998)
Exports - partners
EU 65% (Germany 36%, Italy 9%, France 5%),
Switzerland 5%, Hungary 5%, US 4.5% (1999 est.)
Imports
$69.9 billion (1999 est.)
Imports - commodities
machinery and equipment, chemicals, metal
goods, oil and oil products; foodstuffs (1998)
Imports - partners
EU 70% (Germany 42%, Italy 8%, France 5%), US 5%,
Hungary 3%, Switzerland 3% (1999 est.)
Debt - external
$31.7 billion (1998)
Economic aid - donor
ODA, $452 million (1998)
Currency
1 Austrian schilling (AS) = 100 groschen
Exchange rates
euros per US$1 - 0.9867 (January 2000), 0.9386 (1999);
Austrian schillings (AS) per US$1 - 11.86 (January 1999), 12.91
(1999), 12.379 (1998), 12.204 (1997), 10.587 (1996), 10.081 (1995)
note: on 1 January 1999, the EU introduced a common currency that is
now being used by financial institutions in some member countries at a
fixed rate of 13.7603 Austrian shillings per euro; the euro will
replace the local currency in consenting countries for all
transactions in 2002
Fiscal year
calendar year
Locations:
Home
Afghanistan
Albania
Algeria
American Samoa
Andorra
Angola
Anguilla
Antarctica
Antigua & Barbuda
Arctic Ocean
Argentina
Armenia
Aruba
Ashmore & Cartier Islands
Atlantic Ocean
Australia
Austria
Azerbaijan
Bahrain
Baker Island
Bangladesh
Barbados
Bassas Da India
Belarus
Belgium
Belize
Benin
Bermuda
Bhutan
Bolivia
Bosnia & Herzegovina
Botswana
Bouvet Island
Brazil
British Indian Ocean Territory
British Virgin Islands
Brunei
Bulgaria
Burkina Faso
Burma
Burundi
Cambodia
Cameroon
Canada
Cape Verde
Cayman Islands
Central African Republic
Chad
Chile
China
Christmas Island
Clipperton Island
Colombia
Comoros
Cook Islands
Coral Sea Islands
Costa Rica
Croatia
Cuba
Cyprus
Czech Republic
Denmark
Djibouti
Dominica
Dominican Republic
Ecuador
Egypt
El Salvador
Equatorial Guinea
Eritrea
Estonia
Ethiopia
Europa Island
Faroe Islands
Fiji
Finland
France
French Guiana
French Polynesia
Gabon
Gaza Strip
Georgia
Germany
Ghana
Gibraltar
Glorioso Islands
Greece
Greenland
Grenada
Guadeloupe
Guam
Guatemala
Guernsey
Guinea
Guyana
Haiti
Honduras
Hong Kong
Howland Island
Hungary
Iceland
India
Indian Ocean
Indonesia
Iran
Iraq
Ireland
Israel
Italy
Jamaica
Jan Mayen
Japan
Jarvis Island
Jersey
Johnston Atoll
Jordan
Juan De Nova Island
Kazakhstan
Kenya
Kingman Reef
Kiribati
Korea
Kuwait
Kyrgyzstan
Laos
Latvia
Lebanon
Lesotho
Liberia
Libya
Liechtenstein
Lithuania
Luxembourg
Macau
Madagascar
Malawi
Malaysia
Maldives
Mali
Malta
Marshall Islands
Martinique
Mauritania
Mauritius
Mayotte
Mexico
Midway Islands
Moldova
Monaco
Mongolia
Montserrat
Morocco
Mozambique
Namibia
Nauru
Navassa Island
Netherlands
Netherlands Antilles
New Caledonia
New Zealand
Nicaragua
Niger
Nigeria
Niue
Norfolk Island
Northern Mariana Islands
Norway
Oman
Pacific Ocean
Pakistan
Palau
Palmyra Atoll
Panama
Papua New Guinea
Paracel Islands
Paraguay
Peru
Philippines
Pitcairn Islands
Poland
Portugal
Puerto Rico
Qatar
Reunion
Romania
Rwanda
Saint Helena
Saint Kitts & Nevis
Saint Lucia
Saint Pierre & Miquelon
Saint Vincent & The Grenadines
San Marino
Sao Tome & Principe
Saudi Arabia
Senegal
Serbia & Montenegro
Seychelles
Sierra Leone
Singapore
Slovakia
Solomon Islands
Somalia
South Africa
Southern Ocean
Spain
Spratly Islands
Sri Lanka
Sudan
Suriname
Svalbard
Swaziland
Sweden
Switzerland
Syria
Taiwan
Tajikistan
Tanzania
Thailand
Togo
Tokelau
Tonga
Trinidad & Tobago
Tromelin Island
Tunisia
Turkey
Turkmenistan
Turks & Caicos Islands
Tuvalu
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States
Uruguay
Uzbekistan
Vanuatu
Venezuela
Vietnam
Virgin Islands
Wake Island
Wallis & Futuna
West Bank
Western Sahara
World
Yemen
Zambia
Zimbabwe