| Introduction - Austria: |
| Location - Austria: |
| People - Austria: |
| Government - Austria: |
| Economy - Austria: |
Economy overview | Austria, with its well-developed market economy and high standard of living, is closely tied to other EU economies, especially Germanys. 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 Austrias 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 Austrias 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. |
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Gdp purchasing power parity | $283.8 billion (2006 est.) |
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Gdp official exchange rate | $310.1 billion (2006 est.) |
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Gdp real growth rate | 3.3% (2006 est.) |
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Gdp per capita ppp | $34,600 (2006 est.) |
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Gdp composition by sector | agriculture: 1.8%
industry: 30.4%
services: 67.8% (2005) |
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Labor force | 3.88 million (2006 est.) |
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Labor force by occupation | agriculture: 3%
industry: 27%
services: 70% (2005 est.) |
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Unemployment rate | 4.9% (2006 est.) |
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Population below poverty line | 5.9% (2004) |
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Household income or consumption by percentage share | lowest 10%: 3.3%
highest 10%: 22.5% (2004) |
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Distribution of family income gini index | 31 (2002) |
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Inflation rate consumer prices | 1.6% (2006 est.) |
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Investment gross fixed | 21% of GDP (2006 est.) |
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Budget | revenues: $155.9 billion
expenditures: $161.6 billion; including capital expenditures of $NA (2006 est.) |
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Public debt | 63% of GDP (2006 est.) |
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Agriculture products | grains, potatoes, sugar beets, wine, fruit; dairy products, cattle, pigs, poultry; lumber |
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Industries | construction, machinery, vehicles and parts, food, metals, chemicals, lumber and wood processing, paper and paperboard, communications equipment, tourism |
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Industrial production growth rate | 5.7% (2006 est.) |
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Electricity production | 64.9 billion kWh (2005 est.) |
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Electricity consumption | 65.2 billion kWh (2005 est.) |
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Electricity exports | 17.73 billion kWh (2005 est.) |
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Electricity imports | 20.4 billion kWh (2005 est.) |
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Oil production | 25,360 bbl/day (2004) |
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Oil consumption | 282,000 bbl/day (2004 est.) |
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Oil exports | 34,680 bbl/day (2004) |
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Oil imports | 157,500 bbl/day (2005) |
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Oil proved reserves | 62 million bbl (1 January 2005) |
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Natural gas production | 1.637 billion cu m (2005) |
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Natural gas consumption | 9 billion cu m (2005) |
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Natural gas exports | 1.324 billion cu m (2004) |
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Natural gas imports | 9.18 billion cu m (2005) |
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Natural gas proved reserves | 15.01 billion cu m (1 January 2005 est.) |
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Current account balance | $5.913 billion (2006 est.) |
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Exports | $133.3 billion f.o.b. (2006 est.) |
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Exports commodities | machinery and equipment, motor vehicles and parts, paper and paperboard, metal goods, chemicals, iron and steel, textiles, foodstuffs |
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Exports partners | Germany 31.7%, Italy 8.8%, US 5.7%, Switzerland 4.6%, France 4% (2006) |
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Imports | $134.3 billion f.o.b. (2006 est.) |
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Imports commodities | machinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products; foodstuffs |
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Imports partners | Germany 46.5%, Italy 6.8%, Switzerland 4.4%, Netherlands 4% (2006) |
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Reserves of foreign exchange and gold | $12.72 billion (November 2006 est.) |
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Economic aid donor | ODA, $681 million (2004) |
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Debt external | $594.3 billion (October 2006 est.) |
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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 |
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Exchange rates | euros per US dollar - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002) |
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| Communications - Austria: |
| Transportation - Austria: |
| Military - Austria: |
This page was last updated on 16 September, 2007
