Austrian 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. Its economy features a large service sector, a sound industrial sector, and a small, but highly developed agricultural sector. Following several years of solid foreign demand for Austrian exports and record employment growth, the international financial crisis and global economic downturn in 2008 led to a recession that persisted until the third quarter of 2009. Austrian GDP contracted 3.6% in 2009 and it will probably see positive growth of nearly 1% in 2010. Unemployment has not risen as steeply in Austria as elsewhere in Europe, partly because its government has subsidized reduced working hour schemes to allow companies to retain employees. Such stabilization measures, stimulus initiatives, and the government's income tax reforms pushed the budget deficit to about 5% of GDP in 2009, from only about 0.6% in 2008. The Austrian economy has benefited greatly in the past from strong commercial relations, especially in the banking and insurance sectors, with central, eastern, and southeastern Europe, but these sectors have been vulnerable to recent international financial instabilities. Some of Austria's largest banks have required government support - including in some instances, nationalization - to prevent insolvency and possible regional contagion. Even after the global economic outlook improves, Austria will need to continue restructuring, emphasizing knowledge-based sectors of the economy, and encouraging greater labor flexibility and greater labor participation to offset its aging population and exceedingly low fertility rate.
GDP (purchasing power parity): $395.5 billion (2014 est.)
GDP (official exchange rate): $437.1 billion (2014 est.)
GDP - real growth rate: 0.3% (2014 est.)
GDP - per capita (PPP): $46,400 (2014 est.)
GDP - composition by sector: agriculture: 1.3%
industry: 28.4.3%
services: 70.2.8% (2014 est.)
Labor force: 3.86 million (2014 est.)
Labor force - by occupation: agriculture: 5.5%
industry: 26%
services: 68.5% (2012 est.)
Unemployment rate: 5.6% (2014 est.)
Household income or consumption by percentage share: lowest 10%: 4%
highest 10%: 22.5% (2011)
Investment (gross fixed): 21.2% of GDP (2009 est.)
Budget: revenues: $218.1 billion
expenditures: $228.6 billion (2014 est.)
Public debt: 84.5% of GDP (2014 est.)
Inflation rate (consumer prices): 1.6% (2014 est.)
Commercial bank prime lending rate: 2.1% (31 December 2014 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: 1.8% (2014 est.)
Electricity - production: 68.02 billion kWh (2013 est.)
Electricity - consumption: 69.01 billion kWh (2013 est.)
Electricity - exports: 17.69 billion kWh (2013 est.)
Electricity - imports: 24.96 billion kWh (2013 est.)
Oil - production: 20,240 bbl/day (2013 est.)
Oil - consumption: 285,400 bbl/day (2008 est.)
Oil - exports: 0 bbl/day (2013 est.)
Oil - imports: 157,000 bbl/day (2013 est.)
Oil - proved reserves: 48.5 million bbl (1 January 2014 est.)
Natural gas - production: 1.297 billion cu m (2013 est.)
Natural gas - consumption: 8.2 billion cu m (2014 est.)
Natural gas - exports: 3.973 billion cu m (2013 est.)
Natural gas - imports: 10.41 billion cu m (2013 est.)
Natural gas - proved reserves: 9.656 billion cu m (1 January 2014 est.)
Current account balance: $7.967 billion (2014 est.)
Exports: $170.1 billion (2014 est.)
Exports - commodities: machinery and equipment, motor vehicles and parts, paper and paperboard, metal goods, chemicals, iron and steel, textiles, foodstuffs
Exports - partners: Germany 30.4%, Italy 6.5%, France 5%, US 4.7%, Switzerland 4.5%, Slovakia 4.2% (2014)
Imports: $172.5 billion (2014 est.)
Imports - commodities: machinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products; foodstuffs
Imports - partners: Germany 41.9%, Italy 6.5%, Switzerland 4.6%, Czech Republic 4.3%, Netherlands 4.1% (2014)
Reserves of foreign exchange and gold: $23.29 billion (31 December 2013 est.)
Debt - external: $820 billion (31 December 2013 est.)
Stock of direct foreign investment - at home: $300.7 billion (31 December 2014 est.)
Stock of direct foreign investment - abroad: $365.7 billion (31 December 2014 est.)
Exchange rates: euros (EUR) per US dollar - 0.7489 (2014 est.), 0.7634 (2013 est.), 0.78 (2012 est.), 0.7185 (2011 est.), 0.755 (2010 est.)
economic climate  
Background: Austria joined the European Union (EU) in 1995. A top priority of the current coalition government is the implementation of a package of measures designed to boost the competitiveness of Austria as a European business location.
Export opportunities:  
Update: This page was last updated on 10 November 2015
Sources: 1. CIA, The World Factbook, https://www.cia.gov/library/publications/the-world-factbook/geos/ae.html
2. http://www.austrade.gov.au
3. DIBNC Experts Team