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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.

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.)


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


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 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.)


$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)


$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.)

Economic aid donor

ODA, $681 million (2004)

Debt external

$594.3 billion (October 2006 est.)

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

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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This page was last updated on 16 September, 2007
Source: CIA >>>

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