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 economy features up-to-date industrial and agricultural sectors. Timber is a key industry, 47% of the land area being forested. 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. Slow growth in Europe has held the economy to 0.7% growth in 2001, 1.4% in 2002, 0.8% in 2003, and 1.9% in 2004. To meet increased competition from both EU and Central European countries, particularly the new EU members, Austria will need to emphasize knowledge-based sectors of the economy, continue to deregulate the service sector, and encourage much greater participation in the labor market by its aging population. The aging phenomenon, together with already high health and pension costs, poses fundamental problems in tax and welfare policies.
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
3.3% (2004 est.)
Labor Force
3.45 million (2004 est.)
Electricity production
58.49 billion kWh (2002)
Electricity Consumption
55.09 billion kWh (2002)
Electricity Exports
14.7 billion kWh (2002)
Electricity Imports
15.4 billion kWh (2002)
Economic Aid - Donor
ODA, $520 million (2002)
Unemployment Rate
4.4% (2004 est.)
Population Below Poverty Line
3.9% (1999)
Household Income or Consumption by Percentage Share
Lowest 10%: 2.5%
Highest 10%: 22.5% (1995)
Distribution of Family Income Gini Index
31 (1995)
Budget
Revenues: $142.5 billion
Expenditures: $146.4 billion, including capital expenditures of NA (2004 est.)
Public Debt
64.2% of GDP (2004 est.)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
$12.73 billion (2003)
Debt External
$15.5 billion (2003 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
euros per US dollar - 0.8054 (2004), 0.886 (2003), 1.0626 (2002), 1.1175 (2001), 1.0854 (2000)
