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 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 Austria's access to the single European market and proximity to the new EU economies. The current government has successfully pursued a comprehensive economic reform program, aimed at streamlining government, creating a more competitive business environment, further strengthening Austria's attractiveness as an investment location, pursuing a balanced budget, and implementing effective pension reforms. Weak domestic consumption and slow growth in Europe have held the economy to growth rates of 0.4% in 2002, 1.4% in 2003, 2.4% in 2004, and 1.8% in 2005. To meet increased competition from both EU and Central European countries, particularly the new EU members, 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.
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
4.7% (2005 est.)
Labor Force
3.49 million (2005 est.)
Electricity production
63.69 billion kWh (2004)
Electricity Consumption
64.78 billion kWh (2004)
Electricity Exports
13.53 billion kWh (2004)
Electricity Imports
16.63 billion kWh (2004)
Economic Aid - Donor
ODA, $681 million (2004)
Unemployment Rate
5.2% (2005 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)
Budget
Revenues: $148.6 billion
Expenditures: $154.5 billion; including capital expenditures of $NA (2005 est.)
Public Debt
65.1% of GDP (2005 est.)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
$11.83 billion (2005 est.)
Debt External
$510.6 billion (30 June 2005 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
euros per US dollar - 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002), 1.1175 (2001)
