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 global economic downturn in 2008 led to a recession that is likely to persist through 2009. The government's stabilization measures could increase the budget deficit to about 2.8% of GDP in 2009 and above 3% in 2010, from 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, and some of Austria's largest banks have required government support. 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.
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
2.4% (2008 est.)country comparison to the world: 98
Labor Force
3.633 million (2008 est.)country comparison to the world: 95
Electricity production
58.64 billion kWh (2007 est.)country comparison to the world: 43
Electricity Consumption
61.89 billion kWh (2007 est.)country comparison to the world: 38
Electricity Exports
14.93 billion kWh (2008 est.)
Electricity Imports
19.8 billion kWh (2008 est.)
Unemployment Rate
3.9% (2008 est.)country comparison to the world: 45 4.4% (2007 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
26 (2007)country comparison to the world: 125 31 (1995)
Budget
Revenues: $196.4 billion
Expenditures: $200.7 billion (2008 est.)
Public Debt
62.6% of GDP (2008 est.)country comparison to the world: 22 64.2% of GDP (2004 est.)
Commercial Bank Prime Lending Rate
Stock of Domestic Credit
$606.2 billion (31 December 2008)country comparison to the world: 18 $504.8 billion (31 December 2007)
Market Value of Publicly Traded Shares
$NA (31 December 2008)country comparison to the world: 34 $228.7 billion (31 December 2007)$191.3 billion (31 December 2006)
Reserves of Foreign Exchange and Gold
$16.7 billion (31 December 2008 est.)country comparison to the world: 57 $18.22 billion (31 December 2007 est.)
Debt External
$832.8 billion (31 December 2008)country comparison to the world: 13 $801.4 billion (31 December 2007)
Stock of Direct Foreign Investment at Home
$261.9 billion (31 December 2008 est.)country comparison to the world: 18 $247.9 billion (31 December 2007 est.)
Stock of Direct Foreign Investment Abroad
$270 billion (31 December 2008 est.)country comparison to the world: 14 $240.9 billion (31 December 2007 est.)
Exchange Rates
euros (EUR) per US dollar - 0.6827 (2008 est.), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004)
