Economy Overview
Austria, with its well-developed market economy, skilled labor force, 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 of 2008 and subsequent global economic downturn led to a sharp but brief recession. Austrian GDP contracted 3.8% in 2009 but saw positive growth of about 2% in 2010 and 2.7% in 2011. Growth fell below 1% in 2012. Unemployment did not rise as steeply in Austria as elsewhere in Europe, partly because the government subsidized reduced working hour schemes to allow companies to retain employees. Stabilization measures, stimulus spending, and an income tax reform pushed the budget deficit to 4.5% in 2010 and 2.6% in 2011, from only about 0.9% in 2008. The international financial crisis of 2008 caused difficulties for Austria's largest banks whose extensive operations in central, eastern, and southeastern Europe faced large losses. The government provided bank support - including in some instances, nationalization - to support aggregate demand and stabilize the banking system. Austria's fiscal position compares favorably with other euro-zone countries, but it faces considerable external risks, such as Austrian banks' continued high exposure to central and eastern Europe as well as political and economic uncertainties caused by the European sovereign debt crisis. In 2011 the government attempted to pass a constitutional amendment limiting public debt to 60% of GDP by 2020, but it was unable to obtain sufficient support in parliament and instead passed the measure as a simple law. In March 2012, the Austrian parliament approved an austerity budget that will bring public finances into balance by 2016. In 2012, the budget deficit rose to 2.9% of GDP.
Agriculture Products
grains, potatoes, wine, fruit; dairy products, cattle, pigs, poultry; lumber
Industrial Production Growth Rate
7.5% (2011 est.)country comparison to the world: 34
Labor Force
3.655 million (2012 est.)country comparison to the world: 96
Unemployment Rate
4.4% (2012 est.)country comparison to the world: 42 4.2% (2011 est.)
Population Below Poverty Line
6% (2008)
Household Income or Consumption by Percentage Share
Lowest 10%: 4%
Highest 10%: 22% (2007)
Distribution of Family Income Gini Index
26 (2007)country comparison to the world: 129 31 (1995)
Budget
Revenues: $187.3 billion
Expenditures: $198.6 billion (2012 est.)
Public Debt
74.3% of GDP (2012 est.)country comparison to the world: 34 72.2% of GDP (2011 est.) note: this is general government gross debt, defined in the Maastricht Treaty as consolidated general government gross debt at nominal value, outstanding at the end of the year; it covers the following categories of government liabilities (as defined in ESA95): currency and deposits (AF.2), securities other than shares excluding financial derivatives (AF.3, excluding AF.34), and loans (AF.4); the general government sector comprises the sub-sectors of central government, state government, local government and social security funds; as a percentage of GDP, the GDP used as a denominator is the gross domestic product in current year prices
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$194.8 billion (31 December 2012 est.)country comparison to the world: 19 $176.5 billion (31 December 2011 est.) note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 17 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
Stock of Broad Money
$426.5 billion (31 December 2012 est.)country comparison to the world: 26 $400.8 billion (31 December 2011 est.)
Stock of Domestic Credit
$549 billion (31 December 2012 est.)country comparison to the world: 23 $526.7 billion (31 December 2011 est.)
Market Value of Publicly Traded Shares
$82.37 billion (31 December 2011)country comparison to the world: 41 $118 billion (31 December 2010) $107.2 billion (31 December 2009)
Reserves of Foreign Exchange and Gold
$25.16 billion (31 December 2011 est.)country comparison to the world: 55 $22.28 billion (2010 est.)
Debt External
$883.5 billion (30 June 2011)country comparison to the world: 18 $755 billion (30 June 2010)
Stock of Direct Foreign Investment at Home
$290.2 billion (31 December 2012 est.)country comparison to the world: 19 $271.3 billion (31 December 2011 est.)
Stock of Direct Foreign Investment Abroad
$313.9 billion (31 December 2012 est.)country comparison to the world: 19 $300.7 billion (31 December 2011 est.)
Exchange Rates
euros (EUR) per US dollar -0.7838 (2012 est.) 0.7185 (2011 est.) 755 (2010 est.) 0.7198 (2009 est.) 0.6827 (2008 est.)
