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 relatively sound industrial sector, and a small, but highly developed agricultural sector. Economic growth was anemic at less than 0.5% in 2013 and 2014, and growth in 2015 is not expected to exceed 0.5%. Austria’s 5.6% unemployment rate, while low by European standards, is at an historic high for Austria. Without extensive vocational training programs and generous early retirement, the unemployment rate would be even higher. Public finances have not stabilized even after a 2012 austerity package of expenditure cuts and new revenues. On the contrary, in 2014, the government created a “bad bank” for the troubled nationalized “Hypo Alpe Adria” bank, pushing the budget deficit up by 0.9% of GDP to 2.4% and public debt to 84.5% of the GDP. Although Austria's fiscal position compares favorably with other euro-zone countries, it faces several external risks, such as Austrian banks' continued exposure to Central and Eastern Europe, repercussions from the Hypo Alpe Adria bank collapse, political and economic uncertainties caused by the European sovereign debt crisis, the current crisis in Russia/Ukraine, the recent appreciation of the Swiss Franc, and political developments in Hungary.
Agriculture Products
grains, potatoes, wine, fruit; dairy products, cattle, pigs, poultry; lumber
Industries
construction, machinery, vehicles and parts, food, metals, chemicals, lumber and wood, paper and paperboard, communications equipment, tourism
Industrial Production Growth Rate
1.8% (2014 est.)
Labor Force
3.86 million (2014 est.)
Labor Force by Occupation
Agriculture: 5.5%
Industry: 26%
Services: 68.5% (2012 est.)
Unemployment Rate
5.4% (2013 est.)
Population Below Poverty Line
4.2% (2013 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: 4%
Highest 10%: 22% (2011 est.)
Distribution of Family Income Gini Index
31 (1995)
Budget
Revenues: $218.1 billion
Expenditures: $228.6 billion (2014 est.)
Public Debt
80.9% of GDP (2013 est.)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$225.8 billion (31 December 2013 est.)
Stock of Broad Money
$439.3 billion (31 December 2013 est.)
Stock of Domestic Credit
$559.3 billion (31 December 2013 est.)
Market Value of Publicly Traded Shares
$67.68 billion (31 December 2010 est.)
Reserves of Foreign Exchange and Gold
$23.29 billion (31 December 2013 est.)
Debt External
$812 billion (31 December 2012 est.)
Stock of Direct Foreign Investment at Home
$286.3 billion (31 December 2013 est.)
Stock of Direct Foreign Investment Abroad
$346.5 billion (31 December 2013 est.)
Exchange Rates
0.755 (2010 est.)
