Economy Overview
Austria is a well-developed market economy with skilled labor force and high standard of living. It is closely tied to other EU economies, especially Germany's, but also the US’, its third-largest trade partner. Its economy features a large service sector, a sound industrial sector, and a small, but highly developed agricultural sector.; Austrian economic growth strengthen in 2017, with a 2.9% increase in GDP. Austrian exports, accounting for around 60% of the GDP, were up 8.2% in 2017. Austria’s unemployment rate fell by 0.3% to 5.5%, which is low by European standards, but still at its second highest rate since the end of World War II, driven by an increased number of refugees and EU migrants entering the labor market.; Austria's fiscal position compares favorably with other euro-zone countries. The budget deficit stood at a low 0.7% of GDP in 2017 and public debt declined again to 78.4% of GDP in 2017, after reaching a post-war high 84.6% in 2015. The Austrian government has announced it plans to balance the fiscal budget in 2019. Several external risks, such as Austrian banks' exposure to Central and Eastern Europe, the refugee crisis, and continued unrest in Russia/Ukraine, eased in 2017, but are still a factor for the Austrian economy. Exposure to the Russian banking sector and a deep energy relationship with Russia present additional risks.; Austria elected a new pro-business government in October 2017 that campaigned on promises to reduce bureaucracy, improve public sector efficiency, reduce labor market protections, and provide positive investment incentives.;
Agriculture Products
grains, potatoes, wine, fruit; dairy products, cattle, pigs, poultry; lumber and other forestry products
Industries
construction, machinery, vehicles and parts, food, metals, chemicals, lumber and paper, electronics, tourism
Industrial Production Growth Rate
6.5% (2017 est.); country comparison to the world: 35;
Labor Force
4.26 million (2017 est.); country comparison to the world: 90;
Unemployment Rate
5.5% (2017 est.); 6% (2016 est.); country comparison to the world: 80;
Population Below Poverty Line
3% (2017 est.);
Household Income or Consumption by Percentage Share
Lowest 10%: 23.5% (2012 est.)
Highest 10%: 23.5% (2012 est.)
Distribution of Family Income Gini Index
30.5 (2015); 30.5 (2014); country comparison to the world: 131;
Budget
Revenues: 201.7 billion (2017 est.)
Expenditures: 204.6 billion (2017 est.)
Public Debt
78.6% of GDP (2017 est.); 83.6% of GDP (2016 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; country comparison to the world: 37;
Central Bank Discount Rate
0% (31 December 2017); 0% (31 December 2010); note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area; country comparison to the world: 147;
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$271.4 billion (31 December 2017 est.); $214 billion (31 December 2016 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 18 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; country comparison to the world: 19;
Stock of Broad Money
$271.4 billion (31 December 2017 est.); $214 billion (31 December 2016 est.); country comparison to the world: 19;
Stock of Domestic Credit
$555.4 billion (31 December 2017 est.); $483.7 billion (31 December 2016 est.); country comparison to the world: 25;
Market Value of Publicly Traded Shares
$96.08 billion (31 December 2015 est.); $96.79 billion (31 December 2014 est.); $117.7 billion (31 December 2013 est.); country comparison to the world: 40;
Reserves of Foreign Exchange and Gold
$21.57 billion (31 December 2017 est.); $23.36 billion (31 December 2016 est.); country comparison to the world: 57;
Debt External
$630.8 billion (31 December 2017 est.); $679.3 billion (31 March 2015 est.); country comparison to the world: 19;
Stock of Direct Foreign Investment at Home
$294.1 billion (31 December 2017 est.); $158.9 billion (31 December 2016 est.); country comparison to the world: 21;
Stock of Direct Foreign Investment Abroad
$339.7 billion (31 December 2017 est.); $214.7 billion (31 December 2016 est.); country comparison to the world: 21;
Exchange Rates
euros (EUR) per US dollar -; 0.885 (2017 est.); 0.903 (2016 est.); 0.9214 (2015 est.); 0.885 (2014 est.); 0.7634 (2013 est.);
