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.)
Labor Force
3.739 million (2020 est.)
Labor Force by Occupation
Agriculture: 0.7%
Industry: 25.2%
Services: 74.1% (2017 est.)
Unemployment Rate
7.7% (2018 est.)
Population Below Poverty Line
3% (2017 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: 2.8%
Highest 10%: 23.5% (2012 est.)
Budget
Revenues: 201.7 billion (2017 est.)
Expenditures: 204.6 billion (2017 est.)
Public Debt
83.6% of GDP (2016 est.)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
$23.36 billion (31 December 2016 est.)
Debt External
$679.3 billion (31 March 2015 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
0.7634 (2013 est.)
