Austria flag

The Economy of Austria

Austrian Economy

Austria's map

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. The global economic downturn led in 2008 to a recession that is widely expected to persist through 2009, following several years of solid demand for Austrian exports and record employment growth in 2008. During the recession, investment is likely to suffer and the Austrian government's economic stabilization measures could drive up the budget deficit from about 0.6% of GDP in 2008 to about 2.8% in 2009 and possibly above 3% in 2010. 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.

GDP:

GDP - real growth rate: 1.6% (2008 est.) 3.1% (2007 est.) 3.4% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 1.9% industry: 30.6% services: 67.4% (2008 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: 3.3% highest 10%: 22.5% (2004)

Distribution of family income - Gini index: 26 (2007)

Inflation rate (consumer prices):

Labor force: 3.493 million (2008 est.)

Labor force - by occupation: agriculture: 5.5% industry: 27.5% services: 67% (2005 est.)

Unemployment rate: 3.7% (2008 est.)

Budget: revenues: $198.6 billion expenditures: $203 billion (2008 est.)

Industries: construction, machinery, vehicles and parts, food, metals, chemicals, lumber and wood processing, paper and paperboard, communications equipment, tourism

Industrial production growth rate: 4.4% (2008 est.)

Electricity - production: 59.31 billion kWh (2007 est.)

Electricity - production by source:

Electricity - consumption: 62.35 billion kWh (2006 est.)

Electricity - exports: 18.47 billion kWh (2007 est.)

Electricity - imports: 28.5 billion kWh (2007 est.)

Oil - production: 24,920 bbl/day (2007 est.)

Oil - consumption: 289,400 bbl/day (2007 est.)

Oil - exports: 46,300 bbl/day (2005)

Oil - imports: 313,500 bbl/day (2005)

Oil - proved reserves: 50 million bbl (1 January 2008 est.)

Natural gas - production: 1.848 billion cu m (2007 est.)

Natural gas - consumption: 8.436 billion cu m (2007 est.)

Natural gas - exports: 2.767 billion cu m (2007 est.)

Natural gas - imports: 9.658 billion cu m (2007 est.)

Natural gas - proved reserves: 16.14 billion cu m (1 January 2008 est.)

Agriculture - products: grains, potatoes, sugar beets, wine, fruit; dairy products, cattle, pigs, poultry; lumber

Exports: $163.3 billion f.o.b. (2008 est.)

Exports - commodities: machinery and equipment, motor vehicles and parts, paper and paperboard, metal goods, chemicals, iron and steel, textiles, foodstuffs

Exports - partners: Germany 29.8%, Italy 8.8%, US 4.9%, Switzerland 4.3% (2007)

Imports: $183.4 billion f.o.b. (2008 est.)

Imports - commodities: machinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products; foodstuffs

Imports - partners: Germany 45.5%, Italy 7.1%, Switzerland 5%, Netherlands 4.3% (2007)

Debt - external: $752.5 billion (30 June 2007)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: euros (EUR) per US dollar - 0.6827 (2008 est.), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004)

Fiscal year: