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Economy of Austria information


"Austrian economy" redirects here. For school of economic thought, see Austrian School.

Economy of Austria
Danube City, Vienna
CurrencyEuro (EUR, €)
Fiscal year
Calendar year
Trade organisations
EU, WTO, OECD
Country group
  • Developed/Advanced[1]
  • High-income economy[2]
Statistics
PopulationIncrease 8,901,064 (1 January 2020)[3]
GDP
  • Increase $613 billion (nominal, 2023)[4]
  • Increase $700 billion (PPP, 2023)[4]
GDP rank
  • 31st (nominal, 2023)
  • 42nd (PPP, 2023)
GDP growth
  • Increase 5.0% (2022)[5]
  • Increase 0.4% (2023f)[5]
  • Increase 1.1% (2024f)[5]
GDP per capita
  • Increase $56,802 (nominal, 2023)[4]
  • Increase $69,502 (PPP, 2023)[4]
GDP per capita rank
  • 12th (nominal, 2023)
  • 15th (PPP, 2023)
GDP by sector
  • agriculture: 1.3%
  • industry: 28.4%
  • services: 70.3%
  • (2017 est.)[6]
Inflation (CPI)
Population below poverty line
Positive decrease 16.9% at risk of poverty or social exclusion (AROPE, 2019)[7]
Gini coefficient
Negative increase 27.5 low (2019, Eurostat)[8]
Human Development Index
  • Increase 0.926 very high (2022)[9] (22nd)
  • Increase 0.859 very high (15th) (2022)[9]
Labour force
  • Decrease 4,559,603 (2019)[10]
  • Increase 76.2% employment rate (Target: 77%; 2018)[11]
Labour force by occupation
  • agriculture: 0.7%
  • industry: 25.2%
  • services: 74.1%
  • (2017 est.)[6]
Unemployment
  • Positive decrease 5.0% (August 2020)[12]
  • Positive decrease 10.3% youth unemployment (15 to 24 year-olds; July 2020)[13]
Average gross salary
€3,050 monthly (2021)[14]
Average net salary
€2,224 monthly (2021)[14]
Main industries
construction, machinery, vehicles and parts, food, metals, chemicals, lumber and paper, electronics, tourism
External
ExportsIncrease $156.7 billion (2017 est.)[6]
Export goods
machinery and equipment, motor vehicles and parts, manufactured goods, chemicals, iron and steel, foodstuffs
Main export partners
  • Economy of Austria Germany (+) 29.4%
  • Economy of Austria United States (+) 6.3%
  • Economy of Austria Italy (+) 6.2%
  • Economy of Austria  Switzerland (+) 5.1%
  • Economy of Austria France (+) 4.8%
  • Economy of Austria Slovakia (+) 4.8%
  • (2017)[6]
ImportsIncrease $158.1 billion (2017 est.)[6]
Import goods
machinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products, natural gas; foodstuffs
Main import partners
  • Economy of Austria Germany (+) 41.8%
  • Economy of Austria Italy (+) 5.8%
  • Economy of Austria  Switzerland (+) 5.5%
  • Economy of Austria Czech Republic (+) 4.4%
  • Economy of Austria Netherlands (+) 4.2%
  • (2017)[6]
FDI stock
  • Increase $294.1 billion (31 December 2017 est.)[6]
  • Increase Abroad: $339.7 billion (31 December 2017 est.)[6]
Current account
Decrease $7.859 billion (2017 est.)[6]
Gross external debt
Positive decrease $630.8 billion (31 December 2017)[6]
Public finances
Government debt
  • Positive decrease 70.4% of GDP (2019)[15]
  • Positive decrease €280.426 billion (2019)[15]
Budget balance
  • €2.9 billion surplus (2019)[15]
  • +0.7% of GDP (2019)[15]
Revenues49.0% of GDP (2019)[15]
Expenses48.2% of GDP (2019)[15]
Economic aid
  • €1.47 billion from European Structural and Investment Funds (2007–2013)[16]
  • €4.92 billion from European Structural and Investment Funds (2014–2020)[17]
Credit rating
  • Scope:[18]
  • AA+
  • Outlook: Stable
Foreign reserves
Decrease $21.57 billion (31 December 1937 est.)[6]

All values, unless otherwise stated, are in US dollars.

The economy of Austria is a highly developed social market economy, with the country being one of the fourteen richest in the world in terms of GDP (gross domestic product) per capita.[19] Until the 1980s, many of Austria's largest industry firms were nationalised. In recent years, privatisation has reduced state holdings to a level comparable to other European economies.

Labour movements are particularly strong in Austria, and they have a large influence on labour politics. Next to a highly developed industry, international tourism is the most important part of the national economy. The economy of Austria's average GDP is 13th growth in OECD countries, from 1992 to 2017. In Austria, 1.37% over average population growth is the strong factor.

Germany has historically been the main trading partner of Austria, making the Austrian economy vulnerable to rapid changes in the German economy. However, since Austria became a member state of the European Union, it has gained closer ties to other European Union economies. This development reduced its economic dependence on Germany. In addition, Austria's membership in the EU has drawn an influx of foreign investors.

They were attracted by Austria's access to the European Single Market and the country's proximity to the aspiring economies of the European Union. Growth in GDP has accelerated in recent years, and reached 3.3% in 2006.[20]

In 2023 Austria has a very high, $56,802 nominal GDP per capita ranked 12th.[4]

Vienna was ranked the fifth richest NUTS-2 region within Europe (see Economy of the European Union), with its GDP reaching €38,632 per capita. It was trailing behind Inner London, Luxembourg, the Brussels-Capital Region and Hamburg.[21]

Growth had been steady between 2002 and 2006, varying between 1 and 3.3%.[22] After hitting 0% in 2013, growth had picked up a little. As of 2016, growth was set at 1.5%.[23]

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "Population on 1 January". ec.europa.eu/eurostat. Eurostat. Retrieved 13 July 2020.
  4. ^ a b c d e "Report for Selected Countries and Subjects: April 2023". imf.org. International Monetary Fund.
  5. ^ a b c "The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID". International Monetary Fund. 11 April 2023.
  6. ^ a b c d e f g h i j k "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 25 March 2019.
  7. ^ "People at risk of poverty or social exclusion". ec.europa.eu. Eurostat. Retrieved 19 June 2020.
  8. ^ "Gini coefficient of equivalised disposable income - EU-SILC survey". ec.europa.eu. Eurostat. Retrieved 19 June 2020.
  9. ^ a b "Human Development Report 2023/2024" (PDF). United Nations Development Programme. 13 March 2024. Archived (PDF) from the original on 13 March 2024. Retrieved 3 May 2024.
  10. ^ "Labor force, total - Austria". data.worldbank.org. World Bank. Retrieved 1 November 2019.
  11. ^ "Employment rate by sex, age group 20-64". ec.europa.eu/eurostat. Eurostat. Retrieved 19 June 2019.
  12. ^ "Unemployment by sex and age - monthly average". appsso.eurostat.ec.europa.eu. Eurostat. Retrieved 4 October 2020.
  13. ^ "Unemployment rate by age group". data.oecd.org. OECD. Retrieved 16 September 2020.
  14. ^ a b "Statistik.at". statistik.at. 2023. Retrieved 22 January 2023.
  15. ^ a b c d e f "Euro area and EU27 government deficit both at 0.6% of GDP" (PDF). ec.europa.eu/eurostat. Eurostat. Retrieved 28 April 2020.
  16. ^ "Archived copy" (PDF). Archived (PDF) from the original on 25 December 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  17. ^ "Archived copy" (PDF). Archived (PDF) from the original on 20 April 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  18. ^ "Scope downgrades Austria to AA+ and revises the Outlook to Stable". Scope Ratings. Retrieved 28 April 2024.
  19. ^ "Austria". International Monetary Fund. Retrieved 22 April 2009.
  20. ^ Real GDP Growth – Expenditure Side, provided by the Austrian National Bank (in German)
  21. ^ (in English) Regional GDP per inhabitant in the EU27 Archived 26 March 2009 at the Wayback Machine, provided by Eurostat
  22. ^ (in English) Real GDP Growth3 – Expenditure Side, provided by the Austrian National Bank
  23. ^ Austrian Economic Chamber (July 2018). "GDP Growth in Austria" (PDF). Retrieved 14 August 2018.

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