Economy of Austria

Economy of Austria

Danube City, Vienna
Currency	Euro
Fiscal year	Calendar year
Trade organisations	WTO, OECD and EU
Statistics
GDP	$385.5 billion (PPP) (2012 est.)
GDP growth	0.3% (2014 est.)
GDP per capita	€36,640 (2012)
GDP by sector	agriculture: 1.7%; industry: 32.3%; services: 65.8% (2009 est.)
Inflation (CPI)	2.6% (2012 est.)
Population below poverty line	6.2% (2012)
Gini coefficient	26 (2007)
Labour force	4.434 million (2012 est.)
Labour force by occupation	agriculture: 5.5%; industry: 27.5%; services: 67% (2005 est.)
Unemployment	4.4% (September 2012)
Average gross salary	€3,997/$5,395, monthly (2006)
Average net salary	€2,043/$2,758, monthly (2006)
Main industries	construction, machinery, vehicles and parts, food, metals, chemicals, lumber and wood processing, paper and paperboard, communications equipment, tourism
Ease-of-doing-business rank	19th (2017)
External
Exports	$163.1 billion (2012 est.)
Export goods	machinery and equipment, motor vehicles and parts, paper and paperboard, metal goods, chemicals, iron and steel, textiles, foodstuffs
Main export partners	Germany 29.4%  United States 6.4%  Italy 6.1%   Switzerland 5.7%  France 4.4%  Slovakia 4.2% (2015)
Imports	$170.5 billion (2012 est.)
Import goods	machinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products; foodstuffs
Main import partners	Germany 41.5%  Italy 6.3%   Switzerland 6%  Czech Republic 4.2% (2015)
Gross external debt	$808.9 billion (30 September 2009)
Public finances
Public debt	74.6% of GDP (2012 est.)
Revenues	$191.7 billion (2012 est.)
Expenses	$204.1 billion (2012 est.)
Foreign reserves	$26.5 billion (31 December 2012 est.)
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

Austria is one of the 14 richest countries in the world in terms of GDP (Gross domestic product) per capita, has a well-developed social market economy, and a high standard of living. Until the 1980s, many of Austria's largest industry firms were nationalised; in recent years, however, privatisation has reduced state holdings to a level comparable to other European economies. Labour movements are particularly strong in Austria and have large influence on labour politics. Next to a highly developed industry, international tourism is the most important part of the national economy.

Germany has historically been the main trading partner of Austria, making it 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, reducing its economic dependence on Germany. In addition, membership in the EU has drawn an influx of foreign investors attracted by Austria's access to the single European market and proximity to the aspiring economies of the European Union. Growth in GDP accelerated in recent years and reached 3.3% in 2006.

In 2004 Austria was the fourth richest country within the European Union, having a GDP (PPP) per capita of approximately €27,666, with Luxembourg, Ireland, and Netherlands leading the list.

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