| Economy | Austria |
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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 (purchasing power parity):
|
$325 billion (2008 est.)
$319.9 billion (2007)
$314 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$39,200 (2008 est.)
$39,500 (2007 est.)
$38,300 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$432.4 billion (2008 est.) |
GDP - real growth rate:
|
1.6% (2008 est.)
3.1% (2007 est.)
3.4% (2006 est.) |
GDP - composition by sector:
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agriculture: 1.9%
industry: 30.6%
services: 67.4% (2008 est.) |
Investment (gross fixed):
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20.7% of GDP (2008 est.) |
Population below poverty line:
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5.9% (2004) |
Household income or consumption by percentage share:
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lowest 10%: 3.3%
highest 10%: 22.5% (2004) |
Distribution of family income - Gini index:
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26 (2007) |
Inflation rate (consumer prices):
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3.7% (2008 est.) |
Central bank discount rate:
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void |
Commercial bank prime lending rate:
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6.3% (31 December 2007) |
Stock of money:
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NA
note: see entry for the European Union for money supply in the Euro Area; the European Central Bank (ECB) controls monetary policy for the 16 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money and quasi money circulating within their own borders |
Stock of money - per capita:
|
void |
Stock of quasi money:
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NA |
Stock of quasi money - per capita:
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void |
Stock of domestic credit:
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$548.5 billion (31 December 2008) |
Stock of domestic credit - per capita:
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66,807 USD per capita |
Labor force:
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3.493 million (2008 est.) |
Labor force participation rate:
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42.54 % of population |
Labor force - by occupation:
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agriculture: 5.5%
industry: 27.5%
services: 67% (2005 est.) |
Unemployment rate:
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3.7% (2008 est.) |
Budget:
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revenues: $198.6 billion
expenditures: $203 billion (2008 est.) |
Budget revenues per capita:
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24,190 USD per capita |
Public debt:
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58.8% of GDP (2008 est.) |
Industries:
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construction, machinery, vehicles and parts, food, metals, chemicals, lumber and wood processing, paper and paperboard, communications equipment, tourism |
Industrial production growth rate:
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4.4% (2008 est.) |
Electricity - production:
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59.31 billion kWh (2007 est.) |
Electricity - production per capita:
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7,224 kWh per capita |
Electricity - consumption:
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62.35 billion kWh (2006 est.) |
Electricity - consumption - per capita:
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7,595 kWh per capita |
Electricity - exports:
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18.47 billion kWh (2007 est.) |
Electricity - imports:
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28.5 billion kWh (2007 est.) |
Oil - production:
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24,920 bbl/day (2007 est.) |
Oil - production per capita:
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3,036 bbl/day per capita |
Oil - consumption:
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289,400 bbl/day (2007 est.) |
Oil - consumption - per capita:
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12.87 bbl/year per capita |
Oil - exports:
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46,300 bbl/day (2005) |
Oil - imports:
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313,500 bbl/day (2005) |
Oil - proved reserves:
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50 million bbl (1 January 2008 est.) |
Natural gas - production:
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1.848 billion cu m (2007 est.) |
Natural gas - production per capita:
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226 cu m per capita |
Natural gas - consumption:
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8.436 billion cu m (2007 est.) |
Natural gas - consumption - per capita:
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1,028 cu m per capita |
Natural gas - exports:
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2.767 billion cu m (2007 est.) |
Natural gas - imports:
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9.658 billion cu m (2007 est.) |
Natural gas - proved reserves:
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16.14 billion cu m (1 January 2008 est.) |
Agriculture - products:
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grains, potatoes, sugar beets, wine, fruit; dairy products, cattle, pigs, poultry; lumber |
Current account balance:
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$10.63 billion (2008 est.) |
Current account balance - per capita:
|
1,295 USD per capita |
Exports:
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$163.3 billion f.o.b. (2008 est.) |
Exports per capita:
|
19,890 USD per capita |
Exports - commodities:
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machinery and equipment, motor vehicles and parts, paper and paperboard, metal goods, chemicals, iron and steel, textiles, foodstuffs |
Exports - partners:
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Germany 29.8%, Italy 8.8%, US 4.9%, Switzerland 4.3% (2007) |
Imports:
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$183.4 billion f.o.b. (2008 est.) |
Imports per capita:
|
22,338 USD per capita |
Imports - commodities:
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machinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products; foodstuffs |
Imports - partners:
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Germany 45.5%, Italy 7.1%, Switzerland 5%, Netherlands 4.3% (2007) |
Reserves of foreign exchange and gold:
|
$18.22 billion (2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
2,220 USD per capita |
Debt - external:
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$752.5 billion (30 June 2007) |
Debt - external - per capita:
|
91,654 USD per capita |
Stock of direct foreign investment - at home:
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$276.9 billion (2008 est.) |
Stock of direct foreign investment - at home - per capita:
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33,727 USD per capita |
Stock of direct foreign investment - abroad:
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$275.2 billion (2008 est.) |
Stock of direct foreign investment - abroad - per capita:
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33,519 USD per capita |
Market value of publicly traded shares:
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$228.7 billion (31 December 2007) |
Market value of publicly traded shares - per capita:
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27,856 USD per capita |
Economic aid - donor:
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ODA, $1.498 billion (2006) |
Economic aid - recipient:
|
void |
Economic aid - recipient per capita:
|
void |
Currency (code):
|
euro (EUR) |
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:
|
calendar year |
|
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