| Economy | Austria |
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Economy - overview:
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Austria, with its well-developed market economy, skilled labor force, 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. Following several years of solid foreign demand for Austrian exports and record employment growth, the international financial crisis of 2008 and subsequent global economic downturn led to a sharp but brief recession. Austrian GDP contracted 3.9% in 2009 but saw positive growth of about 2% in 2010 and 3% in 2011. Unemployment did not rise as steeply in Austria as elsewhere in Europe, partly because the government subsidized reduced working hour schemes to allow companies to retain employees. Stabilization measures, stimulus spending, and an income tax reform pushed the budget deficit to 4.7% in 2010 and 3.6% in 2011, from only about 1.3% in 2008. The international financial crisis of 2008 caused difficulties for Austria's largest banks whose extensive operations in central, eastern, and southeastern Europe faced large losses. The government provided bank support - including in some instances, nationalization - to support aggregate demand and stabilize the banking system. Austria's fiscal position compares favorably with other euro-zone countries, but it faces considerable external risks, such as Austrian banks' continued high exposure to central and eastern Europe as well as political and economic uncertainties caused by the European sovereign debt crisis. The government's efforts in 2011 to pass a constitutional amendment limiting public debt to 60% of GDP by 2020 are facing resistance from opposition parties in parliament. |
GDP (purchasing power parity):
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$351.4 billion (2011 est.)
$340.2 billion (2010 est.)
$333.1 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$41,700 (2011 est.)
$40,600 (2010 est.)
$39,800 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$425.1 billion (2011 est.) |
GDP - real growth rate:
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3.3% (2011 est.)
2.1% (2010 est.)
-3.9% (2009 est.) |
GDP - composition by sector:
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agriculture: 1.5%
industry: 29.5%
services: 69% (2011 est.) |
Investment (gross fixed):
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20.6% of GDP (2011 est.) |
Population below poverty line:
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6% (2008) |
Household income or consumption by percentage share:
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lowest 10%: 4%
highest 10%: 22% (2007) |
Distribution of family income - Gini index:
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26 (2007)
31 (1995) |
Inflation rate (consumer prices):
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3.3% (2011 est.)
1.7% (2010 est.) |
Central bank discount rate:
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void |
Commercial bank prime lending rate:
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3% (31 December 2011 est.)
2.564% (31 December 2010 est.) |
Stock of money:
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void |
Stock of money - per capita:
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void |
Stock of quasi money:
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void |
Stock of quasi money - per capita:
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void |
Stock of domestic credit:
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$573.3 billion (31 December 2011 est.)
$659.2 billion (31 December 2009 est.) |
Stock of domestic credit - per capita:
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69,768 USD per capita |
Stock of narrow money:
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$190.2 billion (31 December 2011 est.)
$172.1 billion (31 December 2010 est.)
note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 17 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders |
Stock of broad money:
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$439.3 billion (31 December 2011 est.)
$401.7 billion (31 December 2010 est.) |
Labor force:
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3.663 million (2011 est.) |
Labor force participation rate:
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44.58 % of population |
Labor force - by occupation:
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agriculture: 5.5%
industry: 27.5%
services: 67% (2009 est.) |
Unemployment rate:
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5.4% (2011 est.)
6.9% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 10%
male: 10.5%
female: 9.4% (2009) |
Budget:
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revenues: $204 billion
expenditures: $219.5 billion (2011 est.) |
Budget revenues per capita:
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24,826 USD per capita |
Taxes and other revenues:
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48% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-3.6% of GDP (2011 est.) |
Public debt:
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72.1% of GDP (2011 est.)
72.3% of GDP (2010 est.)
note: this is general government gross debt, defined in the Maastricht Treaty as consolidated general government gross debt at nominal value, outstanding at the end of the year; it covers the following categories of government liabilities (as defined in ESA95): currency and deposits (AF.2), securities other than shares excluding financial derivatives (AF.3, excluding AF.34), and loans (AF.4); the general government sector comprises the sub-sectors of central government, state government, local government and social security funds; as a percentage of GDP, the GDP used as a denominator is the gross domestic product in current year prices |
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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8.3% (2011 est.) |
Electricity - production:
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62.98 billion kWh (2009 est.) |
Electricity - production per capita:
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7,665 kWh per capita |
Electricity - consumption:
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65.67 billion kWh (2009 est.) |
Electricity - consumption - per capita:
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7,992 kWh per capita |
Electricity - exports:
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18.76 billion kWh (2009 est.) |
Electricity - imports:
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776 million kWh (2009 est.) |
Oil - production:
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29,590 bbl/day (2010 est.) |
Oil - production per capita:
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3,601 bbl/day per capita |
Oil - consumption:
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277,900 bbl/day (2010 est.) |
Oil - consumption - per capita:
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12.34 bbl/year per capita |
Oil - exports:
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46,020 bbl/day (2009 est.) |
Oil - imports:
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282,200 bbl/day (2009 est.) |
Oil - proved reserves:
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50 million bbl (1 January 2011 est.) |
Natural gas - production:
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1.716 billion cu m (2010 est.) |
Natural gas - production per capita:
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209 cu m per capita |
Natural gas - consumption:
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9.116 billion cu m (2010 est.) |
Natural gas - consumption - per capita:
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1,110 cu m per capita |
Natural gas - exports:
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5.439 billion cu m (2010 est.) |
Natural gas - imports:
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12.13 billion cu m (2010 est.) |
Natural gas - proved reserves:
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16.14 billion cu m (1 January 2011 est.) |
Agriculture - products:
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grains, potatoes, wine, fruit; dairy products, cattle, pigs, poultry; lumber |
Current account balance:
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$12 billion (2011 est.)
$10.56 billion (2010 est.) |
Current account balance - per capita:
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1,461 USD per capita |
Exports:
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$180.7 billion (2011 est.)
$147.5 billion (2010 est.) |
Exports per capita:
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21,991 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 32.1%, Italy 7.9%, Switzerland 4.8%, France 4.2%, Czech Republic 4.1% (2010) |
Imports:
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$183.1 billion (2011 est.)
$151.8 billion (2010 est.) |
Imports per capita:
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22,283 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 44%, Italy 6.8%, Switzerland 5.9%, Netherlands 4.1% (2010) |
Reserves of foreign exchange and gold:
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$22.28 billion (31 December 2010 est.)
|
Reserves of foreign exchange and gold - per capita:
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2,712 USD per capita |
Debt - external:
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$883.5 billion (30 June 2011)
$755 billion (30 June 2010) |
Debt - external - per capita:
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107,518 USD per capita |
Stock of direct foreign investment - at home:
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$261.8 billion (31 December 2011 est.)
$259.4 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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31,860 USD per capita |
Stock of direct foreign investment - abroad:
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$259.8 billion (31 December 2011 est.)
$269.5 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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31,617 USD per capita |
Market value of publicly traded shares:
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$118 billion (31 December 2010)
$107.2 billion (31 December 2009)
$72.3 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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14,360 USD per capita |
Currency (code):
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euro (EUR) |
Exchange rates:
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euros (EUR) per US dollar -
0.7107 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
0.7345 (2007 est.) |
Fiscal year:
|
calendar year |
|
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