| People | 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. The Austrian economy also benefits greatly from strong commercial relations, especially in the banking and insurance sectors, with central, eastern, and southeastern Europe. The economy features a large service sector, a sound industrial sector, and a small, but highly developed agricultural sector. 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 new EU economies. The outgoing government has successfully pursued a comprehensive economic reform program, aimed at streamlining government and creating a more competitive business environment, further strengthening Austria's attractiveness as an investment location. It has implemented effective pension reforms; however, lower taxes in 2005-06 led to a small budget deficit in 2006 and 2007. Boosted by strong exports, growth nevertheless reached 3.3% in both 2006 and 2007, although the economy may slow in 2008 because of the strong euro, high oil prices, and problems in international financial markets. To meet increased competition - especially from new EU members and Central European countries - Austria will need to continue restructuring, emphasizing knowledge-based sectors of the economy, and encouraging greater labor flexibility and greater labor participation by its aging population. |
GDP (purchasing power parity):
|
$319.7 billion (2007 est.) |
GDP (official exchange rate):
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$366.7 billion (2007 est.) |
GDP - real growth rate:
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3.3% (2007 est.) |
GDP - per capita (PPP):
|
$39,000 (2007 est.) |
GDP - composition by sector:
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agriculture: 1.6%
industry: 30.4%
services: 67.3% (2007 est.) |
Investment (gross fixed):
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21.4% of GDP (2007 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 (2005) |
Inflation rate (consumer prices):
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1.9% (2007 est.) |
Labor force:
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3.56 million (2007 est.) |
Labor force participation rate:
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43.39 % of population |
Labor force - by occupation:
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agriculture: 3%
industry: 27%
services: 70% (2005 est.) |
Unemployment rate:
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4.3% (2007 est.) |
Budget:
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revenues: $176.4 billion
expenditures: $178.3 billion (2007 est.) |
Budget revenues per capita:
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21,498 USD per capita |
Public debt:
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61% of GDP (2007 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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2.5% (2007 est.) |
Electricity - production:
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61.02 billion kWh (2005 est.) |
Electricity - production per capita:
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7,437 kWh per capita |
Electricity - consumption:
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60.25 billion kWh (2005 est.) |
Electricity - consumption - per capita:
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7,343 kWh per capita |
Electricity - exports:
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17.73 billion kWh (2005 est.) |
Electricity - imports:
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20.4 billion kWh (2005 est.) |
Oil - production:
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23,320 bbl/day (2005) |
Oil - production per capita:
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2,842 bbl/day per capita |
Oil - consumption:
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295,100 bbl/day (2005 est.) |
Oil - consumption - per capita:
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13.13 bbl/year per capita |
Oil - exports:
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34,680 bbl/day (2004) |
Oil - imports:
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157,500 bbl/day (2005) |
Oil - proved reserves:
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62 million bbl (1 January 2006 est.) |
Natural gas - production:
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1.57 billion cu m (2005) |
Natural gas - production per capita:
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192 cu m per capita |
Natural gas - consumption:
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9.217 billion cu m (2005) |
Natural gas - consumption - per capita:
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1,124 cu m per capita |
Natural gas - exports:
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936.1 million cu m (2005) |
Natural gas - imports:
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9.063 billion cu m (2005) |
Natural gas - proved reserves:
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14.39 billion cu m (1 January 2006 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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$12.61 billion (2007 est.) |
Current account balance - per capita:
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1,537 USD per capita |
Exports:
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$158.3 billion f.o.b. (2007 est.) |
Exports per capita:
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19,292 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 30.2%, Italy 9%, US 5.8%, Switzerland 4.7% (2006) |
Imports:
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$157.4 billion f.o.b. (2007 est.) |
Imports per capita:
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19,183 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%, Switzerland 4.5%, Netherlands 4.1% (2006) |
Reserves of foreign exchange and gold:
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$12.91 billion (2006 est.) |
Reserves of foreign exchange and gold - per capita:
|
1,574 USD per capita |
Debt - external:
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$752.5 billion (30 June 2007) |
Debt - external - per capita:
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91,707 USD per capita |
Stock of direct foreign investment - at home:
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$66.32 billion (2006 est.) |
Stock of direct foreign investment - abroad:
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$74.89 billion (2006 est.) |
Market value of publicly traded shares:
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$126.3 billion (2005) |
Economic aid - donor:
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ODA, $1.498 billion (2006) |
Economic aid - recipient:
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void |
Economic aid - recipient per capita:
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void |
Currency (code):
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euro (EUR) |
Exchange rates:
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euros per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003) |
Fiscal year:
|
calendar year |
|
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