Economy - overview:
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): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition by sector: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Investment (gross fixed): Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Inflation rate (consumer prices): Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Agriculture - products: Industries: Industrial production growth rate: Electricity - production: Electricity - consumption: Electricity - exports: Electricity - imports: Oil - production: Oil - consumption: Oil - exports: Oil - imports: Natural gas - production: Natural gas - consumption: Natural gas - exports: Natural gas - imports: Natural gas - proved reserves: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
NOTE: 1) The information regarding Austria on this page is re-published from the 2012 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Austria Economy 2012 information contained here. All suggestions for corrections of any errors about Austria Economy 2012 should be addressed to the CIA.
$351.4 billion (2011 est.)
country comparison to the world: 37
note: data are in 2011 US dollars
[see also: GDP country ranks ]
$425.1 billion (2011 est.)
[see also: GDP (official exchange rate) country ranks ]
3.3% (2011 est.)
country comparison to the world: 117
[see also: GDP - real growth rate country ranks ]
$41,700 (2011 est.)
country comparison to the world: 17
note: data are in 2011 US dollars
[see also: GDP - per capita country ranks ]
agriculture: 1.5%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 29.5%
[see also: GDP - composition by sector - industry country ranks ]
services: 69% (2011 est.)
[see also: GDP - composition by sector - services country ranks ]
3.663 million (2011 est.)
country comparison to the world: 94
[see also: Labor force country ranks ]
agriculture: 5.5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 27.5%
[see also: Labor force - by occupation - industry country ranks ]
services: 67% (2009 est.)
[see also: Labor force - by occupation - services country ranks ]
5.4% (2011 est.)
country comparison to the world: 53
[see also: Unemployment rate country ranks ]
6% (2008)
[see also: Population below poverty line country ranks ]
lowest 10%: 4%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 22% (2007)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
26 (2007)
country comparison to the world: 134
[see also: Distribution of family income - Gini index country ranks ]
20.6% of GDP (2011 est.)
country comparison to the world: 110
[see also: Investment (gross fixed) country ranks ]
revenues: $204 billion
[see also: Budget revenues country ranks ]
expenditures: $219.5 billion (2011 est.)
[see also: Budget expenditures country ranks ]
48% of GDP (2011 est.)
country comparison to the world: 20
[see also: Taxes and other revenues country ranks ]
-3.6% of GDP (2011 est.)
country comparison to the world: 115
[see also: Budget surplus (+) or deficit (-) country ranks ]
72.1% of GDP (2011 est.)
country comparison to the world: 29
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
[see also: Public debt country ranks ]
3.3% (2011 est.)
country comparison to the world: 60
[see also: Inflation rate (consumer prices) country ranks ]
3% (31 December 2011 est.)
country comparison to the world: 185
[see also: Commercial bank prime lending rate country ranks ]
$190.2 billion (31 December 2011 est.)
country comparison to the world: 20
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
[see also: Stock of narrow money country ranks ]
$439.3 billion (31 December 2011 est.)
country comparison to the world: 23
[see also: Stock of broad money country ranks ]
$573.3 billion (31 December 2011 est.)
country comparison to the world: 25
[see also: Stock of domestic credit country ranks ]
$118 billion (31 December 2010)
country comparison to the world: 39
[see also: Market value of publicly traded shares country ranks ]
grains, potatoes, wine, fruit; dairy products, cattle, pigs, poultry; lumber
construction, machinery, vehicles and parts, food, metals, chemicals, lumber and wood processing, paper and paperboard, communications equipment, tourism
8.3% (2011 est.)
country comparison to the world: 19
[see also: Industrial production growth rate country ranks ]
62.98 billion kWh (2009 est.)
country comparison to the world: 41
[see also: Electricity - production country ranks ]
65.67 billion kWh (2009 est.)
country comparison to the world: 39
[see also: Electricity - consumption country ranks ]
18.76 billion kWh (2009 est.)
[see also: Electricity - exports country ranks ]
776 million kWh (2009 est.)
[see also: Electricity - imports country ranks ]
29,590 bbl/day (2010 est.)
country comparison to the world: 71
[see also: Oil - production country ranks ]
277,900 bbl/day (2010 est.)
country comparison to the world: 48
[see also: Oil - consumption country ranks ]
46,020 bbl/day (2009 est.)
country comparison to the world: 82
[see also: Oil - exports country ranks ]
282,200 bbl/day (2009 est.)
country comparison to the world: 39
[see also: Oil - imports country ranks ]
1.716 billion cu m (2010 est.)
country comparison to the world: 58
[see also: Natural gas - production country ranks ]
9.116 billion cu m (2010 est.)
country comparison to the world: 49
[see also: Natural gas - consumption country ranks ]
5.439 billion cu m (2010 est.)
country comparison to the world: 28
[see also: Natural gas - exports country ranks ]
12.13 billion cu m (2010 est.)
country comparison to the world: 22
[see also: Natural gas - imports country ranks ]
16.14 billion cu m (1 January 2011 est.)
country comparison to the world: 77
[see also: Natural gas - proved reserves country ranks ]
$12 billion (2011 est.)
country comparison to the world: 25
[see also: Current account balance country ranks ]
$180.7 billion (2011 est.)
country comparison to the world: 30
[see also: Exports country ranks ]
machinery and equipment, motor vehicles and parts, paper and paperboard, metal goods, chemicals, iron and steel, textiles, foodstuffs
Germany 32.1%, Italy 7.9%, Switzerland 4.8%, France 4.2%, Czech Republic 4.1% (2010)
$183.1 billion (2011 est.)
country comparison to the world: 28
[see also: Imports country ranks ]
machinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products; foodstuffs
Germany 44%, Italy 6.8%, Switzerland 5.9%, Netherlands 4.1% (2010)
$22.28 billion (31 December 2010 est.)
country comparison to the world: 55
[see also: Reserves of foreign exchange and gold country ranks ]
$883.5 billion (30 June 2011)
country comparison to the world: 18
[see also: Debt - external country ranks ]
$261.8 billion (31 December 2011 est.)
country comparison to the world: 19
[see also: Stock of direct foreign investment - at home country ranks ]
$259.8 billion (31 December 2011 est.)
country comparison to the world: 17
[see also: Stock of direct foreign investment - abroad country ranks ]
euros (EUR) per US dollar -
2) The rank that you see is the CIA reported rank, which may habe the following issues:
a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order
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This page was last modified 07-Mar-12