Austria: 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.

Economy - overview:

Following several years of solid foreign demand for Austrian exports and record employment growth, the global economic downturn in 2008 led to a recession that is likely to persist through 2009. The government's stabilization measures could increase the budget deficit to about 2.8% of GDP in 2009 and above 3% in 2010, from about 0.6% in 2008. 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):

GDP (official exchange rate):

$381.9 billion (2009 est.)

GDP - real growth rate:

GDP - composition by sector:

agriculture: 1.5%
industry: 29.8%
services: 69% (2009 est.)

Labor force:

3.68 million (2009 est.)
country comparison to the world: 95

Labor force - by occupation:

agriculture: 5.5%
industry: 27.5%
services: 67% (2005 est.)

Unemployment rate:

4.8% (2008 est.)
country comparison to the world: 42
3.8% (2007 est.)

Investment (gross fixed):

20.8% of GDP (2009 est.)
country comparison to the world: 80

Budget:

revenues: $175 billion
expenditures: $188.3 billion (2009 est.)

Inflation rate (consumer prices):

0.4% (2009 est.)
country comparison to the world: 34
3.2% (2008 est.)

Commercial bank prime lending rate:

6.82% (31 December 2008 )

Stock of domestic credit:

Agriculture - products:

grains, potatoes, sugar beets, wine, fruit; dairy products, cattle, pigs, poultry; lumber

Industries:

construction, machinery, vehicles and parts, food, metals, chemicals, lumber and wood processing, paper and paperboard, communications equipment, tourism

Industrial production growth rate:

-16.5% (2009 est.)
country comparison to the world: 147

Oil - production:

25,410 bbl/day (2009 est.)
country comparison to the world: 72

Natural gas - production:

1.668 billion cu m (2007 est.)
country comparison to the world: 59

Current account balance:

Exports:

$172.2 billion (2008)

Exports - commodities:

machinery and equipment, motor vehicles and parts, paper and paperboard, metal goods, chemicals, iron and steel, textiles, foodstuffs

Exports - partners:

Imports:

Imports - commodities:

machinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products; foodstuffs

Imports - partners:

Debt - external:

Stock of direct foreign investment - at home:

Stock of direct foreign investment - abroad:

$290.5 billion (31 December 2009 est.)
country comparison to the world: 14
$286 billion (31 December 2008 est.)

Exchange rates:

Source: CIA - The World Factbook