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World > Europe > Austria > Economy (Facts)

Austria - Economy (Facts)
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. Weak domestic consumption and slow growth in Europe held the economy to growth rates below 3% in 2002-05. Due to higher growth across Europe, Austria grew 3.3 percent in 2006. 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 - real growth rate: 3.3% (2006 est.)
GDP (purchasing power parity): $283.8 billion (2006 est.)
GDP (official exchange rate): $310.1 billion (2006 est.)
GDP - per capita (PPP): $34,600 (2006 est.)
GDP - composition by sector: agriculture: 1.8%
industry: 30.4%
services: 67.8% (2005)
Population below poverty line: 5.9% (2004)
Household income or consumption by percentage share: lowest 10%: 3.3%
highest 10%: 22.5% (2004)
Inflation rate (consumer prices): 1.6% (2006 est.)
Labor force: 3.88 million (2006 est.)
Labor force - by occupation: agriculture: 3%
industry: 27%
services: 70% (2005 est.)
Unemployment rate: 4.9% (2006 est.)
Budget: revenues: $155.9 billion
expenditures: $161.6 billion; including capital expenditures of NA (2006 est.)
Industries: construction, machinery, vehicles and parts, food, metals, chemicals, lumber and wood processing, paper and paperboard, communications equipment, tourism
Industrial production growth rate: 5.7% (2006 est.)
Electricity - production: 64.9 billion kWh (2005 est.)
Electricity - consumption: 65.2 billion kWh (2005 est.)
Electricity - exports: 17.73 billion kWh (2005 est.)
Electricity - imports: 20.4 billion kWh (2005 est.)
Oil - production: 25,360 bbl/day (2004)
Oil - consumption: 282,000 bbl/day (2004 est.)
Oil - exports: 34,680 bbl/day (2004)
Oil - imports: 157,500 bbl/day (2005)
Oil - proved reserves: 62 million bbl (1 January 2005)
Natural gas - production: 1.637 billion cu m (2005)
Natural gas - exports: 1.324 billion cu m (2004)
Natural gas - imports: 9.18 billion cu m (2005)
Agriculture - products: grains, potatoes, sugar beets, wine, fruit; dairy products, cattle, pigs, poultry; lumber
Exports: $133.3 billion f.o.b. (2006 est.)
Exports - commodities: machinery and equipment, motor vehicles and parts, paper and paperboard, metal goods, chemicals, iron and steel, textiles, foodstuffs
Exports - partners: Germany 31.7%, Italy 8.8%, US 5.7%, Switzerland 4.6%, France 4% (2006)
Imports: $134.3 billion f.o.b. (2006 est.)
Imports - commodities: machinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products; foodstuffs
Imports - partners: Germany 46.5%, Italy 6.8%, Switzerland 4.4%, Netherlands 4% (2006)
Debt - external: $594.3 billion (October 2006 est.)
Currency: Euro (EUR)

Current Euro Exchange Rates
Historical Euro Exchange Rates
Chart Euro Exchange Rates
Currency code: EUR
Exchange rates: euros per US dollar - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions - Euro Exchange Rates
Notes and Commentary: People - Economy - Government and Political Conditions - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions
Euro Exchange Rates


Notes and Commentary
People
Economy
Government and Political Conditions
Foreign Relations
Relations with U.S.





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