Austria

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Economics

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. Following several years of solid foreign demand for Austrian exports and record employment growth, the international financial crisis and global economic downturn in 2008 led to a sharp but brief recession. Austrian GDP contracted 3.9% in 2009 but saw positive growth of about 2% in 2010. Unemployment has not risen as steeply in Austria as elsewhere in Europe, partly because its government has 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 3.5% of GDP in 2009 and 4.7% in 2010, from only about 1.3% in 2008. The international financial crisis 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 prevent insolvency and possible contagion. In the medium-term all large Austrian banks will need additional capital. Even after the global economic outlook improves, Austria will need to continue restructuring, emphasize knowledge-based sectors of the economy, and encourage greater labor flexibility and labor participation to offset growing unemployment and Austria's aging population and low fertility rate.

GDP (purchasing power parity):

 

 
$398.594 (2012 est.)
Per capita: $47,083
 
$332 billion (2010 est.)
 
country comparison to the world: 36

$325.6 billion (2009 est.)

$338.8 billion (2008 est.)

note: data are in 2010 US dollars

GDP (official exchange rate):

GDP - real growth rate:

 

 
$398.594 billion (2012 est.)

$376.8 billion (2010 est.)

2% (2010 est.)
 
country comparison to the world: 147

-3.9% (2009 est.)

2.2% (2008 est.)

GDP - per capita (PPP):

$47,083 (2012 est.)

$40,400 (2010 est.)

country comparison to the world: 19

$39,700 (2009 est.)

$41,300 (2008 est.)

note: data are in 2010 US dollars

GDP - composition by sector:

agriculture: 1.5%

industry: 29.3%

services: 69.2% (2010 est.)

Labor force:

 

3.611 million (2010 est.)

country comparison to the world: 95

Labor force - by occupation:

 

agriculture: 5.5%

industry: 27.5%

services: 67% (2009 est.)

Unemployment rate:

 
6.9% (2010 est.)
 
country comparison to the world: 68

7.2% (2009 est.)

Population below poverty line:
 
6% (2008)
Household income or consumption 
by percentage share:

 

lowest 10%: 4%

highest 10%: 22% (2007)

 

Distribution of family income - Gini index:

 

26 (2007)

country comparison to the world: 133

31 (1995)

 

Investment (gross fixed):

 

20.8% of GDP (2010 est.)

country comparison to the world: 104

Budget:

revenues: $183 billion

expenditures: $200.6 billion (2010 est.)

Taxes and other revenues:
 
48.6% of GDP (2010 est.)
 
country comparison to the world: 20
 
 
Budget surplus (+) or deficit (-):
 
-4.7% of GDP (2010 est.)
 
country comparison to the world: 141

Public debt:

 

 
72.3% of GDP (2010 est.)
 
country comparison to the world: 25

69.8% of GDP (2009 est.)

Inflation rate (consumer prices):

 

1.7% (2010 est.)
 
country comparison to the world: 55

0.4% (2009 est.)

Commercial bank prime lending rate:

 

2.564% (31 December 2010 est.)
 
country comparison to the world: 179

3.101% (31 December 2009 est.)

Stock of narrow money:

 

 
$172.1 billion (31 December 2010 est.)
 
country comparison to the world: 19

$181.5 billion (31 December 2009 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:

$401.7 billion (31 December 2010 est.)

country comparison to the world: 22

$427.4 billion (31 December 2009 est.)

Stock of domestic credit:

 

$659.2 billion (31 December 2009 est.)

country comparison to the world: 22

$606.2 billion (31 December 2008 est.)

 

Market value of publicly traded shares:

$118 billion (31 December 2010)

country comparison to the world: 39

$107.2 billion (31 December 2009)

$72.3 billion (31 December 2008)

Agriculture - products:

grains, potatoes, 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:

 

6.7% (2010 est.)

country comparison to the world: 61

Electricity - production:

 

62.98 billion kWh (2009 est.)

country comparison to the world: 41

 

Electricity - consumption:

65.67 billion kWh (2009 est.)

country comparison to the world: 39

 

Electricity - exports:

 

18.76 billion kWh (2009 est.)

 

Electricity - imports:

776 million kWh (2009 est.)

Oil - production:

 

29,590 bbl/day (2010 est.)

country comparison to the world: 71

Oil - consumption:

 

277,900 bbl/day (2010 est.)

country comparison to the world: 48

 

Oil - exports:

 

46,020 bbl/day (2009 est.)

country comparison to the world: 82

 

Oil - imports:

282,200 bbl/day (2009 est.)

country comparison to the world: 39

 

Oil - proved reserves:

50 million bbl (1 January 2011 est.)

country comparison to the world: 78

 

Natural gas - production:

 

1.716 billion cu m (2010 est.)

country comparison to the world: 58

 

Natural gas - consumption:

9.116 billion cu m (2010 est.)

country comparison to the world: 49

 

Natural gas - exports:

5.439 billion cu m (2010 est.)

country comparison to the world: 27

 

Natural gas - imports:

 

12.13 billion cu m (2010 est.)

country comparison to the world: 21

 

Natural gas - proved reserves:

16.14 billion cu m (1 January 2011 est.)

country comparison to the world: 77

Current account balance:

 

$9.7 billion (2010 est.)

country comparison to the world: 25

$11 billion (2009 est.)

 

Exports:

 

$147.5 billion (2010 est.)

country comparison to the world: 30

$135.3 billion (2009 est.)

Exports - commodities:

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

 

Exports - partners:

 

Germany 32.1%, Italy 7.9%, Switzerland 4.8%, France 4.2%, Czech Republic 4.1% (2010)

 

Imports:

$151.8 billion (2010 est.)

country comparison to the world: 28

$138.6 billion (2009 est.)

 

Imports - commodities:

 

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

 

Imports - partners:

 

Germany 44%, Italy 6.8%, Switzerland 5.9%, Netherlands 4.1% (2010)

 

Reserves of foreign exchange and gold:

$22.28 billion (31 December 2010 est.)

country comparison to the world: 55

$18.05 billion (31 December 2009 est.)

 

Debt - external:

 

$755 billion (30 June 2010)

country comparison to the world: 17

$864.2 billion (31 December 2008)

 

Stock of direct foreign investment - at home:

 

$259.4 billion (31 December 2010 est.)

country comparison to the world: 19

$286 billion (31 December 2009 est.)

 

Stock of direct foreign investment - abroad:

 

$269.5 billion (31 December 2010 est.)

country comparison to the world: 18

$290.9 billion (31 December 2009 est.)

 

Exchange rates:

 

euros (EUR) per US dollar -

0.755 (2010)

0.7198 (2009)

0.6827 (2008)

0.7345 (2007)

0.7964 (2006)