Austria: Economy#

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 3.8% in 2009 but saw positive growth of about 2% in 2010 and 2.7% in 2011. Growth fell to 0.6% in 2012. 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. The 2012 unemployment rate of 4.3% was the lowest within the EU. Stabilization measures, stimulus spending, and an income tax reform pushed the budget deficit to 4.5% in 2010 and 2.6% in 2011, from only about 0.9% 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 external risks, such as Austrian banks' continued exposure to Central and Eastern Europe as well as political and economic uncertainties caused by the European sovereign debt crisis. In 2011 the government attempted to pass a constitutional amendment limiting public debt to 60% of GDP by 2020, but it was unable to obtain sufficient support in parliament and instead passed the measure as a simple law. In March 2012, the Austrian parliament approved an austerity package consisting of a mix of expenditure cuts and new revenues that will bring public finances into balance by 2016. In 2012, the budget deficit rose to 3.1% of GDP.

Economic Facts#

GDP (purchasing power parity)$361 billion (2013 est.)
$359.6 billion (2012 est.)
$356.5 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate0.4% (2013 est.)
0.9% (2012 est.)
2.8% (2011 est.)
GDP - per capita (PPP)$42,600 (2013 est.)
$42,500 (2012 est.)
$42,300 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 1.6%
industry: 28.6%
services: 69.8% (2013 est.)
Population below poverty line6.2% (2012)
Household income or consumption by percentage sharelowest 10%: 4%
highest 10%: 22% (2011)
Labor force - by occupationagriculture: 5.5%
industry: 26%
services: 68.5% (2012 est.)
Exports - commoditiesmachinery and equipment, motor vehicles and parts, paper and paperboard, metal goods, chemicals, iron and steel, textiles, foodstuffs
Exports - partnersGermany 29.31%, Italy 6.25%, Switzerland 5.08%, United States 5%, France 4.27% (2013 est.)
Agriculture - productsgrains, potatoes, wine, fruit; dairy products, cattle, pigs, poultry; lumber
Budgetrevenues: $200 billion
expenditures: $212.1 billion (2013 est.)
Imports - commoditiesmachinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products; foodstuffs
Imports - partnersGermany 40.39%, Italy 6.13%, Switzerland 5.36% (2013 est.)
Exchange rateseuros (EUR) per US dollar -
0.7634 (2013 est.)
0.7752 (2012 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
Exports$165.6 billion (2013 est.)
$160.1 billion (2012 est.)
Debt - external$812 billion (31 December 2012 est.)
$786.1 billion (31 December 2011)
Fiscal yearcalendar year
Imports$167.9 billion (2013 est.)
$163.2 billion (2012 est.)
Industrial production growth rate0.5% (2013 est.)
Industriesconstruction, machinery, vehicles and parts, food, metals, chemicals, lumber and wood, paper and paperboard, communications equipment, tourism
Inflation rate (consumer prices)2.1% (2013 est.)
2.6% (2012 est.)
Labor force3.737 million (2013 est.)
Unemployment rate4.9% (2013 est.)
4.4% (2012 est.)
Distribution of family income - Gini index26.3 (2007)
31 (1995)
Public debt75.7% of GDP (2013 est.)
74.1% of GDP (2012 est.)
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
Current account balance$10.6 billion (2013 est.)
$7.085 billion (2012 est.)
Reserves of foreign exchange and gold$27.21 billion (31 December 2012 est.)
$25.16 billion (31 December 2011 est.)
GDP (official exchange rate)$417.9 billion (2013 est.)
Stock of direct foreign investment - at home$269.5 billion (31 December 2013 est.)
$265.3 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$345.2 billion (31 December 2013 est.)
$331.4 billion (31 December 2012 est.)
Market value of publicly traded shares$106 billion (31 December 2012 est.)
$82.37 billion (31 December 2011)
$NA (31 December 2010 est.)
Commercial bank prime lending rate2.2% (31 December 2013 est.)
2.5% (31 December 2012 est.)
Stock of domestic credit$544.2 billion (31 December 2013 est.)
$543 billion (31 December 2012 est.)
Stock of narrow money$204.5 billion (31 December 2013 est.)
$201.1 billion (31 December 2012 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$419 billion (31 December 2013 est.)
$414 billion (31 December 2012 est.)
Taxes and other revenues47.9% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-2.9% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 54.6%
government consumption: 19.2%
investment in fixed capital: 20.8%
investment in inventories: 0.5%
exports of goods and services: 56.9%
imports of goods and services: -52%
(2013 est.)
Gross national saving23.9% of GDP (2013 est.)
24.4% of GDP (2012 est.)
24.5% of GDP (2011 est.)