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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 relatively sound industrial sector, and a small, but highly developed agricultural sector.

Economic growth has been relatively weak in recent years, approaching 0.9% in 2015. Austria's 5.8% unemployment rate, while low by European standards, is at its highest rate since the end of World War II, driven by an increased number of refugees and EU migrants entering the labor market. Without extensive vocational training programs and generous early retirement, the unemployment rate would be even higher.

Although Austria's fiscal position compares favorably with other euro-zone countries, it faces several external risks, such as unexpectedly weak world economic growth threatening the export market, Austrian banks' continued exposure to Central and Eastern Europe, repercussions from the Hypo Alpe Adria bank collapse, political and economic uncertainties caused by the European sovereign debt crisis, the current refugee crisis, and continued unrest in Russia/Ukraine. Early signs point towards a slight improvement in 2016, driven by low interest rates on government debt. Currently, the budget deficit stands at 2.7% of GDP and public debt has reached a post-war high of 84.2% of the GDP.

Economic Facts#

GDP (purchasing power parity)$415.9 billion (2016 est.)
$410.4 billion (2015 est.)
$406.9 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$387.3 billion (2015 est.)
GDP - real growth rate1.4% (2016 est.)
0.9% (2015 est.)
0.4% (2014 est.)
GDP - per capita (PPP)$47,900 (2016 est.)
$47,600 (2015 est.)
$47,600 (2014 est.)
note: data are in 2016 dollars
Gross national saving25.1% of GDP (2016 est.)
25% of GDP (2015 est.)
24.7% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 52.7%
government consumption: 20%
investment in fixed capital: 22.8%
investment in inventories: 0.4%
exports of goods and services: 53.1%
imports of goods and services: -49% (2016 est.)
GDP - composition, by sector of originagriculture: 1.3%
industry: 28.1%
services: 70.6% (2016 est.)
Agriculture - productsgrains, potatoes, wine, fruit; dairy products, cattle, pigs, poultry; lumber and other forestry products
Industriesconstruction, machinery, vehicles and parts, food, metals, chemicals, lumber, paper and paperboard, communications equipment, tourism
Industrial production growth rate1.4% (2016 est.)
Labor force3.944 million (2016 est.)
Labor force - by occupationagriculture: 0.7%
industry: 25.3%
services: 74% (2015 est.)
Unemployment rate6.1% (2016 est.)
5.7% (2015 est.)
Population below poverty line4% (2014 est.)
Household income or consumption by percentage sharelowest 10%: 2.8%
highest 10%: 23.5% (2012 est.)
Distribution of family income - Gini index29.2 (2013)
26.3 (2007)
Budgetrevenues: $187.3 billion
expenditures: $192.6 billion (2016 est.)
Taxes and other revenues48.4% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-1.4% of GDP (2016 est.)
Public debt85.8% of GDP (2016 est.)
86.2% of GDP (2015 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):
Fiscal yearcalendar year
Inflation rate (consumer prices)0.9% (2016 est.)
0.8% (2015 est.)
Commercial bank prime lending rate1.8% (31 December 2016 est.)
2% (31 December 2015 est.)
Stock of narrow money$203.1 billion (31 December 2016 est.)
$193.9 billion (31 December 2015 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 18 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of
Stock of broad money$319.3 billion (31 December 2016 est.)
$317.2 billion (31 December 2015 est.)
Stock of domestic credit$467 billion (31 December 2016 est.)
$462.9 billion (31 December 2015 est.)
Market value of publicly traded shares$96.08 billion (31 December 2015 est.)
$96.79 billion (31 December 2014 est.)
$117.7 billion (31 December 2013 est.)
Current account balance$10.19 billion (2016 est.)
$9.583 billion (2015 est.)
Exports$141.9 billion (2016 est.)
$142.9 billion (2015 est.)
Exports - commoditiesmachinery and equipment, motor vehicles and parts, paper and paperboard, metal goods, chemicals, iron and steel, textiles, foodstuffs
Exports - partnersGermany 29.4%, US 6.4%, Italy 6.1%, Switzerland 5.7%, France 4.4%, Slovakia 4.2% (2015)
Imports$138.6 billion (2016 est.)
$140 billion (2015 est.)
Imports - commoditiesmachinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products, natural gas; foodstuffs
Imports - partnersGermany 41.5%, Italy 6.3%, Switzerland 6%, Czech Republic 4.2% (2015)
Reserves of foreign exchange and gold$22.24 billion (31 December 2015 est.)
$24.94 billion (31 December 2014 est.)
Debt - external$689.1 billion (31 March 2016 est.)
$679.3 billion (31 March 2015 est.)
Stock of direct foreign investment - at home$304.7 billion (31 December 2016 est.)
$294.9 billion (31 December 2015 est.)
Stock of direct foreign investment - abroad$363.6 billion (31 December 2016 est.)
$349.3 billion (31 December 2015 est.)
Exchange rateseuros (EUR) per US dollar -
0.9214 (2016 est.)
0.885 (2015 est.)
0.885 (2014 est.)
0.7634 (2013 est.)
0.78 (2012 est.)