| 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. |
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| GDP | 0.9% (2005 est.) |
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| GDP - real growth rate | 3.3% (2006 est.) |
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| GDP - composition by sector | agriculture: 1.8%
industry: 30.4%
services: 67.8% (2005) |
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| Population below poverty line | 5.9% (2004) |
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Household income or consumption
by percentage share | lowest 10%: 3.3%
highest 10%: 22.5% (2004) |
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Distribution of family income
- Gini index | 31 (2002) |
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| Labor force | 3.88 million (2006 est.) |
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| Labor force - by occupation | agriculture: 3%
industry: 27%
services: 70% (2005 est.) |
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| Unemployment rate | 4.9% (2006 est.) |
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| Budget | revenues: $155.9 billion
expenditures: $161.6 billion; including capital expenditures of $NA (2006 est.) |
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| Industries | construction, machinery, vehicles and parts, food, metals, chemicals, lumber and wood processing, paper and paperboard, communications equipment, tourism |
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| Industrial production growth rate | 5.7% (2006 est.) |
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Electricity -
production | 64.9 billion kWh (2005 est.) |
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Electricity -
production by source | fossil fuel: 29.3%
hydro: 67.2%
nuclear: 0%
other: 3.5% (2001) |
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Electricity -
consumption | 65.2 billion kWh (2005 est.) |
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Electricity -
exports | 17.73 billion kWh (2005 est.) |
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Electricity -
imports | 20.4 billion kWh (2005 est.) |
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| Oil - production | 25,360 bbl/day (2004) |
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| Oil - consumption | 282,000 bbl/day (2004 est.) |
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| Oil - exports | 30,140 bbl/day (2004) |
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| Oil - imports | 157,500 bbl/day (2005) |
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| Oil - proved reserves | 80.66 million bbl (2005) |
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| Agriculture - products | grains, potatoes, sugar beets, wine, fruit; dairy products, cattle, pigs, poultry; lumber |
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| Exports | $133.3 billion f.o.b. (2006 est.) |
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| Exports - commodities | machinery and equipment, motor vehicles and parts, paper and paperboard, metal goods, chemicals, iron and steel, textiles, foodstuffs |
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| Exports - partners | Germany 31.2%, Italy 8.7%, US 5.8%, Switzerland 5.2%, France 4.2% (2005) |
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| Imports | $134.3 billion f.o.b. (2006 est.) |
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| Imports - commodities | machinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products; foodstuffs |
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| Imports - partners | Germany 45.9%, Italy 6.6%, Switzerland 4.5% (2005) |
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| Debt - external | $594.3 billion (October 2006 est.) |
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| Currency code | EUR |
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| Exchange rates | euros per US dollar - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002) |
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| Fiscal year | calendar year |
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