| COUNTRIES | GEOGRAPHIC NAMES | GEOLOGY | USA STATS | CHINA STATS | COUNTRY CODES | AIRPORTS | RELIGION | JOBS |

Austria Economy 2010
https://workmall.com/wfb2010/austria/austria_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

. Feedback


Austria Economy 2010
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 15, 2010

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 recession that persisted until the third quarter of 2009. Austrian GDP contracted 3.6% in 2009 and it will probably see positive growth of nearly 1% 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. Such stabilization measures, stimulus initiatives, and the government's income tax reforms pushed the budget deficit to about 5% of GDP in 2009, from only about 0.6% in 2008. The Austrian economy has benefited greatly in the past from strong commercial relations, especially in the banking and insurance sectors, with central, eastern, and southeastern Europe, but these sectors have been vulnerable to recent international financial instabilities. Some of Austria's largest banks have required government support - including in some instances, nationalization - to prevent insolvency and possible regional contagion. Even after the global economic outlook improves, Austria will need to continue restructuring, emphasizing knowledge-based sectors of the economy, and encouraging greater labor flexibility and greater labor participation to offset its aging population and exceedingly low fertility rate.

GDP (purchasing power parity):
$323.1 billion (2009 est.)

$335.2 billion (2008 est.)
$328.6 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$374.4 billion (2009 est.)

GDP - real growth rate:
-3.6% (2009 est.)

2% (2008 est.)
3.5% (2007 est.)

GDP - per capita (PPP):
$39,400 (2009 est.)

$40,800 (2008 est.)
$40,100 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 1.7%
industry: 32.3%
services: 65.8% (2009 est.)

Labor force:
3.62 million (2009 est.)

Labor force - by occupation:
agriculture: 5.5%
industry: 27.5%
services: 67% (2005 est.)

Unemployment rate:
4.7% (2009 est.)

3.858% (2008 est.)

Population below poverty line:
5.9% (2004)

Household income or consumption by percentage share:
lowest 10%: 3.3%
highest 10%: 22.5% (2004)

Distribution of family income - Gini index:
26 (2007)

31 (1995)

Investment (gross fixed):
21.2% of GDP (2009 est.)

Budget:
revenues: $173.7 billion
expenditures: $195.3 billion (2009 est.)

Public debt:
68.2% of GDP (2009 est.)

62.6% of GDP (2008 est.)

Inflation rate (consumer prices):
0.1% (2009 est.)

3.2% (2008 est.)

Commercial bank prime lending rate:
6.82% (31 December 2008)

6.3% (31 December 2007)

Stock of domestic credit:
$606.2 billion (31 December 2008)

$504.8 billion (31 December 2007)

Market value of publicly traded shares:
$NA (31 December 2008)

$228.7 billion (31 December 2007)
$191.3 billion (31 December 2006)

Agriculture - products:
grains, potatoes, sugar beets, 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:
1% (2009 est.)

Electricity - production:
58.64 billion kWh (2007 est.)

Electricity - consumption:
61.89 billion kWh (2007 est.)

Electricity - exports:
14.93 billion kWh (2008 est.)

Electricity - imports:
19.8 billion kWh (2008 est.)

Oil - production:
24,850 bbl/day (2008 est.)

Oil - consumption:
285,400 bbl/day (2008 est.)

Oil - exports:
45,580 bbl/day (2008 est.)

Oil - imports:
305,000 bbl/day (2008 est.)

Oil - proved reserves:
50 million bbl (1 January 2009 est.)

Natural gas - production:
1.532 billion cu m (2008 est.)

Natural gas - consumption:
8.65 billion cu m (2008 est.)

Natural gas - exports:
2.788 billion cu m (2008 est.)

Natural gas - imports:
10.05 billion cu m (2008 est.)

Natural gas - proved reserves:
16.14 billion cu m (1 January 2009 est.)

Current account balance:
$-4.116 billion (2009 est.)

$14.27 billion (2008 est.)

Exports:
$136.8 billion (2009 est.)

$179.1 billion (2008 est.)

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

Exports - partners:
Germany 29.5%, Italy 8.6%, US 4.3%, Switzerland 4.2% (2008)

Imports:
$145 billion (2009 est.)

$179.2 billion (2008 est.)

Imports - commodities:
machinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products; foodstuffs

Imports - partners:
Germany 44.5%, Italy 7.1%, Switzerland 5.2%, Netherlands 4.1% (2008)

Reserves of foreign exchange and gold:
$NA (31 December 2009 est.)

$16.7 billion (31 December 2008 est.)

Debt - external:
$832.4 billion (30 June 2009 est.)

$832.8 billion (31 December 2008 est.)

Stock of direct foreign investment - at home:
$277 billion (31 December 2009 est.)

$261.9 billion (31 December 2008 est.)

Stock of direct foreign investment - abroad:
$287 billion (31 December 2009 est.)

$270 billion (31 December 2008 est.)

Exchange rates:
euros (EUR) per US dollar - 0.7338 (2009), 0.6827 (2008), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005)


NOTE: The information regarding Austria on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Austria Economy 2010 information contained here. All suggestions for corrections of any errors about Austria Economy 2010 should be addressed to the CIA.






This page was last modified 09-Feb-10
Copyright © 1995-2020 ITA (all rights reserved).