Economy - overview:
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.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
NOTE: 1) The information regarding Austria on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Austria Economy 2014 information contained here. All suggestions for corrections of any errors about Austria Economy 2014 should be addressed to the CIA.
$361 billion (2012 est.)
country comparison to the world: 37
note:
data are in 2012 US dollars
[see also: GDP country ranks ]
$417.9 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
0.4% (2012 est.)
country comparison to the world: 171
[see also: GDP - real growth rate country ranks ]
$42,600 (2012 est.)
country comparison to the world: 19
note:
data are in 2012 US dollars
[see also: GDP - per capita country ranks ]
23.9% of GDP (2012 est.)
country comparison to the world: 54
[see also: Gross national saving country ranks ]
household consumption: 54.6%
[see also: GDP - composition, by end use - household consumption country ranks ]
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%
agriculture: 1.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry:
28.6%
services:
69.8% (2012 est.)
grains, potatoes, wine, fruit; dairy products, cattle, pigs, poultry; lumber
construction, machinery, vehicles and parts, food, metals, chemicals, lumber and wood processing, paper and paperboard, communications equipment, tourism
1% (2012 est.)
country comparison to the world: 122
[see also: Industrial production growth rate country ranks ]
3.737 million (2012)
country comparison to the world: 95
[see also: Labor force country ranks ]
agriculture: 5.5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
26%
services:
68.5% (2010)
4.9% (2012 est.)
country comparison to the world: 42
[see also: Unemployment rate country ranks ]
6.2% (2012)
[see also: Population below poverty line country ranks ]
lowest 10%: 4%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
22% (2011)
26.3 (2007)
country comparison to the world: 128
[see also: Distribution of family income - Gini index country ranks ]
revenues: $200 billion
[see also: Budget revenues country ranks ]
expenditures:
$212.1 billion (2011)
47.9% of GDP (2012 est.)
country comparison to the world: 17
[see also: Taxes and other revenues country ranks ]
-2.9% of GDP (2012 est.)
country comparison to the world: 116
[see also: Budget surplus (+) or deficit (-) country ranks ]
75.7% of GDP (2012 est.)
country comparison to the world: 31
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
[see also: Public debt country ranks ]
calendar year
2.1% (2012 est.)
country comparison to the world: 46
[see also: Inflation rate (consumer prices) country ranks ]
2.2% (31 December 2012 est.)
country comparison to the world: 180
[see also: Commercial bank prime lending rate country ranks ]
$204.5 billion (31 December 2012 est.)
country comparison to the world: 19
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
[see also: Stock of narrow money country ranks ]
$419 billion (31 December 2012 est.)
country comparison to the world: 25
[see also: Stock of broad money country ranks ]
$544.2 billion (31 December 2012 est.)
country comparison to the world: 25
[see also: Stock of domestic credit country ranks ]
$106 billion (31 December 2012)
country comparison to the world: 45
[see also: Market value of publicly traded shares country ranks ]
$10.6 billion (2012 est.)
country comparison to the world: 26
[see also: Current account balance country ranks ]
$165.6 billion (2012 est.)
country comparison to the world: 31
[see also: Exports country ranks ]
machinery and equipment, motor vehicles and parts, paper and paperboard, metal goods, chemicals, iron and steel, textiles, foodstuffs
Germany 31.4%, Italy 6.9%, France 4.7%, Switzerland 4.5%, US 4.4% (2012)
$167.9 billion (2012 est.)
country comparison to the world: 29
[see also: Imports country ranks ]
machinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products; foodstuffs
Germany 42.1%, Italy 6.6%, Switzerland 5.1% (2012)
$27.21 billion (31 December 2012 est.)
country comparison to the world: 54
[see also: Reserves of foreign exchange and gold country ranks ]
$812 billion (31 December 2012)
country comparison to the world: 18
[see also: Debt - external country ranks ]
$269.5 billion (31 December 2012 est.)
country comparison to the world: 20
[see also: Stock of direct foreign investment - at home country ranks ]
$345.2 billion (31 December 2012 est.)
country comparison to the world: 19
[see also: Stock of direct foreign investment - abroad country ranks ]
euros (EUR) per US dollar -
2) The rank that you see is the CIA reported rank, which may habe the following issues:
a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order
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This page was last modified 06-Nov-14