Economic Trends/Outlook in Austria
After undergoing the worst recession in its history, Austria's economy has been slowly recovering, with an estimated GDP of 1.6% in 2010, which should increase more sharply in 2011. This performance, which places Austria above the forecasts of growth in the European Union, is due to the continuing growth of exports.
The measures taken to cope with the crisis and the recent fiscal reform have deepened the budget deficit. The government has tackled this problem by adopting a consolidation plan. In addition, structural reforms will be necessary.
In terms of per capita income, Austria ranks fourth in the European Union. Nevertheless, the recession has lead to a continuous worsening of the labor market and the unemployment rate, although low within the European context, should remain raised in 2011.
|GDP (billions USD)||382.07||376.84e||405.68e||419.91e||433.50e|
|GDP (Constant Prices, Annual % Change)||-3.9||2.0e||2.4e||2.3e||2.2e|
|GDP per Capita (USD)||45,686||44,987e||48,350e||49,964e||51,497e|
|General Government Balance (in % of GDP)||-2.3||-3.0e||-2.4e||-2.4e||-2.3e|
|General Government Gross Debt (in % of GDP)||67.5||69.9e||70.5e||70.7e||70.9e|
|Inflation Rate (%)||0.4||1.7e||2.5e||2.0e||1.9e|
|Unemployment Rate (% of the Labor Force)||4.8||4.4e||4.3e||4.3e||4.2e|
|Current Account (billions USD)||5.33e||6.95e||6.68e||6.59e||-|
|Current Account (in % of GDP)||1.4e||1.8e||1.7e||1.6e||-|
Source: IMF - World Economic Outlook Database
Note: (e) Estimated Data
Main Sectors of Industry
Dominating the economy, the tertiary sector contributes around 70% of the GDP and employs two-thirds of the country's active population. Tourism is well developed: nearly 17 million tourists visit Austria annually.
The agricultural sector contributes about 2% of the GDP and employs nearly 6% of the active population. Cattle farming and viticulture are the country's main agricultural activities. Organic agriculture is developing rapidly. It currently represents 10% of the agricultural production. Austria benefits from significant European Union subsidies as provided by the Common Agricultural Policy.
The main industrial sectors are the metalworking industry, electrochemistry and engineering, even though most of the companies in these sectors are relatively small on the international scale. The country has little mineral resources such as iron, lead and copper.
|Breakdown of Economic Activity By Sector||Agriculture||Industry||Services|
|Employment By Sector (in % of Total Employment)||5.6||26.0||68.3|
|Value Added (in % of GDP)||1.5||29.2||69.3|
|Value Added (Annual % Change)||-4.3||-10.7||-1.2|
Source: World Bank - Last Available Data.
Indicator of Economic Freedom
- Mostly free
- World Rank:
- Regional Rank:
Sources of General Economic Information
Federal Ministry of Economy and Labour
Federal Ministry of Finance
Federal Ministry of Agriculture, Forestry, Environment and Water Management
Federal Ministry of Foreign Affairs
- Statistical Office
The Austrian Statistical Central Office
- Central Bank
Central Bank of Austria
- Stock Exchange
The Vienna Stock Exchange
- Other Useful Resources
Austrian Business Agency
Federal Financing Agency
- Main Online Newspapers
List of Austrian newspapers online
- Economic Portals
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