Austria: Economic and Political Outline
Economic Indicators | Foreign Trade in Figures | Sources of General Economic Information | Political Outline
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.
| Main Indicators | 2009 | 2010 | 2011 | 2012 (e) | 2013 (e) |
| GDP (billions USD) | 382.07 | 377.38e | 425.09e | 440.81 | 454.49 |
| GDP (Constant Prices, Annual % Change) | -3.9 | 2.1 | 3.3e | 1.6 | 2.0 |
| GDP per Capita (USD) | 45,686 | 44,988 | 50,504 | 52,170 | 53,568 |
| General Government Balance (in % of GDP) | -2.9 | -3.6e | -3.2e | -2.9 | -2.6 |
| General Government Gross Debt (in % of GDP) | 69.6 | 72.2 | 72.3 | 73.9 | 74.1 |
| Inflation Rate (%) | 0.4 | 1.7e | 3.2e | 2.2 | 1.9 |
| Unemployment Rate (% of the Labor Force) | 4.8 | 4.4 | 4.1 | 4.1 | 4.0 |
| Current Account (billions USD) | 11.88 | 10.29 | 11.71e | 12.06 | 12.83 |
| Current Account (in % of GDP) | 3.1 | 2.7 | 2.8 | 2.8 | - |
Source: IMF - World Economic Outlook Database ; World Bank , Last Available Data
Note: (e) Estimated Data
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) | 5.3 | 25.0 | 69.6 |
| 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.
Distribution of Economic freedom in the world
Source: 2011 Index of Economic freedom, Heritage Foundation
See the Country Risk Analysis Provided By Ducroire.
The Austrian economy is heavily dependant on foreign trade which accounts for more than 95% of its GDP. Trade with European Union countries accounts for about 70% of the total trade. Austrian exports suffered significantly from the global crisis, however, with the recovery, the Austrian trade deficit has improved in 2010. This tendency should continue.
| Foreign Trade Indicators | 2006 | 2007 | 2008 | 2009 | 2010 |
| Imports of Goods (million USD) | 137,212 | 163,037 | 184,293 | 143,063 | 158,549 |
| Exports of Goods (million USD) | 136,751 | 163,621 | 181,289 | 136,988 | 151,791 |
| Imports of Services (million USD) | 33,337 | 38,854 | 42,569 | 36,707 | 36,137 |
| Exports of Services (million USD) | 45,199 | 53,657 | 62,957 | 54,045 | 53,426 |
| Imports of Goods and Services (Annual % Change) | 5.4 | 7.0 | -0.9 | -14.4 | - |
| Exports of Goods and Services (Annual % Change) | 7.5 | 9.1 | - | - | - |
| Imports of Goods and Services (in % of GDP) | 51.7 | 53.6 | 53.4 | 46.0 | - |
| Exports of Goods and Services (in % of GDP) | 56.8 | 59.3 | 59.2 | 50.5 | - |
| Trade Balance (million USD) | 426 | 1,810 | -592 | -3,258 | -4,303 |
| Trade Balance (Including Service) (million USD) | 13,024 | 16,987 | 20,241 | 14,440 | 13,651 |
| Foreign Trade (in % of GDP) | 108.5 | 112.9 | 112.6 | 96.5 | - |
Source: WTO - World Trade Organization ; World Bank , Last Available Data
| Main Customers (% of Exports) |
2010 |
| Germany | 31.6% |
| Italy | 7.8% |
| Switzerland | 5.1% |
| United States | 4.5% |
| France | 4.2% |
| Czech Republic | 3.8% |
| Hungary | 3.1% |
| United Kingdom | 3.0% |
| China | 2.6% |
| Poland | 2.5% |
| Russia | 2.3% |
| Slovakia | 2.1% |
| Slovenia | 2.0% |
| Spain | 1.8% |
| Netherlands | 1.6% |
| Romania | 1.5% |
| Belgium | 1.4% |
| Sweden | 1.1% |
| Croatia | 1.0% |
| Turkey | 1.0% |
| See More Countries | 46.7% |
| Main Suppliers (% of Imports) |
2010 |
| Germany | 39.5% |
| Italy | 6.8% |
| Switzerland | 5.4% |
| China | 4.8% |
| Czech Republic | 3.7% |
| United States | 2.9% |
| France | 2.8% |
| Netherlands | 2.8% |
| Hungary | 2.8% |
| Slovakia | 2.3% |
| Russia | 2.0% |
| Poland | 1.7% |
| Belgium | 1.6% |
| Japan | 1.6% |
| Spain | 1.6% |
| United Kingdom | 1.5% |
| Slovenia | 1.1% |
| Sweden | 1.1% |
| Romania | 0.8% |
| Turkey | 0.8% |
| See More Countries | 39.9% |
Source: Comtrade, Last Available Data
Source: Comtrade, Last Available Data
OVP finds support from farmers, large and small business owners and some Catholic groups, mostly in the rural regions of Austria; while as the SPO traditionally draws its constituency from blue- and white-collar workers.
Source: Worldwide Press Freedom Index 2010, Reporters Without Borders
Map of freedom 2010
Source: Freedom House
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Last Updates: January 2012
