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flag Austria Austria: Economic and Political Outline

Economic Indicators | Foreign Trade in Figures | Sources of General Economic Information | Political Outline

Economic Indicators

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 2009201020112012 (e)2013 (e)
GDP (billions USD) 382.07377.38e425.09e440.81454.49
GDP (Constant Prices, Annual % Change) -3.92.13.3e1.62.0
GDP per Capita (USD) 45,68644,98850,50452,17053,568
General Government Balance (in % of GDP) -2.9-3.6e-3.2e-2.9-2.6
General Government Gross Debt (in % of GDP) 69.672.272.373.974.1
Inflation Rate (%) 0.41.7e3.2e2.21.9
Unemployment Rate (% of the Labor Force) 4.84.44.14.14.0
Current Account (billions USD) 11.8810.2911.71e12.0612.83
Current Account (in % of GDP) 3.12.72.82.8-

Source: IMF - World Economic Outlook Database ; World Bank , Last Available Data

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) 5.3 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.

 
 
 
 
Learn more about Market Analysis about Austria on Globaltrade.net, the Directory for International Trade Services.
 

Indicator of Economic Freedom

Score:
71.9/100
Position:
Mostly free
World Rank:
21/179
Regional Rank:
11/42

Distribution of Economic freedom in the world
Source: 2011 Index of Economic freedom, Heritage Foundation

 

Country Risk

See the Country Risk Analysis Provided By Ducroire.

 

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Foreign Trade in Figures

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 20062007200820092010
Imports of Goods (million USD) 137,212163,037184,293143,063158,549
Exports of Goods (million USD) 136,751163,621181,289136,988151,791
Imports of Services (million USD) 33,33738,85442,56936,70736,137
Exports of Services (million USD) 45,19953,65762,95754,04553,426
Imports of Goods and Services (Annual % Change) 5.47.0-0.9-14.4-
Exports of Goods and Services (Annual % Change) 7.59.1---
Imports of Goods and Services (in % of GDP) 51.753.653.446.0-
Exports of Goods and Services (in % of GDP) 56.859.359.250.5-
Trade Balance (million USD) 4261,810-592-3,258-4,303
Trade Balance (Including Service) (million USD) 13,02416,98720,24114,44013,651
Foreign Trade (in % of GDP) 108.5112.9112.696.5-

Source: WTO - World Trade Organization ; World Bank , Last Available Data

 

Main Partner Countries

Main Customers
(% of Exports)
2010
Germany 31.6%
Italy 7.8%
Switzerland 5.1%
United States 4.5%
France 4.2%
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%
See More Countries 39.9%

Source: Comtrade, Last Available Data

 

Main Products

Main Exports
(% of Exports)
2010
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 3.4%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 2.8%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 2.7%
Spark-ignition reciprocating or rotary internal...Spark-ignition reciprocating or rotary internal combustion piston engine 1.9%
Compression-ignition internal combustion piston...Compression-ignition internal combustion piston engine "diesel or semi-diesel engines" 1.6%
See More Products 87.5%
Main Imports
(% of Imports)
2010
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 5.3%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 3.9%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 2.7%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 2.6%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 2.5%
See More Products 83.1%

Source: Comtrade, Last Available Data

 
See More Products
More imports (Intracen Data)
More exports (Intracen Data)
 

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Sources of General Economic Information

Ministries
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
Search Engines
Yahoo Austria!
Austria www
Austronaut
Austrosearch
Excite
Infopoint
Sharelook
Webwizard
Economic Portals
Trend Magazin
Industrie Magazin

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Political Outline

Executive Power
President is the chief of the state and the Federal Chancellor is the head of the government. Chancellor enjoys the executive powers. President is elected by direct popular vote for a six-year term and the Chancellor is traditionally chosen by the President from the majority party in the National Council. Council of Ministers is chosen by the President on the advice of the Chancellor.
Legislative Power
The legislature in Austria is bicameral. The parliament consists of two chambers: National Council (the lower house), its members elected by direct popular vote to serve four-year terms, and Federal Council (the upper house) with its members elected by provincial parliaments to serve five- or six-year terms. President can dissolve the National Council on recommendation of the Chancellor. The Federal Council only reviews legislation passed by the National Council and can delay but not veto its enactment. Most authority, including that of the police, rests with the federal government, but the states have considerable responsibility for welfare matters and local administration.
Main Political Parties
The major political parties in the country are: OVP (the conservative People's Party), SPO (Social Democratic Party), FPO (the right-wing Freedom Party), and the Greens.

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.

Current Political Leaders
President: Heinz FISCHER (since July 2004) – SPO
Chancellor: Werner FAYMANN (since Decemer 2008)
Vice Chancellor:Josef Pröll (since Decembre 2008) - OVP
Next Election Dates
Presidential election: April 2016
National Council election: 2013
 

Indicator of Freedom of the Press

World Rank:
7/178
Evolution:
6 places up compared to 2009

Source: Worldwide Press Freedom Index 2010, Reporters Without Borders

 

Indicator of Political Freedom

Ranking:
Free
Political Freedom:
1/7
Civil Liberties:
1/7

Map of freedom 2010
Source: Freedom House

 

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Last Updates: January 2012