Austria Economy
Is Austria a wealthy country?
Austria is a well-developed market economy with a skilled labor force and a high standard of living. It is closely tied to other EU economies, especially Germany's, but also to the United States, its third-largest trade partner. Its economy features a large service sector, a sound industrial sector, and a small, but highly developed agricultural sector.
Austrian economic growth strengthen in 2017, with a 2.9% increase in GDP. Austrian exports, accounting for around 60% of the GDP, were up 8.2% in 2017. Austria’s unemployment rate fell by 0.3% to 5.5%, which is low by European standards, but still at its second-highest rate since the end of World War II, driven by an increased number of refugees and EU migrants entering the labor market.
Austria's fiscal position compares favorably with other euro-zone countries. The budget deficit stood at a low 0.7% of GDP in 2017 and public debt declined again to 78.4% of GDP in 2017, after reaching a post-war high of 84.6% in 2015. The Austrian government has announced its plans to balance the fiscal budget in 2019. Several external risks, such as Austrian banks' exposure to Central and Eastern Europe, the refugee crisis, and continued unrest in Russia/Ukraine, eased in 2017, but are still a factor for the Austrian economy. Exposure to the Russian banking sector and a deep energy relationship with Russia present additional risks.
Austria elected a new pro-business government in October 2017 that campaigned on promises to reduce bureaucracy, improve public sector efficiency, reduce labor market protections, and provide positive investment incentives.
Austria Economy Data
What is the GDP of Austria?
| Currency Name and Code | Euro (EUR) |
| GDP - Gross Domestic Product (PPP) | $4,611,200,000,000 (USD) |
| GDP - official exchange rate | $387,300,000,000 (USD) |
| GDP - real growth rate | 1.4% |
| GDP Per Capita | $47,900.00 (USD) |
| GDP by Sector- agriculture | 1.3% |
| GDP by Sector- Industry | 28.1% |
| GDP by Sector- services | 70.6% |
| GDP - composition, by end use |
Household Consumption: 52.7% Government Consumption: 20% Investment in Fixed Capital: 22.8% Investment in Inventories: 0.4% Exports of Goods and Services: 53.1% Imports of Goods and Services: -49% |
| Population Below Poverty Line | 4% |
| Inflation Rate | 0.9% |
| Labor Force | 3,944,000 |
| Labor Force By Occupation- agriculture | 0.7% |
| Labor Force By Occupation- industry | 25.3% |
| Labor Force By Occupation- services | 74% |
| Unemployment Rate | 6.1% |
| Fiscal Year | Calendar Year |
| Annual Budget | $187,300,000,000 (USD) |
| Budget Surplus or Deficit - percent of GDP | -1.4% |
| Public Debt (% of GDP) | 85.8% |
| Taxes and other revenues - percent of GDP | 48.4% |
| Major Industries | Construction, machinery, vehicles and parts, food, metals, chemicals, lumber, paper and paperboard, communications equipment, tourism |
| Industrial Growth Rate | 1.4% |
| Agriculture Products | Grains, potatoes, wine, fruit; dairy products, cattle, pigs, poultry; lumber and other forestry products |
| Exchange Rate per US Dollar | 0.9214 |
| Commercial Bank Prime Lending Rate | 1.8% |