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Economy overview
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Austria, with its well-developed market economy and high standard of living, is closely tied to other EU economies, especially Germany's. Membership in the EU has drawn an influx of foreign investors attracted by Austria's access to the single European market and proximity to EU aspirant economies. Slow growth in Germany and elsewhere in the world held the economy to 0.7% growth in 2001, 1.4% in 2002, and again less than 1% in 2003. However, recent data signal that the recovery has started. The government estimates economic growth in 2004 of 1.7-2.1% and of 2.5% in 2005. The government is planning a EURO 500 billion income tax cut in 2004, though some economists doubt it will have stimulative effects in 2004, because it will be offset by higher health insurance contributions and higher taxes on energy. For 2005, Austria plans a tax cut of EURO 2.5 billion and harmonization of the various pension schemes. To meet increased competition from both EU and Central European countries, particularly the new EU members, Austria will need to emphasize knowledge-based sectors of the economy, continue to deregulate the service sector, and lower its tax burden. A key issue is the encouragement of much greater participation in the labor market by its aging population.
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GDP
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purchasing power parity - $245.3 billion (2004 est.)
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GDP - real growth rate
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0.7% (2004 est.)
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GDP - per capita
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purchasing power parity - $30,000 (2004 est.)
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GDP - composition by sector
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agriculture: 3.5%
industry: 25.7%
services: 70.9% (2004 est.)
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Investment gross fixed
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22.5% of GDP (2004 est.)
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Population below poverty line
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3.9% (1999)
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Household income or consumption by percentage share
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lowest 10%: 2.5%
highest 10%: 22.5% (1995)
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Distribution of family income - Gini index
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31 (1995)
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Inflation rate consumer prices
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1.4% (2004 est.)
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Labor force
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3.425 million (2004 est.)
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Labor force by occupation
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agriculture and forestry 4%, industry and crafts 29%, services 67% (2001 est.)
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Unemployment rate
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4.4% (2004 est.)
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Budget
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revenues: $67 billion
expenditures: $70 billion, including capital expenditures of NA (2004 est.)
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Public debt
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67.6% of GDP (2004 est.)
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Agriculture products
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grains, potatoes, sugar beets, wine, fruit; dairy products, cattle, pigs, poultry; lumber
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Industries
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construction, machinery, vehicles and parts, food, chemicals, lumber and wood processing, paper and paperboard, communications equipment, tourism
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Industrial production growth rate
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1.9% (2004 est.)
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Electricity production
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58.75 billion kWh (2001)
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Electricity production by source
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fossil fuel: 29.3%
hydro: 67.2%
other: 3.5% (2001)
nuclear: 0%
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Electricity consumption
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54.85 billion kWh (2001)
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Electricity exports
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14.25 billion kWh (2001)
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Electricity imports
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14.47 billion kWh (2001)
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Oil production
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20,670 bbl/day (2001 est.)
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Oil consumption
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262,400 bbl/day (2001 est.)
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Oil exports
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35,470 bbl/day (2001)
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Oil imports
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262,000 bbl/day (2001)
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Oil proved reserves
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85.69 million bbl (1 January 2002)
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Natural gas production
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1.731 billion cu m (2001 est.)
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Natural gas consumption
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7.81 billion cu m (2001 est.)
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Natural gas exports
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403 million cu m (2001 est.)
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Natural gas imports
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6.033 billion cu m (2001 est.)
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Natural gas proved reserves
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24.9 billion cu m (1 January 2002)
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Current account balance
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$-1.353 billion (2004 est.)
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Exports
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$83.45 billion f.o.b. (2004 est.)
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Exports commodities
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machinery and equipment, motor vehicles and parts, paper and paperboard, metal goods, chemicals, iron and steel; textiles, foodstuffs
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Exports partners
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Germany 31.9%, Italy 9.6%, Switzerland 5.2%, US 4.9%, France 4.8%, UK 4.7% (2003)
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Imports
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$81.59 billion f.o.b. (2003 est.)
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Imports commodities
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machinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products; foodstuffs
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Imports partners
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Germany 43.2%, Italy 6.7%, Hungary 5.4%, Switzerland 5%, Netherlands 4.2% (2003)
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Reserves of foreign exchange gold
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$12.73 billion (2003)
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Debt external
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$15.5 billion (2003 est.)
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Economic aid recipient
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Currency
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euro (EUR)
note: on 1 January 1999, the European Monetary Union introduced the euro as a common currency to be used by the financial institutions of member countries; as of 1 January 2002, the euro became the only legal tender in EMU member countries, including Austria
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Currency code
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EUR
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Exchange rates
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euros per US dollar - 0.886 (2003), 1.0626 (2002), 1.1175 (2001), 1.0854 (2000), 0.9386 (1999)
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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