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    Austria Index 2006

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    Austria Economy - 2006
    http://www.theodora.com/wfbcurrent/austria/austria_economy.html
    SOURCE: 2006 CIA WORLD FACTBOOK

      Economy - overview:
      Austria, with its well-developed market economy and high standard of living, is closely tied to other EU economies, especially Germany's. The Austrian economy also benefits greatly from strong commercial relations, especially in the banking and insurance sectors, with central, eastern, and southeastern Europe. The economy features a large service sector, a sound industrial sector, and a small, but highly developed agricultural sector. Membership in the EU has drawn an influx of foreign investors attracted by Austria's access to the single European market and proximity to the new EU economies. The current government has successfully pursued a comprehensive economic reform program, aimed at streamlining government, creating a more competitive business environment, further strengthening Austria's attractiveness as an investment location, pursuing a balanced budget, and implementing effective pension reforms. Weak domestic consumption and slow growth in Europe have held the economy to growth rates of 0.4% in 2002, 1.4% in 2003, 2.4% in 2004, and 1.8% in 2005. To meet increased competition from both EU and Central European countries, particularly the new EU members, Austria will need to continue restructuring, emphasizing knowledge-based sectors of the economy, and encouraging greater labor flexibility and greater labor participation by its aging population.

      GDP (purchasing power parity):
      $269.6 billion (2005 est.)

      GDP (official exchange rate):
      $295.1 billion (2005 est.)

      GDP - real growth rate:
      1.8% (2005 est.)

      GDP - per capita (PPP):
      $32,900 (2005 est.)

      GDP - composition by sector:
      agriculture: 2.3%
      industry: 30.8%
      services: 66.9% (2004 est.)

      Labor force:
      3.49 million (2005 est.)

      Labor force - by occupation:
      agriculture: 3%
      industry: 27%
      services: 70% (2005 est.)

      Unemployment rate:
      5.1% (2005 est.)

      Population below poverty line:
      5.9% (2004)

      Household income or consumption by percentage share:
      lowest 10%: 3.3%
      highest 10%: 22.5% (2004)

      Distribution of family income - Gini index:
      31 (2002)

      Inflation rate (consumer prices):
      2.3% (2005)

      Investment (gross fixed):
      21.1% of GDP (2005 est.)

      Budget:
      revenues: $148.6 billion
      expenditures: $154.5 billion; including capital expenditures of $NA (2005 est.)

      Public debt:
      63.3% of GDP (2005 est.)

      Agriculture - products:
      grains, potatoes, sugar beets, wine, fruit; dairy products, cattle, pigs, poultry; lumber

      Industries:
      construction, machinery, vehicles and parts, food, metals, chemicals, lumber and wood processing, paper and paperboard, communications equipment, tourism

      Industrial production growth rate:
      3.2% (2005 est.)

      Electricity - production:
      63.69 billion kWh (2004)

      Electricity - consumption:
      64.78 billion kWh (2004)

      Electricity - exports:
      13.53 billion kWh (2004)

      Electricity - imports:
      16.63 billion kWh (2004)

      Oil - production:
      17,810 bbl/day (2004)

      Oil - consumption:
      249,000 bbl/day (2004 est.)

      Oil - exports:
      30,140 bbl/day (2004)

      Oil - imports:
      152,600 bbl/day (2004)

      Oil - proved reserves:
      84.3 million bbl (2004)

      Natural gas - production:
      1.96 billion cu m (2004)

      Natural gas - consumption:
      9.01 billion cu m (2004)

      Natural gas - exports:
      0 cu m (2004)

      Natural gas - imports:
      7.05 billion cu m (2004)

      Natural gas - proved reserves:
      23.2 billion cu m (2004)

      Current account balance:
      -$212 million (2005 est.)

      Exports:
      $122.5 billion f.o.b. (2005 est.)

      Exports - commodities:
      machinery and equipment, motor vehicles and parts, paper and paperboard, metal goods, chemicals, iron and steel, textiles, foodstuffs

      Exports - partners:
      Germany 32%, Italy 8.9%, US 6%, Switzerland 4.8%, France 4.2%, UK 4.2% (2004)

      Imports:
      $118.8 billion f.o.b. (2005 est.)

      Imports - commodities:
      machinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products; foodstuffs

      Imports - partners:
      Germany 46.3%, Italy 6.8%, Switzerland 4.3% (2004)

      Reserves of foreign exchange and gold:
      $19.5 billion (2004)

      Debt - external:
      $510.6 billion (30 June 2005 est.)

      Economic aid - donor:
      ODA, $681 million (2004)

      Currency (code):
      euro (EUR)
      note: on 1 January 1999, the European Monetary Union introduced the euro as a common currency to be used by financial institutions of member countries; on 1 January 2002, the euro became the sole currency for everyday transactions within the member countries

      Exchange rates:
      euros per US dollar - 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002), 1.1175 (2001)

      Fiscal year:
      calendar year


      NOTE: The information regarding Austria on this page is re-published from the 2006 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Austria Economy 2006 information contained here. All suggestions for corrections of any errors about Austria Economy 2006 should be addressed to the CIA.

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    http://www.theodora.com/wfbcurrent/austria/austria_economy.html

    Revised 06-Jun-06
    Copyright © 2006 Photius Coutsoukis (all rights reserved)


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