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Austria Economy 2017
http://www.theodora.com/wfbcurrent/austria/austria_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Austria Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Austria, with its well-developed market economy, skilled labor force, and high standard of living, is closely tied to other EU economies, especially Germany's. Its economy features a large service sector, a relatively sound industrial sector, and a small, but highly developed agricultural sector.Economic growth has been relatively weak in recent years, approaching 0.9% in 2015. Austria's 5.8% unemployment rate, while low by European standards, is at its highest rate since the end of World War II, driven by an increased number of refugees and EU migrants entering the labor market. Without extensive vocational training programs and generous early retirement, the unemployment rate would be even higher.Although Austria's fiscal position compares favorably with other euro-zone countries, it faces several external risks, such as unexpectedly weak world economic growth threatening the export market, Austrian banks' continued exposure to Central and Eastern Europe, repercussions from the Hypo Alpe Adria bank collapse, political and economic uncertainties caused by the European sovereign debt crisis, the current refugee crisis, and continued unrest in Russia/Ukraine. Early signs point towards a slight improvement in 2016, driven by low interest rates on government debt. Currently, the budget deficit stands at 2.7% of GDP and public debt has reached a post-war high of 84.2% of the GDP.

GDP (purchasing power parity):
$415.9 billion (2016 est.) $410.4 billion (2015 est.) $406.9 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 47
[see also: GDP country ranks ]

GDP (official exchange rate):
$387.3 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.4% (2016 est.) 0.9% (2015 est.) 0.4% (2014 est.)
country comparison to the world: 163
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$47,900 (2016 est.) $47,600 (2015 est.) $47,600 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 29
[see also: GDP - per capita country ranks ]

Gross national saving:
25.1% of GDP (2016 est.) 25% of GDP (2015 est.) 24.7% of GDP (2014 est.)
country comparison to the world: 47
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 52.7%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 20%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 22.8%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.4%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 53.1%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -49% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 1.3%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 28.1%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 70.6% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
grains, potatoes, wine, fruit; dairy products, cattle, pigs, poultry; lumber and other forestry products

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

Industrial production growth rate:
1.4% (2016 est.)
country comparison to the world: 135
[see also: Industrial production growth rate country ranks ]

Labor force:
3.944 million (2016 est.)
country comparison to the world: 93
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 0.7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 25.3%
[see also: Labor force - by occupation - industry country ranks ]
services: 74% (2015 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
6.1% (2016 est.) 5.7% (2015 est.)
country comparison to the world: 66
[see also: Unemployment rate country ranks ]

Population below poverty line:
4% (2014 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.8%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 23.5% (2012 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
29.2 (2013) 26.3 (2007)
country comparison to the world: 125
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $187.3 billion
[see also: Budget revenues country ranks ]
expenditures: $192.6 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
48.4% of GDP (2016 est.)
country comparison to the world: 15
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.4% of GDP (2016 est.)
country comparison to the world: 59
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
85.8% of GDP (2016 est.) 86.2% of GDP (2015 est.)
note: this is general government gross debt, defined in the Maastricht Treaty as consolidated general government gross debt at nominal value, outstanding at the end of the year; it covers the following categories of government liabilities (as defined in ESA95):
country comparison to the world: 28
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.9% (2016 est.) 0.8% (2015 est.)
country comparison to the world: 62
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
1.8% (31 December 2016 est.) 2% (31 December 2015 est.)
country comparison to the world: 178
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$203.1 billion (31 December 2016 est.) $193.9 billion (31 December 2015 est.)
note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 18 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of
country comparison to the world: 22
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$319.3 billion (31 December 2016 est.) $317.2 billion (31 December 2015 est.)
country comparison to the world: 33
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$467 billion (31 December 2016 est.) $462.9 billion (31 December 2015 est.)
country comparison to the world: 26
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$96.08 billion (31 December 2015 est.) $96.79 billion (31 December 2014 est.) $117.7 billion (31 December 2013 est.)
country comparison to the world: 41
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$10.19 billion (2016 est.) $9.583 billion (2015 est.)
country comparison to the world: 20
[see also: Current account balance country ranks ]

Exports:
$141.9 billion (2016 est.) $142.9 billion (2015 est.)
country comparison to the world: 32
[see also: Exports country ranks ]

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

Exports - partners:
Germany 29.4%, US 6.4%, Italy 6.1%, Switzerland 5.7%, France 4.4%, Slovakia 4.2% (2015)

Imports:
$138.6 billion (2016 est.) $140 billion (2015 est.)
country comparison to the world: 30
[see also: Imports country ranks ]

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

Imports - partners:
Germany 41.5%, Italy 6.3%, Switzerland 6%, Czech Republic 4.2% (2015)

Reserves of foreign exchange and gold:
$22.24 billion (31 December 2015 est.) $24.94 billion (31 December 2014 est.)
country comparison to the world: 56
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$689.1 billion (31 March 2016 est.) $679.3 billion (31 March 2015 est.)
country comparison to the world: 18
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$304.7 billion (31 December 2016 est.) $294.9 billion (31 December 2015 est.)
country comparison to the world: 22
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$363.6 billion (31 December 2016 est.) $349.3 billion (31 December 2015 est.)
country comparison to the world: 19
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar - 0.9214 (2016 est.) 0.885 (2015 est.) 0.885 (2014 est.) 0.7634 (2013 est.) 0.78 (2012 est.)


NOTE: The information regarding Austria on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Austria Economy 2017 information contained here. All suggestions for corrections of any errors about Austria Economy 2017 should be addressed to the CIA.




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