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Austria Economy 2014
http://www.theodora.com/wfbcurrent/austria/austria_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on December 18, 2013

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 sound industrial sector, and a small, but highly developed agricultural sector. Following several years of solid foreign demand for Austrian exports and record employment growth, the international financial crisis of 2008 and subsequent global economic downturn led to a sharp but brief recession. Austrian GDP contracted 3.8% in 2009 but saw positive growth of about 2% in 2010 and 2.7% in 2011. Growth fell to 0.6% in 2012. Unemployment did not rise as steeply in Austria as elsewhere in Europe, partly because the government subsidized reduced working hour schemes to allow companies to retain employees. The 2012 unemployment rate of 4.3% was the lowest within the EU. Stabilization measures, stimulus spending, and an income tax reform pushed the budget deficit to 4.5% in 2010 and 2.6% in 2011, from only about 0.9% in 2008. The international financial crisis of 2008 caused difficulties for Austria's largest banks whose extensive operations in central, eastern, and southeastern Europe faced large losses. The government provided bank support - including in some instances, nationalization - to support aggregate demand and stabilize the banking system. Austria's fiscal position compares favorably with other euro-zone countries, but it faces external risks, such as Austrian banks' continued exposure to Central and Eastern Europe as well as political and economic uncertainties caused by the European sovereign debt crisis. In 2011 the government attempted to pass a constitutional amendment limiting public debt to 60% of GDP by 2020, but it was unable to obtain sufficient support in parliament and instead passed the measure as a simple law. In March 2012, the Austrian parliament approved an austerity package consisting of a mix of expenditure cuts and new revenues that will bring public finances into balance by 2016. In 2012, the budget deficit rose to 3.1% of GDP.

GDP (purchasing power parity):
$361 billion (2012 est.)
country comparison to the world: 37

$359.6 billion (2011 est.)
$356.5 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$417.9 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.4% (2012 est.)
country comparison to the world: 171

0.9% (2011 est.)
2.8% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$42,600 (2012 est.)
country comparison to the world: 19

$42,500 (2010 est.)
$42,300 (2009 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
23.9% of GDP (2012 est.)
country comparison to the world: 54

24.4% of GDP (2011 est.)
24.5% of GDP (2010 est.)

GDP - composition, by end use:
household consumption: 54.6%
government consumption: 19.2%
investment in fixed capital: 20.8%
investment in inventories: 0.5%
exports of goods and services: 56.9%
imports of goods and services: -52%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 1.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 28.6%
services: 69.8% (2012 est.)

Agriculture - products:
grains, potatoes, 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:
1% (2012 est.)
country comparison to the world: 122
[see also: Industrial production growth rate country ranks ]

Labor force:
3.737 million (2012)
country comparison to the world: 95
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 5.5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 26%
services: 68.5% (2010)

Unemployment rate:
4.9% (2012 est.)
country comparison to the world: 42

4.4% (2011 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
6.2% (2012)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 4%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 22% (2011)

Distribution of family income - Gini index:
26.3 (2007)
country comparison to the world: 128

31 (1995)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $200 billion
[see also: Budget revenues country ranks ]
expenditures: $212.1 billion (2011)

Taxes and other revenues:
47.9% of GDP (2012 est.)
country comparison to the world: 17
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.9% of GDP (2012 est.)
country comparison to the world: 116
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
75.7% of GDP (2012 est.)
country comparison to the world: 31

74.1% of GDP (2011 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): currency and deposits (AF.2), securities other than shares excluding financial derivatives (AF.3, excluding AF.34), and loans (AF.4); the general government sector comprises the sub-sectors of central government, state government, local government and social security funds; as a percentage of GDP, the GDP used as a denominator is the gross domestic product in current year prices
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.1% (2012 est.)
country comparison to the world: 46

2.6% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
2.2% (31 December 2012 est.)
country comparison to the world: 180

2.5% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$204.5 billion (31 December 2012 est.)
country comparison to the world: 19

$201.1 billion (31 December 2011 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 17 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$419 billion (31 December 2012 est.)
country comparison to the world: 25

$414 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$544.2 billion (31 December 2012 est.)
country comparison to the world: 25

$543 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$106 billion (31 December 2012)
country comparison to the world: 45

$82.37 billion (31 December 2011)
$67.68 billion (31 December 2010)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$10.6 billion (2012 est.)
country comparison to the world: 26

$7.085 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$165.6 billion (2012 est.)
country comparison to the world: 31

$160.1 billion (2011 est.)
[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 31.4%, Italy 6.9%, France 4.7%, Switzerland 4.5%, US 4.4% (2012)

Imports:
$167.9 billion (2012 est.)
country comparison to the world: 29

$163.2 billion (2011 est.)
[see also: Imports country ranks ]

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

Imports - partners:
Germany 42.1%, Italy 6.6%, Switzerland 5.1% (2012)

Reserves of foreign exchange and gold:
$27.21 billion (31 December 2012 est.)
country comparison to the world: 54

$25.16 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$812 billion (31 December 2012)
country comparison to the world: 18

$786.1 billion (31 December 2011)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$269.5 billion (31 December 2012 est.)
country comparison to the world: 20

$265.3 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$345.2 billion (31 December 2012 est.)
country comparison to the world: 19

$331.4 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar -

0.76 (2012 est.)
0.78 (2011 est.)
0.76 (2010 est.)
0.72 (2009 est.)
0.68 (2008 est.)


NOTE: The information regarding Austria on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Austria Economy 2014 information contained here. All suggestions for corrections of any errors about Austria Economy 2014 should be addressed to the CIA.



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