Austria Business Resources

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 economy features up-to-date industrial and agricultural sectors. Timber is a key industry, 47% of the land area being forested. 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. Slow growth in Europe has held the economy to 0.7% growth in 2001, 1.4% in 2002, 0.8% in 2003, and 1.9% in 2004. 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 encourage much greater participation in the labor market by its aging population. The aging phenomenon, together with already high health and pension costs, poses fundamental problems in tax and welfare policies.

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

Airlines
Airlines in Europe
Airlines Worldwide

Airports
Airports in Europe
Airports Worldwide

Country Budget
revenues: $142.5 billion
expenditures: $146.4 billion, including capital expenditures of NA (2004 est.)

Currency (code)
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

Currency Exchange Rate
euros per US dollar - 0.8054 (2004), 0.886 (2003), 1.0626 (2002), 1.1175 (2001), 1.0854 (2000)

Fiscal Year
calendar year

GDP (Gross Domestic Product)
GDP (purchasing power parity): $255.9 billion (2004 est.)
GDP - real growth rate: 1.9% (2004 est.)
GDP - per capita: purchasing power parity - $31,300 (2004 est.)
GDP - composition by sector:
agriculture: 2.3%
industry: 30.8%
services: 66.9% (2004 est.)

Imports / Exports
Exports: $102.7 billion f.o.b. (2004 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: $101.2 billion f.o.b. (2004 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)

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

Investing
Forex, Foreign Exchange Market: Currency Trading

Labor Force & Unemployment Rate
Labor force: 3.45 million (2004 est.)
Labor force - by occupation: agriculture and forestry 4%, industry and crafts 29%, services 67% (2001 est.)
Unemployment rate: 4.4% (2004 est.)