Economy - overview Austria, a member of the European Union since 1 January 1995, has a well-developed market economy with a high standard of living. With exports of goods and services reaching over 40% of GDP, Austria's economy is closely integrated with other EU member countries, especially with Germany. Austria's entry into the EU has drawn an influx of foreign investors attracted by Austria's access to the single European market. Austria is well on its way to meeting all Maastricht convergence criteria for monetary union, through privatization efforts, the 1996-98 budget consolidation programs, and austerity measures, which were expected to bring total public sector deficit down to 3% of GDP in 1997 and public debt in line with the 60% of GDP required by the EU. Cuts mainly affect the civil service and Austria's generous social system, the two major causes of the government deficit. To meet increased competition from both the EU and Central European countries, Austria will need to emphasize knowledge-based sectors of the economy and deregulate the service sector, particularly telecommunications and the energy sector. Economic prospects are expected to brighten in 1998 with GDP growth projected to be 2.5%.

GDP purchasing power parity - $174.1 billion (1997 est.)

GDP - real growth rate 2.1% (1997 est.)

GDP - per capita purchasing power parity - $21,400 (1997 est.)

GDP - composition by sector
agriculture: 1.5%
industry: 31.6%
services: 66.9% (1996)

Inflation rate - consumer price index 1.3% (1997)

Labor force
total: 3.646 million (1996)
by occupation: services 66.1%, industry and crafts 29.6%, agriculture and forestry 1.3% (salaried employees, 1996)
note: an estimated 150,000 Austrians are employed abroad; foreign laborers in Austria number 298,000 (1996)

Unemployment rate 7.1% (January 1998)

Budget
revenues: $53.6 billion
expenditures: $61.6 billion, including capital expenditures of $NA (1996 est.)

Industries food, iron and steel, machines, textiles, chemicals, electrical, paper and pulp, tourism, mining, motor vehicles

Industrial production growth rate 1% (1996)

Electricity - capacity 15.65 million kW (1996)

Electricity - production 54.8 billion kWh (1996)

Electricity - consumption per capita 6,900 kWh (1996)

Agriculture - products grains, potatoes, sugar beets, wine, fruit, dairy products; cattle, pigs, poultry; sawn wood

Exports
total value: $57.8 billion (1996)
commodities: machinery and equipment, iron and steel, lumber, textiles, paper products, chemicals
partners: EU 64.7% (Germany 37.7%, Italy 8.5%), Eastern Europe 14.9%, Japan 1.5%, US 3.1% (1996)

Imports
total value: $67.3 billion (1996)
commodities: petroleum, foodstuffs, machinery and equipment, vehicles, chemicals, textiles and clothing, pharmaceuticals
partners: EU 70.7% (Germany 42.8%, Italy 8.7%), Eastern Europe 10%, Japan 2.4%, US 4.5% (1996)

Debt - external $29.4 billion (1996 est.)

Economic aid
donor: ODA, $480 million; assistance to central and eastern Europe $400 million (1996)

Currency 1 Austrian schilling (AS) = 100 groschen

Exchange rates Austrian schillings (AS) per US$1 - 12.776 (January 1998), 12.204 (1997), 10.587 (1996), 10.081 (1995), 11.422 (1994), 11.632 (1993)

Fiscal year calendar year

NOTE: The information regarding Austria on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Austria Economy 1998 information contained here. All suggestions for corrections of any errors about Austria Economy 1998 should be addressed to the CIA.