Economy - overview Austria, with its well-developed market economy and high standard of living, is closely tied to other EU economies, especially Germany's. Membership in the EU has drawn an influx of foreign investors attracted by Austria's access to the single European market and proximity to EU aspirant economies. Slowing growth in Germany and elsewhere in the world slowed the economy to only 1.2% growth in 2001; the economy is expected to do little better in 2002. To meet increased competition from both EU and Central European countries, Austria will need to emphasize knowledge-based sectors of the economy, continue to deregulate the service sector, and lower its tax burden.

GDP purchasing power parity - $220 billion (2001 est.)

GDP - real growth rate 1.2% (2001 est.)

GDP - per capita purchasing power parity - $27,000 (2001 est.)

GDP - composition by sector
agriculture: 2%
industry: 29%
services: 69% (2001)

Population below poverty line NA%

Household income or consumption by percentage share
lowest 10%: 4.4%
highest 10%: 19.3% (1992)

Distribution of family income - Gini index 23.1 (1987)

Inflation rate (consumer prices) 2.6% (2001)

Labor force 4.3 million (2001)

Labor force - by occupation services 67%, industry and crafts 29%, agriculture and forestry 4% (2001 est.)

Unemployment rate 4.8% (2001)

Budget
revenues: $53 billion
expenditures: $54 billion, including capital expenditures of $NA (2001 est.)

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

Industrial production growth rate 3.8% (2001 est.)

Electricity - production 60.285 billion kWh (2000)

Electricity - production by source
fossil fuel: 28.46%
hydro: 68.64%
other: 2.9% (2000)
nuclear: 0%

Electricity - consumption 54.764 billion kWh (2000)

Electricity - exports 15.11 billion kWh (2000)

Electricity - imports 13.809 billion kWh (2000)

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

Exports $70 billion (f.o.b., 2001) (2000 est.)

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

Exports - partners EU 63% (Germany 35%, Italy 9%, France 5%), Switzerland 5%, US 5%, Hungary 4% (2000)

Imports $73 billion (c.i.f., 2001)

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

Imports - partners EU 68% (Germany 42%, Italy 7%, France 5%), US 6%, Switzerland 3%, Hungary 2% (2000)

Debt - external $12.1 billion (2001 est.)

Economic aid - donor ODA, $410 million (2000)

Currency euro (EUR); Austrian schilling (ATS)
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; on 1 January 2002, the euro became the sole currency for everyday transactions within the member countries

Currency code EUR; ATS

Exchange rates euros per US dollar - 1.1324 (January 2002), 1.1175 (2001), 1.0854 (2000), 0.9386 (1999); Austrian schillings per US dollar - 11.86 (January 1999), 12.91 (1999), 12.379 (1998), 12.204 (1997)

Fiscal year calendar year

NOTE: The information regarding Austria on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Austria Economy 2002 information contained here. All suggestions for corrections of any errors about Austria Economy 2002 should be addressed to the CIA.