Economy of Austria

"Austrian economy" redirects here. For the school of economic thought, see Austrian school of economics.

Economy of Austria
Danube City, Vienna
CurrencyEuro (EUR, €)
Calendar year
Trade organisations
EU, WTO, OECD
Country group
Statistics
Population9 179 693 (July 1st 2024) [3]
GDP
  • $541 billion (nominal, 2024)[4]
  • $634 billion (PPP, 2024)[4]
GDP rank
GDP growth
  • 4.8% (2022)
  • −0.7% (2023)
  • 0.4% (2024)[4]
GDP per capita
  • $59,225 (nominal, 2024)[4]
  • $69,460 (PPP, 2024)[4]
GDP per capita rank
GDP by sector
  • 7.7% (2023)
  • 3.9% (2024)[4]
Population below poverty line
17.7% at risk of poverty or social exclusion (AROPE 2023)[6]
28.1 low (2023)[7]
71 out of 100 points (2023)[9] (20th)
Labour force
  • 4,559,603 (2019)[10]
  • 77.2% employment rate (2023)[11]
Labour force by occupation
Unemployment
  • 5.0% (August 2020)[12]
  • 10.3% youth unemployment (15 to 24 year-olds; July 2020)[13]
Average gross salary
€3,050 monthly (2021)[14]
€2,224 monthly (2021)[14]
Main industries
construction, machinery, vehicles and parts, food, metals, chemicals, lumber and paper, electronics, tourism
External
Exports$156.7 billion (2017 est.)[5]
Export goods
machinery and equipment, motor vehicles and parts, manufactured goods, chemicals, iron and steel, foodstuffs
Main export partners
Imports$158.1 billion (2017 est.)[5]
Import goods
machinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products, natural gas; foodstuffs
Main import partners
FDI stock
  • $294.1 billion (31 December 2017 est.)[5]
  • Abroad: $339.7 billion (31 December 2017 est.)[5]
$7.859 billion (2017 est.)[5]
$630.8 billion (31 December 2017)[5]
Public finances
  • 70.4% of GDP (2019)[15]
  • €280.426 billion (2019)[15]
  • €2.9 billion surplus (2019)[15]
  • +0.7% of GDP (2019)[15]
Revenues49.0% of GDP (2019)[15]
Expenses48.2% of GDP (2019)[15]
Economic aid
  • Scope:[18]
  • AA+
  • Outlook: Stable
$21.57 billion (31 December 2017 est.)[5]
All values, unless otherwise stated, are in US dollars.

The economy of Austria is a highly developed social market economy, with the country being one of the fourteen richest in the world in terms of GDP (gross domestic product) per capita.[19] Until the 1980s, many of Austria's largest industry firms were nationalised. In recent years, privatisation has reduced state holdings to a level comparable to other European economies. Among OECD nations, Austria has a highly efficient and strong social security system; social expenditure stood at roughly 29.4% of GDP.[20][21][22]

Labor movements are particularly strong in Austria, and they have a large influence on labor politics. Next to a highly developed industry, international tourism is the most important part of the national economy. The economy of Austria's average GDP is 13th growth in OECD countries, from 1992 to 2017. In Austria, 1.37% over average population growth is the strong factor.

Germany has historically been the main trading partner of Austria, making the Austrian economy vulnerable to rapid changes in the German economy.[23] However, since Austria became a member state of the European Union, it has gained closer ties to other European Union economies. This development reduced its economic dependence on Germany. In addition, Austria's membership in the EU has drawn an influx of foreign investors.

They were attracted by Austria's access to the European Single Market and the country's proximity to the aspiring economies of the European Union. Growth in GDP has accelerated in recent years, and reached 3.3% in 2006.[24]

In 2024 Austria has a very high, $59,225 nominal GDP per capita ranked 13th.[4]

Vienna was ranked the fifth richest NUTS-2 region within Europe (see Economy of the European Union), with its GDP reaching €38,632 per capita. It was trailing behind Inner London, Luxembourg, the Brussels-Capital Region and Hamburg.[25]

Growth had been steady between 2002 and 2006, varying between 1 and 3.3%.[26] After hitting 0% in 2013, growth had picked up a little. As of 2016, growth was set at 1.5%.[27]

  1. ^ "Groups and Aggregates Information". IMF.org. International Monetary Fund.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "Population on July 1st 2024". www.statistik.at/fileadmin/announcement/2024/02/20240213Bevoelkerungsstand1.1.2024.pdf. Statistik.at. Retrieved 19 October 2024.
  4. ^ a b c d e f g "Report for Selected Countries and Subjects: April 2024". imf.org. International Monetary Fund.
  5. ^ a b c d e f g h i j k "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 25 March 2019.
  6. ^ "People at risk of poverty or social exclusion". ec.europa.eu. Eurostat. Retrieved 9 June 2024.
  7. ^ "Gini coefficient of equivalised disposable income - EU-SILC survey". ec.europa.eu. Eurostat. Retrieved 9 June 2024.
  8. ^ a b "Human Development Report 2023/2024" (PDF). United Nations Development Programme. 13 March 2024. Archived (PDF) from the original on 13 March 2024. Retrieved 3 May 2024.
  9. ^ "Corruption Perceptions Index". Transparency International. 30 January 2024. Archived from the original on 30 January 2024. Retrieved 15 July 2024.
  10. ^ "Labor force, total - Austria". data.worldbank.org. World Bank. Retrieved 1 November 2019.
  11. ^ "Employment rate by sex, age group 20-64". ec.europa.eu/eurostat. Eurostat. Retrieved 20 July 2024.
  12. ^ "Unemployment by sex and age - monthly average". appsso.eurostat.ec.europa.eu. Eurostat. Retrieved 4 October 2020.
  13. ^ "Unemployment rate by age group". data.oecd.org. OECD. Retrieved 16 September 2020.
  14. ^ a b "Statistik.at". statistik.at. 2023. Retrieved 22 January 2023.
  15. ^ a b c d e f "Euro area and EU27 government deficit both at 0.6% of GDP" (PDF). ec.europa.eu/eurostat. Eurostat. Retrieved 28 April 2020.
  16. ^ "Archived copy" (PDF). Archived (PDF) from the original on 25 December 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  17. ^ "Archived copy" (PDF). Archived (PDF) from the original on 20 April 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  18. ^ "Scope downgrades Austria to AA+ and revises the Outlook to Stable". Scope Ratings. Retrieved 28 April 2024.
  19. ^ "Austria". International Monetary Fund. Retrieved 22 April 2009.
  20. ^ Kenworthy, Lane (1999). "Do Social-Welfare Policies Reduce Poverty? A Cross-National Assessment" (PDF). Social Forces. 77 (3): 1119–1139. doi:10.2307/3005973. JSTOR 3005973. Archived (PDF) from the original on 10 August 2013.
  21. ^ Moller, Stephanie; Huber, Evelyne; Stephens, John D.; Bradley, David; Nielsen, François (2003). "Determinants of Relative Poverty in Advanced Capitalist Democracies". American Sociological Review. 68 (1): 22–51. doi:10.2307/3088901. JSTOR 3088901.
  22. ^ "Social Expenditure – Aggregated data". Organisation for Economic Co-operation and Development.
  23. ^ "Bilateral economic relations with Europe". Bundesministerium für Arbeit und Wirtschaft. Retrieved 30 May 2024.
  24. ^ Real GDP Growth – Expenditure Side, provided by the Austrian National Bank (in German)
  25. ^ (in English) Regional GDP per inhabitant in the EU27 Archived 26 March 2009 at the Wayback Machine, provided by Eurostat
  26. ^ (in English) Real GDP Growth3 – Expenditure Side, provided by the Austrian National Bank
  27. ^ Austrian Economic Chamber (July 2018). "GDP Growth in Austria" (PDF). Retrieved 14 August 2018.