Austria Economy - Austria Bank Account

Austria is one of the 12 richest countries in the world in terms of GDP (Gross domestic product) per capita, has a well-developed social market economy, and a high standard of living. Until the 1980s, many of Austria's largest industry firms were nationalised; in recent years, however, privatisation has reduced state holdings to a level comparable to other European economies. Labour movements are particularly strong in Austria and have large influence on labour politics. Next to a highly developed industry, international tourism is the most important part of the national economy.

Despite considerable strains during the recent economic crisis, Austria has been able to maintain much of its economic stability and dynamism. Continued strong protection of the rule of law and fundamental foundations of economic freedom is reflected in Austria’s high scores in property rights and freedom from corruption. Institutional strength, however, is not matched by a commitment to limited government. Public spending has been expansionary, generating great budgetary pressure.

GDP (purchasing power parity):

$356.5 billion (2011 est.)
country comparison to the world: 36
$345.8 billion (2010 est.)
$338 billion (2009 est.)
note: data are in 2011 US dollars
GDP (official exchange rate):

$419.2 billion (2011 est.)
GDP - real growth rate:

3.1% (2011 est.)
country comparison to the world: 120
2.3% (2010 est.)
-3.8% (2009 est.)
GDP - per capita (PPP):

$42,400 (2011 est.)
country comparison to the world: 18
$41,200 (2010 est.)
$40,400 (2009 est.)
note: data are in 2011 US dollars
GDP - composition by sector:

agriculture: 1.5%
industry: 29.4%
services: 69.1% (2011 est.)
Labor force:

3.668 million (2011 est.)
country comparison to the world: 95
Labor force - by occupation:

agriculture: 5.5%
industry: 27.5%
services: 67% (2009 est.)
Unemployment rate:

4.2% (2011 est.)
country comparison to the world: 39
4.4% (2010 est.)
Population below poverty line:

6% (2008)
Household income or consumption by percentage share:

lowest 10%: 4%
highest 10%: 22% (2007)
Distribution of family income - Gini index:

26 (2007)
country comparison to the world: 131
31 (1995)
Investment (gross fixed):

21% of GDP (2011 est.)
country comparison to the world: 82
Budget:

revenues: $202.6 billion
expenditures: $216.6 billion (2011 est.)
Taxes and other revenues:

48.3% of GDP (2011 est.)
country comparison to the world: 24
Budget surplus (+) or deficit (-):

-3.3% of GDP (2011 est.)
country comparison to the world: 104
Public debt:

73.6% of GDP (2011 est.)
country comparison to the world: 30
71.6% of GDP (2010 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
Inflation rate (consumer prices):

3.5% (2011 est.)
country comparison to the world: 82
1.7% (2010 est.)
Commercial bank prime lending rate:

3% (31 December 2011 est.)
country comparison to the world: 179
2.564% (31 December 2010 est.)
Stock of narrow money:

$176.5 billion (31 December 2011 est.)
country comparison to the world: 19
$177.1 billion (31 December 2010 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
Stock of broad money:

$411.9 billion (31 December 2011 est.)
country comparison to the world: 24
$401.8 billion (31 December 2010 est.)
Stock of domestic credit:

$639.7 billion (31 December 2011 est.)
country comparison to the world: 23
$526.9 billion (31 December 2010 est.)
Market value of publicly traded shares:

$82.37 billion (31 December 2011)
country comparison to the world: 41
$118 billion (31 December 2010)
$107.2 billion (31 December 2009)
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:

7.5% (2011 est.)
country comparison to the world: 35
Electricity - production:

62.98 billion kWh (2009 est.)
country comparison to the world: 40
Electricity - consumption:

65.67 billion kWh (2009 est.)
country comparison to the world: 39
Electricity - exports:

18.76 billion kWh (2009 est.)
Electricity - imports:

776 million kWh (2009 est.)
Oil - production:

29,590 bbl/day (2010 est.)
country comparison to the world: 71
Oil - consumption:

277,900 bbl/day (2010 est.)
country comparison to the world: 48
Oil - exports:

46,020 bbl/day (2009 est.)
country comparison to the world: 80
Oil - imports:

282,200 bbl/day (2009 est.)
country comparison to the world: 38
Oil - proved reserves:

50 million bbl (1 January 2011 est.)
country comparison to the world: 78
Natural gas - production:

1.716 billion cu m (2010 est.)
country comparison to the world: 58
Natural gas - consumption:

9.116 billion cu m (2010 est.)
country comparison to the world: 48
Natural gas - exports:

5.439 billion cu m (2010 est.)
country comparison to the world: 28
Natural gas - imports:

12.13 billion cu m (2010 est.)
country comparison to the world: 22
Natural gas - proved reserves:

16.14 billion cu m (1 January 2011 est.)
country comparison to the world: 77
Current account balance:

$8.2 billion (2011 est.)
country comparison to the world: 29
$11.46 billion (2010 est.)
Exports:

$173.6 billion (2011 est.)
country comparison to the world: 30
$147.7 billion (2010 est.)
Exports - commodities:

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

Germany 32.2%, Italy 7.8%, Switzerland 4.4%, France 4.2% (2011)
Imports:

$183.3 billion (2011 est.)
country comparison to the world: 27
$152 billion (2010 est.)
Imports - commodities:

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

Germany 42.8%, Italy 6.8%, Switzerland 5.6%, Netherlands 4.1% (2011)
Reserves of foreign exchange and gold:

$25.17 billion (31 December 2011 est.)
country comparison to the world: 54
$22.28 billion
Debt - external:

$883.5 billion (30 June 2011)
country comparison to the world: 18
$755 billion (30 June 2010)
Stock of direct foreign investment - at home:

$281.4 billion (31 December 2011 est.)
country comparison to the world: 19
$273.3 billion (31 December 2010 est.)
Stock of direct foreign investment - abroad:

$284.1 billion (31 December 2011 est.)
country comparison to the world: 18
$274.9 billion (31 December 2010 est.)

Austria’s trade policy is the same as that of other members of the European Union, with the common EU weighted average tariff rate standing at 1.4 percent. However, myriad non-tariff barriers increase the cost of trade. With an efficient investment regime in place, there are no controls on currency transfers, access to foreign exchange, or repatriation of profits. The modern and competitive banking sector provides a wide range of financial services.