Overview: The economy depends primarily on manufacturing, which accounts for about 30% of GDP. Agriculture is of declining importance, contributing less than 4% to GDP and employing 8.5% of the labor force in 1986. In early 1987 the government introduced a policy of fiscal austerity and economic restructuring that should have long-term benefits for the economy. However, transitional difficulties soon became apparent as real growth slowed to 1%.

GDP: $118.1 billion, per capita $15,573; real growth rate 1.3% (1987)

Inflation rate (consumer prices): 2.0% (1988)

Unemployment: 5.4% (1988)

Budget: revenues $31.6 billion; expenditures $37.5 billion, including capital expenditures of NA (1987)

Exports: $27.2 billion (f.o.b., 1987); @m5commodities--machinery and equipment, iron and steel, lumber, textiles, paper products, chemicals; @m5partners--FRG 35%, Italy 10%, Eastern Europe 8%, Switzerland 7%, US 4%, OPEC 3%

Imports: $32.7 billion (c.i.f., 1987); @m5commodities--petroleum, foodstuffs, machinery and equipment, vehicles, chemicals, textiles and clothing, pharmaceuticals; @m5partners--FRG 44%, Italy 9%, Eastern Europe 6%, Switzerland 5%, US 3%, USSR 2%

External debt: $12.4 billion (December 1987)

Industrial production: growth rate 6.5% (1988)

Electricity: 17,042,000 kW capacity; 47,860 million kWh produced, 6,310 kWh per capita (1988)

Industries: foods, iron and steel, machines, textiles, chemicals, electrical, paper and pulp, tourism, mining

Agriculture: accounts for 3.5% of GDP (including forestry); principal crops--grains, fruit, potatoes, sugar beets, sawn wood; livestock--cattle, pigs, poultry; 80-90% self-sufficient in food

Aid: donor--ODA and OOF commitments (1970-86), $1.6 billion

Currency: Austrian schilling (plural--schillings); 1 Austrian schilling (S) = 100 groschen

Exchange rates: Austrian schillings (S) per US$1--12.873 (January 1989), 12.348 (1988), 12.643 (1987), 15.267 (1986), 20.690 (1985)

Fiscal year: calendar year

NOTE: The information regarding Austria on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Austria Economy 1989 information contained here. All suggestions for corrections of any errors about Austria Economy 1989 should be addressed to the CIA.