Overview: Austria boasts a prosperous and stable capitalist economy with a sizable proportion of nationalized industry and extensive welfare benefits. Thanks to an excellent raw material endowment, a technically skilled labor force, and strong links with West German industrial firms, Austria has successfully occupied specialized niches in European industry and services (tourism, banking) and produces almost enough food to feed itself with only 8% of the labor force in agriculture. Living standards are roughly comparable with the large industrial countries of Western Europe. Problems for the l990s include an aging population and the struggle to keep welfare benefits within budget capabilities.

GDP: $103.2 billion, per capita $13,600; real growth rate 4.2% (1989 est.)

Inflation rate (consumer prices): 2.7% (1989)

Unemployment: 4.8% (1989)

Budget: revenues $34.2 billion; expenditures $39.5 billion, including capital expenditures of NA (1988)

Exports: $31.2 billion (f.o.b., 1989); commodities--machinery and equipment, iron and steel, lumber, textiles, paper products, chemicals; partners--FRG 35%, Italy 10%, Eastern Europe 9%, Switzerland 7%, US 4%, OPEC 3%

Imports: $37.9 billion (c.i.f., 1989); commodities--petroleum, foodstuffs, machinery and equipment, vehicles, chemicals, textiles and clothing, pharmaceuticals; partners--FRG 44%, Italy 9%, Eastern Europe 6%, Switzerland 5%, US 4%, USSR 2%

External debt: $12.4 billion (December 1987)

Industrial production: growth rate 5.8% (1989 est.)

Electricity: 17,562,000 kW capacity; 49,290 million kWh produced, 6,500 kWh per capita (1989)

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

Agriculture: accounts for 4% of GDP (including forestry); principal crops and animals--grains, fruit, potatoes, sugar beets, sawn wood, cattle, pigs poultry; 80-90% self-sufficient in food

Aid: donor--ODA and OOF commitments (1970-87), $1.7 billion

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

Exchange rates: Austrian schillings (S) per US$1--11.907 (January 1990), 13.231 (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 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Austria Economy 1990 information contained here. All suggestions for corrections of any errors about Austria Economy 1990 should be addressed to the CIA.