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 to 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. Improved export prospects from German unification and the opening of Eastern Europe will also boost the economy during the next few years. Living standards are roughly comparable with the large industrial countries of Western Europe. Problems for the l990s include an aging population, the high level of subsidies, and the struggle to keep welfare benefits within budget capabilities. Austria, which has applied for EC membership, is currently involved in EC and European Free Trade Association negotiations for a European Economic Area and will have to adapt its economy to achieve freer movement of goods, services, capital, and labor with the EC.

GDP: $111.0 billion, per capita $14,500; real growth rate 4.5% (1990)

Inflation rate (consumer prices): 3.3% (1990)

Unemployment: 5.4% (1990)

Budget: revenues $44.1 billion; expenditures $49.6 billion, including capital expenditures of $NA (1990)

Exports: $40.9 billion (f.o.b., 1990); commodities--machinery and equipment, iron and steel, lumber, textiles, paper products, chemicals; partners--EC 64.8%, EFTA 10.3%, CEMA 7.7%, US 3.2%, Japan 1.5%

Imports: $46.6 billion (c.i.f., 1990); commodities--petroleum, foodstuffs, machinery and equipment, vehicles, chemicals, textiles and clothing, pharmaceuticals; partners--EC 68.4%, EFTA 7%, CEMA 5.7%, Japan 4.6%, US 3.6%

External debt: $11.8 billion (1990 est.)

Industrial production: real growth rate 8.5% (1990); accounts for 34% of GDP

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 3.2% of GDP (including forestry); principal crops and animals--grains, fruit, potatoes, sugar beets, sawn wood, cattle, pigs poultry; 80-90% self-sufficient in food

Economic aid: donor--ODA and OOF commitments (1970-89), $2.4 billion

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

Exchange rates: Austrian schillings (S) per US$1--10.627 (January 1991), 11.370 (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 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Austria Economy 1991 information contained here. All suggestions for corrections of any errors about Austria Economy 1991 should be addressed to the CIA.