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Austria Economy 2011
https://theodora.com/wfb2011/austria/austria_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 12, 2011

Economy - overview:
Austria, with its well-developed market economy and high standard of living, is closely tied to other EU economies, especially Germany's. Its economy features a large service sector, a sound industrial sector, and a small, but highly developed agricultural sector. Following several years of solid foreign demand for Austrian exports and record employment growth, the international financial crisis and global economic downturn in 2008 led to a recession that persisted until the third quarter of 2009. Austrian GDP contracted 3.8% in 2009 but saw positive growth of about 2% in 2010. Unemployment has not risen as steeply in Austria as elsewhere in Europe, partly because its government has subsidized reduced working hour schemes to allow companies to retain employees. Such stabilization measures, stimulus initiatives, and the government's income tax reforms pushed the budget deficit to 3.5% of GDP in 2009 and about 5% in 2010, from only about 1.3% in 2008. The international financial crisis caused difficulties for some of Austria's largest banks whose extensive operations in central, eastern, and southeastern Europe faced large losses. The government provided bank support - including in some instances, nationalization - to prevent insolvency and possible regional contagion. In the medium-term all large Austrian banks will need additional capital. Even after the global economic outlook improves, Austria will need to continue restructuring, emphasizing knowledge-based sectors of the economy, and encouraging greater labor flexibility and greater labor participation to offset growing unemployment and Austria's aging population and exceedingly low fertility rate.

GDP (purchasing power parity):
$332.9 billion (2010 est.)
country comparison to the world: 36

$326.4 billion (2009 est.)
$339.3 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$366.3 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2% (2010 est.)
country comparison to the world: 147

-3.8% (2009 est.)
1.9% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$40,300 (2010 est.)
country comparison to the world: 21

$39,800 (2009 est.)
$41,300 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 1.5%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 29.4%
[see also: GDP - composition by sector - industry country ranks ]
services: 69.1% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
3.63 million (2009 est.)
country comparison to the world: 96
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 5.5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 27.5%
[see also: Labor force - by occupation - industry country ranks ]
services: 67% (2005 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
4.6% (2010 est.)
country comparison to the world: 43

4.8% (2009 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
6% (2008)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 4%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 22% (2007)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
26 (2007)
country comparison to the world: 127

31 (1995)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
21% of GDP (2009 est.)
country comparison to the world: 75
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $156.7 billion
[see also: Budget - revenues country ranks ]
expenditures: $175.7 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
68.6% of GDP (2010 est.)
country comparison to the world: 25

66.4% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
1.5% (2010 est.)
country comparison to the world: 41

0.4% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
5.03% (31 December 2009 est.)
country comparison to the world: 133

6.82% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$173.4 billion (31 December 2010 est)

$175.6 billion (31 December 2009 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 16 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
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$402.8 billion (31 December 2010 est.)

$402.2 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$659.2 billion (31 December 2009 est.)
country comparison to the world: 20

$606.2 billion (31 December 2008 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$53.58 billion (31 December 2009)
country comparison to the world: 44

$72.3 billion (31 December 2008)
$228.7 billion (31 December 2007)
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
grains, potatoes, sugar beets, 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:
3% (2009 est.)
country comparison to the world: 106
[see also: Industrial production growth rate country ranks ]

Electricity - production:
66.78 billion kWh (2008 est.)
country comparison to the world: 40
[see also: Electricity - production country ranks ]

Electricity - consumption:
68.37 billion kWh (2008 est.)
country comparison to the world: 38
[see also: Electricity - consumption country ranks ]

Electricity - exports:
14.93 billion kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
19.8 billion kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
25,410 bbl/day (2009 est.)
country comparison to the world: 72
[see also: Oil - production country ranks ]

Oil - consumption:
273,700 bbl/day (2009 est.)
country comparison to the world: 48
[see also: Oil - consumption country ranks ]

Oil - exports:
52,970 bbl/day (2008 est.)
country comparison to the world: 79
[see also: Oil - exports country ranks ]

Oil - imports:
298,400 bbl/day (2008 est.)
country comparison to the world: 38
[see also: Oil - imports country ranks ]

Oil - proved reserves:
50 million bbl (1 January 2010 est.)
country comparison to the world: 77
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
1.668 billion cu m (2009)
country comparison to the world: 59
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
8.232 billion cu m (2009)
country comparison to the world: 50
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
3.961 billion cu m (2009 est.)
country comparison to the world: 30
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
10.96 billion cu m (2009)
country comparison to the world: 20
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
16.14 billion cu m (1 January 2010 est.)
country comparison to the world: 77
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
$8.012 billion (2010 est.)
country comparison to the world: 26

$8.73 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$157.4 billion (2010 est.)
country comparison to the world: 29

$135.7 billion (2009 est.)
[see also: Exports country ranks ]

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

Exports - partners:
Germany 30.96%, Italy 8.17%, Switzerland 4.99%, US 3.99% (2009)

Imports:
$156 billion (2010 est.)
country comparison to the world: 28

$138.7 billion (2009 est.)
[see also: Imports country ranks ]

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

Imports - partners:
Germany 45.07%, Switzerland 6.76%, Italy 6.66%, Netherlands 4.03% (2009)

Reserves of foreign exchange and gold:
$NA (31 December 2010 est.)

$18.05 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$755 billion (30 June 2010)
country comparison to the world: 17

$864.2 billion (31 December 2008)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$290.7 billion (31 December 2010 est.)
country comparison to the world: 18

$286.4 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$297.2 billion (31 December 2010 est.)
country comparison to the world: 14

$290.5 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar - 0.7715 (2010), 0.7179 (2009), 0.6827 (2008), 0.7345 (2007), 0.7964 (2006)


NOTE: The information regarding Austria on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Austria Economy 2011 information contained here. All suggestions for corrections of any errors about Austria Economy 2011 should be addressed to the CIA.



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