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Austria Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Austria Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

Economy - overview:
Austria is a well-developed market economy with skilled labor force and high standard of living. It is closely tied to other EU economies, especially Germany's, but also the US’, its third-largest trade partner. Its economy features a large service sector, a sound industrial sector, and a small, but highly developed agricultural sector.

Austrian economic growth strengthen in 2017, with a 2.9% increase in GDP. Austrian exports, accounting for around 60% of the GDP, were up 8.2% in 2017. Austria’s unemployment rate fell by 0.3% to 5.5%, which is low by European standards, but still at its second highest rate since the end of World War II, driven by an increased number of refugees and EU migrants entering the labor market.

Austria's fiscal position compares favorably with other euro-zone countries. The budget deficit stood at a low 0.7% of GDP in 2017 and public debt declined again to 78.4% of GDP in 2017, after reaching a post-war high 84.6% in 2015. The Austrian government has announced it plans to balance the fiscal budget in 2019. Several external risks, such as Austrian banks' exposure to Central and Eastern Europe, the refugee crisis, and continued unrest in Russia/Ukraine, eased in 2017, but are still a factor for the Austrian economy. Exposure to the Russian banking sector and a deep energy relationship with Russia present additional risks.

Austria elected a new pro-business government in October 2017 that campaigned on promises to reduce bureaucracy, improve public sector efficiency, reduce labor market protections, and provide positive investment incentives.

GDP (purchasing power parity):
$441 billion (2017 est.)
$428.1 billion (2016 est.)
$422 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 45
[see also: GDP country ranks ]

GDP (official exchange rate):
$417.4 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3% (2017 est.)
1.5% (2016 est.)
1.1% (2015 est.)
country comparison to the world: 110
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$50,000 (2017 est.)
$49,000 (2016 est.)
$48,900 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 31
[see also: GDP - per capita country ranks ]

Gross national saving:
27% of GDP (2017 est.)
26.2% of GDP (2016 est.)
25.5% of GDP (2015 est.)
country comparison to the world: 43
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 52.1% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 19.5% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 23.5% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1.6% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 54.2% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -50.7% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 1.3% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 28.4% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 70.3% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
grains, potatoes, wine, fruit; dairy products, cattle, pigs, poultry; lumber and other forestry products

Industries:
construction, machinery, vehicles and parts, food, metals, chemicals, lumber and paper, electronics, tourism

Industrial production growth rate:
6.5% (2017 est.)
country comparison to the world: 35
[see also: Industrial production growth rate country ranks ]

Labor force:
4.26 million (2017 est.)
country comparison to the world: 90
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 0.7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 25.2%
[see also: Labor force - by occupation - industry country ranks ]
services: 74.1% (2017 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
5.5% (2017 est.)
6% (2016 est.)
country comparison to the world: 80
[see also: Unemployment rate country ranks ]

Population below poverty line:
3% (2017 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.8%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 23.5% (2012 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
30.5 (2015)
30.5 (2014)
country comparison to the world: 131
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 201.7 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 204.6 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
48.3% (of GDP) (2017 est.)
country comparison to the world: 18
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-0.7% (of GDP) (2017 est.)
country comparison to the world: 67
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
78.6% of GDP (2017 est.)
83.6% of GDP (2016 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
country comparison to the world: 37
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.2% (2017 est.)
1% (2016 est.)
country comparison to the world: 111
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0% (31 December 2017)
0% (31 December 2010)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
country comparison to the world: 147
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
1.57% (31 December 2017 est.)
1.86% (31 December 2016 est.)
country comparison to the world: 189
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$271.4 billion (31 December 2017 est.)
$214 billion (31 December 2016 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 18 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
country comparison to the world: 19
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$271.4 billion (31 December 2017 est.)
$214 billion (31 December 2016 est.)
country comparison to the world: 19
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$555.4 billion (31 December 2017 est.)
$483.7 billion (31 December 2016 est.)
country comparison to the world: 25
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$96.08 billion (31 December 2015 est.)
$96.79 billion (31 December 2014 est.)
$117.7 billion (31 December 2013 est.)
country comparison to the world: 40
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$7.859 billion (2017 est.)
$8.313 billion (2016 est.)
country comparison to the world: 25
[see also: Current account balance country ranks ]

Exports:
$156.7 billion (2017 est.)
$149.5 billion (2016 est.)
country comparison to the world: 32
[see also: Exports country ranks ]

Exports - partners:
Germany 29.4%, US 6.3%, Italy 6.2%, Switzerland 5.1%, France 4.8%, Slovakia 4.8% (2017)

Exports - commodities:
machinery and equipment, motor vehicles and parts, manufactured goods, chemicals, iron and steel, foodstuffs

Imports:
$158.1 billion (2017 est.)
$142.3 billion (2016 est.)
country comparison to the world: 28
[see also: Imports country ranks ]

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

Imports - partners:
Germany 41.8%, Italy 5.8%, Switzerland 5.5%, Czech Republic 4.4%, Netherlands 4.2% (2017)

Reserves of foreign exchange and gold:
$21.57 billion (31 December 2017 est.)
$23.36 billion (31 December 2016 est.)
country comparison to the world: 57
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$630.8 billion (31 December 2017 est.)
$679.3 billion (31 March 2015 est.)
country comparison to the world: 19
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$294.1 billion (31 December 2017 est.)
$158.9 billion (31 December 2016 est.)
country comparison to the world: 21
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$339.7 billion (31 December 2017 est.)
$214.7 billion (31 December 2016 est.)
country comparison to the world: 21
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar -
0.885 (2017 est.)
0.903 (2016 est.)
0.9214 (2015 est.)
0.885 (2014 est.)
0.7634 (2013 est.)


NOTE: 1) The information regarding Austria on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Austria Economy 2019 information contained here. All suggestions for corrections of any errors about Austria Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 08-Feb-19
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