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Austria Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Austria Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Austria, with its well-developed market economy, skilled labor force, and high standard of living, is closely tied to other EU economies, especially Germany's. Its economy features a large service sector, a relatively sound industrial sector, and a small, but highly developed agricultural sector.Economic growth has been relatively weak in recent years, approaching 1% in 2015, but rising to 2.3% in 2017. Austria's 5.8% unemployment rate, while low by European standards, is at its highest rate since the end of World War II, driven by an increased number of refugees and EU migrants entering the labor market. Without extensive vocational training programs and generous early retirement, the unemployment rate would be even higher.Although Austria's fiscal position compares favorably with other euro-zone countries, it faces several external risks, such as unexpectedly weak world economic growth threatening the export market, Austrian banks' continued exposure to Central and Eastern Europe, repercussions from the Hypo Alpe Adria bank collapse, political and economic uncertainties caused by the European sovereign debt crisis, the current refugee crisis, and continued unrest in Russia/Ukraine. The budget deficit stood at 1% of GDP in 2016 and public debt reached a post-war high of 84.6% of the GDP in 2016.

GDP (purchasing power parity):
$434.1 billion (2017 est.) $424.4 billion (2016 est.) $418.2 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 46

GDP (official exchange rate):
$409.3 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.3% (2017 est.) 1.5% (2016 est.) 1% (2015 est.)
country comparison to the world: 144
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$49,200 (2017 est.) $48,600 (2016 est.) $48,500 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 33

Gross national saving:
26.2% of GDP (2017 est.) 25.5% of GDP (2016 est.) 25.4% of GDP (2015 est.)
country comparison to the world: 44
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 52.1%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 19.8%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 23.1%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 54.2%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -50.3% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 1.2%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 28.2%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 70.5% (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, paper and paperboard, communications equipment, tourism

Industrial production growth rate:
3.8% (2017 est.)
country comparison to the world: 75
[see also: Industrial production growth rate country ranks ]

Labor force:
3.997 million (2017 est.)
country comparison to the world: 94
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 0.7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 25.3%
[see also: Labor force - by occupation - industry country ranks ]
services: 74% (2015 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
5.4% (2017 est.) 6% (2016 est.)
country comparison to the world: 73
[see also: Unemployment rate country ranks ]

Population below poverty line:
4% (2014 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.)

Distribution of family income - Gini index:
29.2 (2013) 26.3 (2007)
country comparison to the world: 129
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $197.8 billion
[see also: Budget - revenues country ranks ]
expenditures: $201.9 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
48.3% of GDP (2017 est.)
country comparison to the world: 17
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1% of GDP (2017 est.)
country comparison to the world: 60
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
81.7% of GDP (2017 est.) 84.6% 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: 35
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.6% (2017 est.) 1% (2016 est.)
country comparison to the world: 71
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
1.7% (31 December 2017 est.) 1.86% (31 December 2016 est.)
country comparison to the world: 180
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$258.6 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: 20
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$371.1 billion (31 December 2017 est.) $326.2 billion (31 December 2016 est.)
country comparison to the world: 31
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$556.7 billion (31 December 2017 est.) $489.3 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:
$8.546 billion (2017 est.) $6.642 billion (2016 est.)
country comparison to the world: 22
[see also: Current account balance country ranks ]

Exports:
$157.5 billion (2017 est.) $142.8 billion (2016 est.)
country comparison to the world: 32
[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 29.9%, US 6.3%, Italy 6.2%, Switzerland 5.7%, Slovakia 4.4% (2016)

Imports:
$157.6 billion (2017 est.) $143 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 42.5%, Italy 6%, Switzerland 5.6%, Czech Republic 4.4%, Netherlands 4% (2016)

Reserves of foreign exchange and gold:
$23.36 billion (31 December 2016 est.) $22.24 billion (31 December 2015 est.)
country comparison to the world: 56
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$689.1 billion (31 March 2016 est.) $679.3 billion (31 March 2015 est.)
country comparison to the world: 18
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$245.8 billion (31 December 2017 est.) $242.8 billion (31 December 2016 est.)
country comparison to the world: 26
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$309.8 billion (31 December 2017 est.) $300.5 billion (31 December 2016 est.)
country comparison to the world: 23
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar - 0.906 (2017 est.) 0.9214 (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 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Austria Economy 2018 information contained here. All suggestions for corrections of any errors about Austria Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The 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






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