Austria Economy - 2022

GEOGRAPHICAL NAMES 

Economic 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 strengthened 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.

Real GDP (purchasing power parity)

$463.12 billion (2020 est.)

$495.8 billion (2019 est.)

$488.86 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

1.42% (2019 est.)

2.58% (2018 est.)

2.4% (2017 est.)

Real GDP per capita

$51,900 (2020 est.)

$55,800 (2019 est.)

$55,300 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$445.025 billion (2019 est.)

Inflation rate (consumer prices)

1.5% (2019 est.)

2% (2018 est.)

2% (2017 est.)

Credit ratings

Fitch rating: AA+ (2015)

Moody's rating: Aa1 (2016)

Standard & Poors rating: AA+ (2012)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 1.3% (2017 est.)

industry: 28.4% (2017 est.)

services: 70.3% (2017 est.)

GDP - composition, by end use

household consumption: 52.1% (2017 est.)

government consumption: 19.5% (2017 est.)

investment in fixed capital: 23.5% (2017 est.)

investment in inventories: 1.6% (2017 est.)

exports of goods and services: 54.2% (2017 est.)

imports of goods and services: -50.7% (2017 est.)

Agricultural products

milk, maize, sugar beet, wheat, barley, potatoes, pork, triticale, grapes, apples

Industries

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

Industrial production growth rate

6.5% (2017 est.)

Labor force

3.739 million (2020 est.)

Labor force - by occupation

agriculture: 0.7%

industry: 25.2%

services: 74.1% (2017 est.)

Unemployment rate

7.35% (2019 est.)

7.7% (2018 est.)

Youth unemployment rate (ages 15-24)

total: 11%

male: 10.7%

female: 11.3% (2021 est.)

Population below poverty line

13.3% (2018 est.)

Gini Index coefficient - distribution of family income

29.7 (2017 est.)

30.5 (2014)

Household income or consumption by percentage share

lowest 10%: 2.8%

highest 10%: 23.5% (2012 est.)

Budget

revenues: 201.7 billion (2017 est.)

expenditures: 204.6 billion (2017 est.)

Budget surplus (+) or deficit (-)

-0.7% (of GDP) (2017 est.)

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

Taxes and other revenues

48.3% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

$12.667 billion (2019 est.)

$5.989 billion (2018 est.)

Exports

$226.79 billion (2020 est.)

$247.17 billion (2019 est.)

$253.3 billion (2018 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

Germany 28%, United States 7%, Italy 6%, Switzerland 5% (2019)

Exports - commodities

cars, packaged medical supplies, vehicle parts, medical vaccines/cultures, flavored water (2019)

Imports

$211.85 billion (2020 est.) note: data are in current year dollars

$232.8 billion (2019 est.) note: data are in current year dollars

$238.79 billion (2018 est.) note: data are in current year dollars

Imports - partners

Germany 39%, Italy 7%, Czechia 5% (2019)

Imports - commodities

cars, vehicle parts, broadcasting equipment, refined petroleum, packaged medical supplies (2019)

Reserves of foreign exchange and gold

$21.57 billion (31 December 2017 est.)

$23.36 billion (31 December 2016 est.)

Debt - external

$688.434 billion (2019 est.)

$686.196 billion (2018 est.)

Exchange rates

euros (EUR) per US dollar -

0.828 (2020 est.)

0.903 (2019 est.)

0.878 (2018 est.)

0.885 (2014 est.)

0.763 (2013 est.)

NOTE: The information regarding Austria on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Austria 2022 information contained here. All suggestions for corrections of any errors about Austria 2022 should be addressed to the CIA or the source cited on each page.