Austria Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

one of the strongest EU and euro economies; diversified trade portfolios and relations; enormous trade economy; Russian energy dependence, but investing in alternative energy; aging labor force but large refugee population; large government debt

Real GDP (purchasing power parity)

$484.698 billion (2021 est.)

$463.574 billion (2020 est.)

$495.557 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

4.56% (2021 est.)

-6.45% (2020 est.)

1.52% (2019 est.)

Real GDP per capita

$54,100 (2021 est.)

$52,000 (2020 est.)

$55,800 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$445.025 billion (2019 est.)

Inflation rate (consumer prices)

2.77% (2021 est.)

1.38% (2020 est.)

1.53% (2019 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

6.77% (2021 est.)

Labor force

4.661 million (2021 est.)

Labor force - by occupation

agriculture: 0.7%

industry: 25.2%

services: 74.1% (2017 est.)

Unemployment rate

6.3% (2021 est.)

5.36% (2020 est.)

4.49% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 11.4%

male: 11.5%

female: 11.3% (2021 est.)

Population below poverty line

13.3% (2018 est.)

Gini Index coefficient - distribution of family income

30.2 (2019 est.)

Average household expenditures

on food: 9.8% of household expenditures (2018 est.)

on alcohol and tobacco: 3.2% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.8%

highest 10%: 23.5% (2012 est.)

Budget

revenues: $218.48 billion (2019 est.)

expenditures: $215.485 billion (2019 est.)

Budget surplus (+) or deficit (-)

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

Public debt

99.91% of GDP (2020 est.)

83.05% of GDP (2019 est.)

84.16% of GDP (2018 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

24.19% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$1.627 billion (2021 est.)

$12.897 billion (2020 est.)

$10.636 billion (2019 est.)

Exports

$268.277 billion (2021 est.)

$224.734 billion (2020 est.)

$247.738 billion (2019 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

vaccines and cultures, cars, packaged medicines, vehicle parts, broadcasting equipment (2021)

Imports

$265.769 billion (2021 est.) note: data are in current year dollars

$211.736 billion (2020 est.) note: data are in current year dollars

$231.992 billion (2019 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

$33.957 billion (31 December 2021 est.)

$30.44 billion (31 December 2020 est.)

$23.616 billion (31 December 2019 est.)

Debt - external

$688.434 billion (2019 est.)

$686.196 billion (2018 est.)

Exchange rates

euros (EUR) per US dollar -

0.845 (2021 est.)

0.876 (2020 est.)

0.893 (2019 est.)

0.847 (2018 est.)

0.885 (2017 est.)

NOTE: The information regarding Austria on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Austria 2023 information contained here. All suggestions for corrections of any errors about Austria 2023 should be addressed to the CIA or the source cited on each page.