Austria

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Austria - In Short.

Overview of Austria

Once the center of power for the large Austro-Hungarian Empire, Austria was reduced to a small republic after its defeat in World War I. Following annexation by Nazi Germany in 1938 and subsequent occupation by the victorious Allies in 1945, Austria’s status remained unclear for a decade. A State Treaty signed in 1955 ended the occupation, recognized Austria’s independence, and forbade unification with Germany. A constitutional law that same year declared the country’s “perpetual neutrality” as a condition for Soviet military withdrawal. The Soviet Union’s collapse in 1991 and Austria’s entry into the EU in 1995 have altered the meaning of this neutrality. A prosperous, democratic country, Austria entered the EU Economic and Monetary Union in 1999.
Value
Country Full Name
Austria
Country Code
AUT
Region
Europe & Central Asia
Income Group
High income
Currency Unit
GDP
4.33E+11
Population
8916864
Land Area
82520
Net National Income Per Capita
38816.74846
GDP per Capita (PPP)
55685.97029

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Austria - Economic

Economy of Austria

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.

Unemployment Rate

Inflation Rate

Austria - GDP Composition

GDP Composiiton & Value Added of Austria

Last Updated: Jan, 2021, Updated For 2020.

Austria - GDP, Value Added

Demographics of Austria

the northern and eastern portions of the country are more densely populated; nearly two-thirds of the populace lives in urban areas
Geographic Location

Central Europe, north of Italy and Slovenia

Races

Austrian 80.8%, German 2.6%,  Bosnian and Herzegovinian 1.9%, Turkish 1.8%, Serbian 1.6%, Romanian 1.3%, other 10% (2018 est.)note: data represent population by country of birth

Languages

German (official nationwide) 88.6%, Turkish 2.3%, Serbian 2.2%, Croatian (official in Burgenland) 1.6%, other (includes Slovene, official in southern Carinthia, and Hungarian, official in Burgenland) 5.3% (2001 est.)major-language

Religion

Catholic 57%, Eastern Orthodox 8.7%, Muslim 7.9%, Evangelical Christian 3.3%, other/none/unspecified 23.1% (2018 est.)note:  data on Muslim is a 2016 estimate; data on other/none/unspecified are from 2012-2018 estimates

Dependency & Expectancy of Austria

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Austria - Social Media & Social Commerce

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Politics & Policies of Austria

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ADB (nonregional member), AfDB (nonregional member), Australia Group, BIS, BSEC (observer), CD, CE, CEI, CERN, EAPC, EBRD, ECB, EIB, EMU, ESA, EU, FAO, FATF, G-9, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IGAD (partners), ILO, IMF, IMO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, MINURSO, NEA, NSG, OAS (observer), OECD, OIF (observer), OPCW, OSCE, Paris Club, PCA, PFP, Schengen Convention, SELEC (observer), UN, UNCTAD, UNESCO, UNFICYP, UNHCR, UNIDO, UNIFIL, UNTSO, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO, ZC

Import of Austria

Export of Austria

Import Destination

Export Destination