| 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) | $498.78 billion (2019 est.) $491.803 billion (2018 est.) $479.433 billion (2017 est.) note: data are in 2010 dollars |
| GDP (official exchange rate) | $445.025 billion (2019 est.) |
| GDP - real growth rate | 1.42% (2019 est.) 2.58% (2018 est.) 2.4% (2017 est.) |
| GDP - per capita (PPP) | $56,188 (2019 est.) $55,631 (2018 est.) $54,496 (2017 est.) note: data are in 2010 dollars |
| Gross national saving | 28.5% of GDP (2019 est.) 26.9% of GDP (2018 est.) 26.3% of GDP (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.) |
| GDP - composition by sector | agriculture: 1.3% (2017 est.) industry: 28.4% (2017 est.) services: 70.3% (2017 est.) |
| Ease of Doing Business Index scores | Overall score: 78.7 (2020) Starting a Business score: 83.2 (2020) Trading score: 100 (2020) Enforcement score: 75.5 (2020) |
| Population below poverty line | 13.3% (2018 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.) |
| Unemployment, youth ages 15-24 | total: 8.5% male: 9.2% female: 7.8% (2019 est.) |
| Household income or consumption by percentage share | lowest 10%: 2.8% highest 10%: 23.5% (2012 est.) |
| Distribution of family income - Gini index | 29.7 (2017 est.) 30.5 (2014) |
| Budget | revenues: 201.7 billion (2017 est.) expenditures: 204.6 billion (2017 est.) |
| Taxes and other revenues | 48.3% (of GDP) (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 |
| 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) |
| Agriculture - 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.) |
| Current Account Balance | $12.667 billion (2019 est.) $5.989 billion (2018 est.) |
| Exports | $270.888 billion (2019 est.) $263.145 billion (2018 est.) $249.312 billion (2017 est.) |
| Exports - commodities | cars, packaged medical supplies, vehicle parts, medical vaccines/cultures, flavored water (2019) |
| Exports - partners | Germany 28%, United States 7%, Italy 6%, Switzerland 5% (2019) |
| Imports | $253.276 billion (2019 est.) $247.225 billion (2018 est.) $235.385 billion (2017 est.) |
| Imports - commodities | cars, vehicle parts, broadcasting equipment, refined petroleum, packaged medical supplies (2019) |
| Imports - partners | Germany 39%, Italy 7%, Czechia 5% (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 - 0.82771 (2020 est.) 0.90338 (2019 est.) 0.87789 (2018 est.) 0.885 (2014 est.) 0.7634 (2013 est.) |
| Fiscal year | calendar year |
Source: CIA World Factbook
This page was last updated on September 18, 2021
