Austria Economy Profile 2009

Economy - overview

Austria, with its well-developed market economy and high standard of living, is closely tied to other EU economies, especially Germany's. Its economy features a large service sector, a sound industrial sector, and a small, but highly developed agricultural sector. Following several years of solid foreign demand for Austrian exports and record employment growth, the global economic downturn in 2008 led to a recession that is likely to persist through 2009. The government's stabilization measures could increase the budget deficit to about 2.8% of GDP in 2009 and above 3% in 2010, from about 0.6% in 2008. The Austrian economy has benefited greatly in the past from strong commercial relations, especially in the banking and insurance sectors, with central, eastern, and southeastern Europe, but these sectors have been vulnerable to recent international financial instabilities, and some of Austria's largest banks have required government support. Even after the global economic outlook improves, Austria will need to continue restructuring, emphasizing knowledge-based sectors of the economy, and encouraging greater labor flexibility and greater labor participation to offset its aging population and exceedingly low fertility rate.

GDP (purchasing power parity)

$329.5 billion (2008 est.)
$323.6 billion (2007 est.)
$313.9 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$415.3 billion (2008 est.)

GDP - real growth rate

1.8% (2008 est.)
3.1% (2007 est.)
3.4% (2006 est.)

GDP - per capita (PPP)

$40,200 (2008 est.)
$39,500 (2007 est.)
$38,300 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 1.9%
industry: 30.7%
services: 67.4% (2008 est.)

Population below poverty line

5.9% (2004)

Labor force

3.633 million (2008 est.)

Labor force - by occupation

agriculture: 5.5%
industry: 27.5%
services: 67% (2005 est.)

Unemployment rate

3.8% (2008 est.)
4.4% (2007 est.)

Household income or consumption by percentage share

lowest 10%: 3.3%
highest 10%: 22.5% (2004)

Distribution of family income - Gini index

26 (2007)
31 (1995)

Investment (gross fixed)

22.4% of GDP (2008 est.)

Budget

revenues: $196.4 billion
expenditures: $200.7 billion (2008 est.)

Public debt

60.2% of GDP (2008 est.)
64.2% of GDP (2004 est.)

Inflation rate (consumer prices)

3.2% (2008 est.)
2.2% (2007 est.)

Commercial bank prime lending rate

NA% (31 December 2008)
6.3% (31 December 2007)

Stock of domestic credit

$509.4 billion (31 December 2008)
$504.8 billion (31 December 2007)

Industries

construction, machinery, vehicles and parts, food, metals, chemicals, lumber and wood processing, paper and paperboard, communications equipment, tourism

Industrial production growth rate

2.4% (2008 est.)

Electricity - production

59.31 billion kWh (2007 est.)

Electricity - production by source

fossil fuel: 29.3%
hydro: 67.2%
nuclear: 0%
other: 3.5% (2001)

Electricity - consumption

62.35 billion kWh (2006 est.)

Electricity - exports

18.47 billion kWh (2007 est.)

Electricity - imports

28.5 billion kWh (2007 est.)

Oil - production

24,920 bbl/day (2007 est.)

Oil - consumption

289,400 bbl/day (2007 est.)

Oil - imports

313,500 bbl/day (2005)

Oil - exports

46,300 bbl/day (2005)

Oil - proved reserves

50 million bbl (1 January 2008 est.)

Natural gas - production

1.848 billion cu m (2007 est.)

Natural gas - consumption

8.436 billion cu m (2007 est.)

Natural gas - exports

2.767 billion cu m (2007 est.)

Natural gas - imports

9.658 billion cu m (2007 est.)

Natural gas - proved reserves

16.14 billion cu m (1 January 2008 est.)

Current Account Balance

$10.52 billion (2008 est.)
$12.03 billion (2007 est.)

Agriculture - products

grains, potatoes, sugar beets, wine, fruit; dairy products, cattle, pigs, poultry; lumber

Exports

$163.6 billion (2008 est.)
$162.1 billion (2007 est.)

Exports - commodities

machinery and equipment, motor vehicles and parts, paper and paperboard, metal goods, chemicals, iron and steel, textiles, foodstuffs

Exports - partners

Germany 29.4%, Italy 8.6%, US 4.3%, Switzerland 4.2% (2008)

Imports

$168.9 billion (2008 est.)
$160.3 billion (2007 est.)

Imports - commodities

machinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products; foodstuffs

Imports - partners

Germany 44.4%, Italy 7.1%, Switzerland 5.2%, Netherlands 4.1% (2008)

Reserves of foreign exchange and gold

$16.7 billion (31 December 2008 est.)
$18.22 billion (31 December 2007 est.)

Debt - external

$832.8 billion (31 December 2008)
$801.4 billion (31 December 2007)

Stock of direct foreign investment - at home

$261.9 billion (31 December 2008 est.)
$247.9 billion (31 December 2007 est.)

Stock of direct foreign investment - abroad

$275.2 billion (2008 est.)
$240.9 billion (31 December 2007 est.)

Market value of publicly traded shares

$NA (31 December 2008)
$228.7 billion (31 December 2007)
$191.3 billion (31 December 2006)

Economic aid - donor

ODA, $1.498 billion (2006)

Currency (code)

EUR

Currency (code)

euro (EUR)

Exchange rates

euros (EUR) per US dollar - 0.6827 (2008 est.), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004)

Fiscal year

calendar year