Austria Economy Profile 2001

Economy - overview

Austria with its well-developed market economy and high standard of living is closely tied to other EU economies, especially Germany's. Membership in the EU has drawn an influx of foreign investors attracted by Austria's access to the single European market and proximity to EU aspirant economies. In 2000, Austria moved to further cut government spending and raise taxes to meet EMU deficit targets after facing unexpected difficulties in reducing the public deficit. To meet increased competition from both EU and Central European countries, Austria will need to emphasize knowledge-based sectors of the economy and continue to deregulate the service sector. Growth is expected to remain at about 3% in 2001.

GDP (purchasing power parity)

purchasing power parity - $203 billion (2000 est.)

GDP - real growth rate

3.1% (2000 est.)

GDP - per capita (PPP)

purchasing power parity - $25,000 (2000 est.)

GDP - composition by sector

agriculture: 2.2%

industry: 30.4%

services: 67.4% (1999 est.)

Population below poverty line

NA%

Inflation rate (consumer prices)

2% (2000 est.)

Labor force

3.7 million (1999)

Labor force - by occupation

services 68%, industry and crafts 29%, agriculture and forestry 3% (1999 est.)

Unemployment rate

5.4% (2000 est.)

Budget

revenues: $56.3 billion

expenditures: $60.5 billion, including capital expenditures of $NA (2000 est.)

Industries

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

Industrial production growth rate

4.2% (2000)

Electricity - production

59.283 billion kWh (1999)

Electricity - production by source

fossil fuel: 29.53%

hydro: 67.65%

nuclear: 0%

other: 2.82% (1999)

Electricity - consumption

53.231 billion kWh (1999)

Electricity - exports

13.507 billion kWh (1999)

Electricity - imports

11.605 billion kWh (1999)

Agriculture - products

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

Exports

$63.2 billion (2000 est.)

Exports - commodities

machinery and equipment, paper and paperboard, metal goods, chemicals, iron and steel; textiles, foodstuffs

Exports - partners

EU 64.2% (Germany 35.7%, Italy 8.7%, France 4.5%), Switzerland 5.9%, US 4.5%, Hungary 3.9% (1999)

Imports

$65.6 billion (2000 est.)

Imports - commodities

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

Imports - partners

EU 70.3% (Germany 42.5%, Italy 7.9%, France 5.3%), US 5.4%, Switzerland 3.0%, Hungary 2.8% (1999)

Debt - external

$16 billion (1999)

Economic aid - donor

ODA, $472 million (1999)

Currency

Austrian schilling (ATS); euro (EUR)

note: on 1 January 1999, the EU introduced the euro as a common currency that is now being used by financial institutions in Austria at a fixed rate of 13.7603 Austrian shillings per euro and will replace the local currency for all transactions in 2002

Currency (code)

ATS; EUR

Exchange rates

euros per US dollar - 1.0659 (January 2001), 1.0854 (2000), 0.9386 (1999); Austrian schillings per US dollar - 11.86 (January 1999), 12.91 (1999), 12.379 (1998), 12.204 (1997), 10.587 (1996)

Fiscal year

calendar year