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Austria Economy Profile 2018

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Economy - overviewAustria, with its well-developed market economy, skilled labor force, and high standard of living, is closely tied to other EU economies, especially Germany's. Its economy features a large service sector, a relatively sound industrial sector, and a small, but highly developed agricultural sector.

Economic growth has been relatively weak in recent years, approaching 1% in 2015, but rising to 2.3% in 2017. Austria's 5.8% unemployment rate, while low by European standards, is at its highest rate since the end of World War II, driven by an increased number of refugees and EU migrants entering the labor market. Without extensive vocational training programs and generous early retirement, the unemployment rate would be even higher.

Although Austria's fiscal position compares favorably with other euro-zone countries, it faces several external risks, such as unexpectedly weak world economic growth threatening the export market, Austrian banks' continued exposure to Central and Eastern Europe, repercussions from the Hypo Alpe Adria bank collapse, political and economic uncertainties caused by the European sovereign debt crisis, the current refugee crisis, and continued unrest in Russia/Ukraine. The budget deficit stood at 1% of GDP in 2016 and public debt reached a post-war high of 84.6% of the GDP in 2016.
GDP (purchasing power parity)$434.1 billion (2017 est.)
$424.4 billion (2016 est.)
$418.2 billion (2015 est.)
note: data are in 2017 dollars
GDP (official exchange rate)$409.3 billion (2016 est.)
GDP - real growth rate2.3% (2017 est.)
1.5% (2016 est.)
1% (2015 est.)
GDP - per capita (PPP)$49,200 (2017 est.)
$48,600 (2016 est.)
$48,500 (2015 est.)
note: data are in 2017 dollars
Gross national saving26.2% of GDP (2017 est.)
25.5% of GDP (2016 est.)
25.4% of GDP (2015 est.)
GDP - composition, by end usehousehold consumption: 52.1%
government consumption: 19.8%
investment in fixed capital: 23.1%
investment in inventories: 1.1%
exports of goods and services: 54.2%
imports of goods and services: -50.3% (2017 est.)
GDP - composition by sectoragriculture: 1.2%
industry: 28.2%
services: 70.5% (2017 est.)
Population below poverty line4% (2014 est.)
Labor force3.997 million (2017 est.)
Labor force - by occupationagriculture: 0.7%
industry: 25.3%
services: 74% (2015 est.)
Unemployment rate5.4% (2017 est.)
6% (2016 est.)
Unemployment, youth ages 15-24total: 10.6%
male: 11.1%
female: 10% (2015 est.)
Household income or consumption by percentage sharelowest 10%: 2.8%
highest 10%: 23.5% (2012 est.)
Distribution of family income - Gini index29.2 (2013)
26.3 (2007)
Budgetrevenues: $197.8 billion
expenditures: $201.9 billion (2017 est.)
Taxes and other revenues48.3% of GDP (2017 est.)
Budget surplus (+) or deficit (-)-1% of GDP (2017 est.)
Public debt81.7% of GDP (2017 est.)
84.6% 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)1.6% (2017 est.)
1% (2016 est.)
Commercial bank prime lending rate1.7% (31 December 2017 est.)
1.86% (31 December 2016 est.)
Stock of narrow money$258.6 billion (31 December 2017 est.)
$214 billion (31 December 2016 est.)
note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 18 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
Stock of broad money$371.1 billion (31 December 2017 est.)
$326.2 billion (31 December 2016 est.)
Stock of domestic credit$556.7 billion (31 December 2017 est.)
$489.3 billion (31 December 2016 est.)
Market value of publicly traded shares$96.08 billion (31 December 2015 est.)
$96.79 billion (31 December 2014 est.)
$117.7 billion (31 December 2013 est.)
Agriculture - productsgrains, potatoes, wine, fruit; dairy products, cattle, pigs, poultry; lumber and other forestry products
Industriesconstruction, machinery, vehicles and parts, food, metals, chemicals, lumber, paper and paperboard, communications equipment, tourism
Industrial production growth rate3.8% (2017 est.)
Current Account Balance$8.546 billion (2017 est.)
$6.642 billion (2016 est.)
Exports$157.5 billion (2017 est.)
$142.8 billion (2016 est.)
Exports - commoditiesmachinery and equipment, motor vehicles and parts, paper and paperboard, metal goods, chemicals, iron and steel, textiles, foodstuffs
Exports - partnersGermany 29.9%, US 6.3%, Italy 6.2%, Switzerland 5.7%, Slovakia 4.4% (2016)
Imports$157.6 billion (2017 est.)
$143 billion (2016 est.)
Imports - commoditiesmachinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products, natural gas; foodstuffs
Imports - partnersGermany 42.5%, Italy 6%, Switzerland 5.6%, Czech Republic 4.4%, Netherlands 4% (2016)
Reserves of foreign exchange and gold$23.36 billion (31 December 2016 est.)
$22.24 billion (31 December 2015 est.)
Debt - external$689.1 billion (31 March 2016 est.)
$679.3 billion (31 March 2015 est.)
Stock of direct foreign investment - at home$245.8 billion (31 December 2017 est.)
$242.8 billion (31 December 2016 est.)
Stock of direct foreign investment - abroad$309.8 billion (31 December 2017 est.)
$300.5 billion (31 December 2016 est.)
Exchange rateseuros (EUR) per US dollar -
0.906 (2017 est.)
0.9214 (2016 est.)
0.9214 (2015 est.)
0.885 (2014 est.)
0.7634 (2013 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on January 20, 2018

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