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Encyclopedia > Economy of Austria
Economy of Austria
Currency 1 Euro = 100 eurocent
Fiscal year Calendar year
Trade organisations EU, WTO and OECD
Statistics [1]
GDP ranking 34th (2003) [2]
GDP $243.3bn (2004)
GDP growth 2.4% (2004)
GDP per capita $30,000 (2004)
GDP by sector agriculture (3.5%), industry (25.7%), services (70.9%) (2004)
Inflation 1.4% (2004)
Pop below poverty line 3.9% (1999)
Labour force 3.425m (2004)
Labour force by occupation services (67%), industry (29%), agriculture (4%) (2001)
Unemployment 4.4% (2004)
Main industries construction, machinery, vehicles and parts, food, chemicals, lumber and wood processing, paper and paperboard, communications equipment, tourism
Trading Partners [3]
Exports $83.45bn (2004)
Main partners Germany 31.9%, Italy 9.6%, Switzerland 5.2%, United States 4.9%, France 4.8%, United Kingdom 4.7% (2003)
Imports $81.59bn (2003)
Main Partners Germany 43.2%, Italy 6.7%, Hungary 5.4%, Switzerland 5%, Netherlands 4.2% (2003)
Public finances [4]
Public debt $165.8bn (67.6% of GDP)
External debt $15.5bn (2003)
Revenues $67bn (2004)
Expenses $70bn (2004)
Economic aid $520m (2002)
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For more background on this topic, see Austria.

The economy of the Republic of Austria may be characterised as a [[social DE BOTA!!!!!!!!Italic text==History== ... For other uses of the initials WTO, see WTO (disambiguation). ... The Organization for Economic Co-operation and Development (OECD) is an international organization of those developed countries that accept the principles of representative democracy and a free market economy. ... 2003 is a common year starting on Wednesday of the Gregorian calendar, and also: The International Year of Freshwater The European Disability Year Events January events January 1 Luíz Inácio Lula Da Silva becomes the 37th President of Brazil. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... The poverty line is the level of income below which one cannot afford to purchase all the resources one requires to live. ... For the album by Prince, see 1999 (album) 1999 is a common year starting on Friday of the Gregorian calendar, and was designated the International Year of Older Persons by the United Nations. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... 2001 is a common year starting on Monday of the Gregorian calendar, and also: The International Year of the Volunteer The United Nations Year of Dialogue Among Civilizations Events January January 1 - A black monolith measuring approximately nine feet tall appears in Seattles Magnuson Park, placed by an anonymous... Dorothea Langes Migrant Mother depicts destitute pea pickers in California during the Great Depression. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... Cranes are essential in large construction projects, such as this skyscraper Construction on the North Bytown Bridge in Ottawa, Canada. ... A machine is any mechanical or electrical device that transmits or modifies energy to perform or assist in the performance of tasks. ... Vehicles are non-living means of transportation. ... A chemical substance is any material substance used in or obtained by a process in chemistry: A chemical compound is a substance consisting of two or more chemical elements that are chemically combined in fixed proportions. ... Lumber is the name used, generally in North America, for wood that has been cut into boards or other shapes for the purpose of woodworking or construction. ... Piece of paper Paper is a thin, flat material produced by the compression of fibres. ... The term communications is used in a number of disciplines: Communications, also known as communication studies is the academic discipline which studies communication. ... A tourist boat travels the River Seine in Paris, France Beaches make popular tourist resorts. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... 2003 is a common year starting on Wednesday of the Gregorian calendar, and also: The International Year of Freshwater The European Disability Year Events January events January 1 Luíz Inácio Lula Da Silva becomes the 37th President of Brazil. ... 2003 is a common year starting on Wednesday of the Gregorian calendar, and also: The International Year of Freshwater The European Disability Year Events January events January 1 Luíz Inácio Lula Da Silva becomes the 37th President of Brazil. ... 2003 is a common year starting on Wednesday of the Gregorian calendar, and also: The International Year of Freshwater The European Disability Year Events January events January 1 Luíz Inácio Lula Da Silva becomes the 37th President of Brazil. ... 2003 is a common year starting on Wednesday of the Gregorian calendar, and also: The International Year of Freshwater The European Disability Year Events January events January 1 Luíz Inácio Lula Da Silva becomes the 37th President of Brazil. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... 2002 is a common year starting on Tuesday of the Gregorian calendar. ...

Vienna immediately after the war in 1945
Vienna immediately after the war in 1945

Ever since the end of the Second World War Austria has achieved sustained economic growth. In the souring 1950s the rebuilding efforts for Austria lead to an average annual growth rate of more than 5% in real terms and averaged about 4.5% through most of the 1960s. Following moderate real GDP growth of 1.7%, 2.0% and 1.2%, respectively, in 1995, 1996, and 1997, the economy rebounded and with real GDP expansion of 2.9% in 1998 and 2.2% in 1999. Image File history File links Vienna 1945 source:http://www. ... Image File history File links Vienna 1945 source:http://www. ... 1945 (MCMXLV) was a common year starting on Monday (link will take you to calendar). ... Mushroom cloud from the nuclear explosion over Nagasaki rising 18 km into the air. ... Accumulated GDP growth for various countries. ...


Austria became a member of the EU on January 1, 1995. Membership brought economic benefits and challenges and has drawn an influx of foreign investors attracted by Austria's access to the single European market. Austria also has made progress in generally increasing its international competitiveness. As a member of the Economic and Monetary Union (EMU), Austria's economy is closely integrated with other EU member countries, especially with Germany. On January 1, 1999, Austria introduced the new Euro currency for accounting purposes. In January 2002, Euro notes and coins were introduced and substitute for the Austrian Schilling. Economists agree that the economic effects in Austria of using a common currency have been positive. In economics, a monetary union is a situation where several countries have agreed to share a single currency among them. ... ... The Schilling was the currency of Austria until the Euro exchange in 2002. ...

Contents


Privatisation, state participation and labour movements

Many of the country's largest firms were nationalized in the early post-war period to protect them from Soviet takeover as war reparations. For many years, the government and its state-owned industries conglomerate played a very important role in the Austrian economy. However, starting in the early 1990s, the group was broken apart, state-owned firms started to operate largely as private businesses, and a great number of these firms were wholly or partially privatized. Although the government's privatization work in past years has been very successful, it still operates some firms, state monopolies, utilities, and services. The new government has presented an ambitious privatization program, which, if implemented, will considerably reduce government participation in the economy. Austria enjoys well-developed industry, banking, transportation, services, and commercial facilities. Soviet redirects here. ... Reparations refers to two distinct ideas: Reparations for slavery of groups or individuals War reparations: Payments from one country to another as compensation for starting a war under a peace treaty, such as those made by Germany to France under the Treaty of Versailles. ...


Austria has a strong labour movement. The Austrian Trade Union Federation (ÖGB) comprises constituent unions with a total membership of about 1.5 million--more than half the country's wage and salary earners. Since 1945, the ÖGB has pursued a moderate, consensus-oriented wage policy, cooperating with industry, agriculture, and the government on a broad range of social and economic issues in what is known as Austria's "social partnership." The ÖGB has often opposed the Schüssel government's program for budget consolidation, social reform, and improving the business climate, and indications are rising that Austria's peaceful social climate could become more confrontational. The labour movement (or labor movement) is a broad term for the development of a collective organization of working people, to campaign in their own interest for better treatment from their employers and political governments. ... Wolfgang Schüssel Wolfgang Schüssel (born on June 7, 1945 in Vienna, Austria) is a Christian Democratic Austrian politician. ...


Agriculture, industry and services

Enlarge
Kitzbühel, one of Austria's famous winter tourist cities

Austrian farms, like those of other west European mountainous countries, are small and fragmented, and production is relatively expensive. Since Austria's becoming a member of the EU in 1995, the Austrian agricultural sector has been undergoing substantial reform under the EU's Common Agricultural Policy (CAP). Although Austrian farmers provide about 80% of domestic food requirements, the agricultural contribution to gross domestic product (GDP) has declined since 1950 to less than 3%. Image File history File links Kitzbühel by Night (self taken) File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... Image File history File links Kitzbühel by Night (self taken) File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... Kitzbühel by Night Kitzbühel is a city in Tyrol, Austria, situated along the river Kitzbühler Ache. ... The Common Agricultural Policy (CAP) is a system of European Union agricultural subsidies which represents about 44% of the EUs spending (€43bn). ... In economics, gross domestic product (GDP) is a measure of the value of economic production of a particular territory in financial capital terms during a specified period. ...


Although some industries are global competitors, such as several iron and steel works, chemical plants and oil corporations that are large industrial enterprises employing thousands of people, most industrial and commercial enterprises in Austria are relatively small on an international scale.


Most important for Austria is the service sector generating the vast majority of Austria's GDP. Vienna has grown to finance and consulting metropole and has established itself as the door to the East within the last decades. Viennese law firms and banks are among the leading corporations in business with the new EU memberstates. Very important for Austria's economy is tourism, both winter and summer tourism. It's dependency on German guests has made this sector of Austrian economy very dependent on German economy, however recent developments have brought a change, especially since winter ski resorts such as Arlberg or Kitzbühel are now more and more frequented by Eastern Europeans, Russians and Americans. A tourist boat travels the River Seine in Paris, France Beaches make popular tourist resorts. ... Translated from the German-language entry de:Arlberg. ... Kitzbühel by Night Kitzbühel is a city in Tyrol, Austria, situated along the river Kitzbühler Ache. ...


Trade position

Trade with other EU countries accounts for almost 66% of Austrian imports and exports. Expanding trade and investment in the emerging markets of central and eastern Europe is a major element of Austrian economic activity. Trade with these countries accounts for almost 14% of Austrian imports and exports, and Austrian firms have sizable investments in and continue to move labor-intensive, low-tech production to these countries. Although the big investment boom has waned, Austria still has the potential to attract EU firms seeking convenient access to these developing markets.


Total trade with the United States in 1999 reached $6.6 billion. Imports from the United States amounted to $3.7 billion, constituting a U.S. market share in Austria of 5.4%. Austrian exports to the United States in 1999 were $2.9 billion or 4.6% of total Austrian exports. 1999 (MCMXCIX) is a common year starting on Friday, and was designated the International Year of Older Persons by the United Nations. ...


Statistics

GDP Totals and Growth from 2002 - 2006 (estimated):

Year GDP
in billions of USD PPP
% GDP Growth
2002 238.134 1.0
2003 244.315 1.4
2004 254.095 2.4
2005 267.053 1.9
2006 279.285 2.2

Electricity - production: 58.75 TWh (2001) The terawatt hour (TW·h) is a unit for measuring energy. ...


Electricity - production by source:
fossil fuel: 31.46%
hydro: 65.92%
nuclear: 0%
other: 2.62% (1998)


Electricity - consumption: 54.85 TWh (2001)


Electricity - exports: 14.25 TWh (2001)


Electricity - imports: 14.47 TWh (2001)


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


Exports - commodities: machinery and equipment, motor vehicles and parts, paper and paperboard, metal goods, chemicals, iron and steel; textiles, foodstuffs


Imports - commodities: machinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products; foodstuffs


Austrian companies

Austrian companies enjoying an important position in their respective international market are e.g. Wienerberger, OMV, Red Bull, Swarovski, Doppelmayr and Atomic. See List of Austrian companies Wienerberger AG is the world’s largest producer of bricks, based in Vienna, Austria. ... // History OMV is Austrias largest oil-producing, refining and gas-station operating company. ... A Thai Krating Daeng bottle Red Bull is the brand name of an Austrian carbonated soft drink. ... Swarovski is the flagship brand of Swarovski International Holdings of Zurich, Switzerland. ... Doppelmayr is a family-owned company based in Wolfurt, Vorarlberg, Austria. ... Atomic is a ski producer located in Altenmarkt, Salzburg, Austria. ... This is a list of companies from Austria. ...


References

  • Much of the material in this article comes from the CIA World Factbook 2000 and the 2003 U.S. Department of State website.

World Factbook 2004 cover The World Factbook is an annual publication by the Central Intelligence Agency of the United States with basic almanac-style information about the various countries of the world. ...

See also

The economy of Europe is comprised of more than 665 million people in 48 different states. ... The Austrian School is a school of economic thought that rejects opposing economists reliance on methods used in natural science for the study of human action, and instead bases its formalism of economics on relationships through logic or introspection called praxeology. ...

External links

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Image File history File links European_flag. ... Image File history File links European_flag. ... Motto: Pravda vítÄ›zí (Czech for Truth prevails) Anthem: Kde domov můj Capital Prague Largest city Prague Official languages Czech Government President Prime Minister Republic Václav Klaus Jiří Paroubek Formation Independence  â€¢ Regained  â€¢ Dismemberment 9th century October 28, 1918 January 1, 1993 Area  â€¢ Total  â€¢ Water (%)   78,866 km... ...

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The Organisation for Economic Co-operation and Development (OECD) is an international organisation of those developed countries that accept the principles of representative democracy and a free market economy. ... OECD logo This is a copyrighted and/or trademarked logo. ...

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  Results from FactBites:
 
Economy of Austria - definition of Economy of Austria in Encyclopedia (706 words)
Austria has a well-developed social market economy with a high standard of living in which the government has played an important role.
Since Austria's becoming a member of the EU in 1995, the Austrian agricultural sector has been undergoing substantial reform under the EU's Common Agricultural Policy (CAP).
As a member of the Economic and Monetary Union (EMU), Austria's economy is closely integrated with other EU member countries, especially with Germany.
  More results at FactBites »

 
 

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