Economy - overview Austria has a well-developed market economy with a sizable - but falling- proportion of nationalized industry, an extensive social safety net, anda high standard of living. Austria's economy is closely integrated with Germanyand other EU members - Austria joined the EU on 1 January 1995. Since theearly 1980s, the Austrian economy has experienced stable growth. EU membershiphas had a positive impact on foreign investment and has helped to lower inflation.In April 1996, the government passed a two-year austerity budget - includingcuts in social allowances, a freeze on civil servants' wages, and new energyand capital gains taxes - designed to bring the economy in line with the Maastrichtcriteria for membership in the European Economic and Monetary Union (EMU).EMU convergence has become a top priority for Austria. Despite Austria's generallyfavorable prospects, the economy faces a number of medium-term challenges;for example, fiscal tightening is constraining expected growth, and unemploymentis expected to increase.

GDP purchasing power parity - $157.6 billion (1996 est.)

GDP - real growth rate 1.1% (1996 est.)

GDP - per capita purchasing power parity - $19,700 (1996 est.)

GDP - composition by sector
agriculture: 3%
industry: 27%
services : 70% (1994 est.)

Inflation rate - consumer price index 1.8% (1996 est.)

Labor force
total: 3.648 million (1996)
by occupation: services 56.4%, industry and crafts 35.4%, agriculture and forestry8.1%
note : an estimated 200,000 Austrians are employed in other European countries;foreign laborers in Austria number 177,840, about 5% of labor force (1988)

Unemployment rate 6.2% (December 1996)

Budget
revenues: $61.2 billion
expenditures: $71 billion, including capital expenditures of $NA

Industries food, iron and steel, machines, textiles, chemicals, electrical, paperand pulp, tourism, mining, motor vehicles

Industrial production growth rate 0.6% (1996 est.)

Electricity - capacity 17.43 million kW (1994)

Electricity - production 56.5 billion kWh (1995)

Electricity - consumption per capita 5,960 kWh (1995 est.)

Agriculture - products grains, fruit, potatoes, sugar beets; cattle, pigs, poultry; sawn wood

Exports
total value: $55.5 billion (1996 est.)
commodities: machinery and equipment, iron and steel, lumber, textiles, paper products,chemicals
partners: EU 64.8% (Germany 38.1%, Italy 8.1%), Eastern Europe 11.8%, Japan 1.6%,US 3.5% (1994)

Imports
total value : $65.8 billion (1996 est.)
commodities: petroleum, foodstuffs, machinery and equipment, vehicles, chemicals,textiles and clothing, pharmaceuticals
partners: EU 68.4% (Germany 40%, Italy 8.8%), Eastern Europe 6.55%, Japan 4.3%,US 4.4% (1994)

Debt - external $30.2 billion (1996 est.)

Economic aid
donor: ODA, $544 million (1993)

Currency 1 Austrian schilling (AS) = 100 groschen

Exchange rates Austrian schillings (AS) per US$1 - 11.302 (January 1997), 10.587 (1996),10.081 (1995), 11.422 (1994), 11.632 (1993), 10.989 (1992)

Fiscal year calendar year

NOTE: The information regarding Austria on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Austria Economy 1997 information contained here. All suggestions for corrections of any errors about Austria Economy 1997 should be addressed to the CIA.