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{{Short description|none}} {{Redirect|Austrian economy|the school of economic thought|Austrian school of economics}} {{Use dmy dates|date=June 2020}} {{More citations needed|date=September 2009}} {{Infobox economy | country = Austria | image = Vienna Skyline.jpg | image_size = 310px | caption = [[Donaustadt|Danube City]], [[Vienna]] | currency = [[Euro]] (EUR, €) | year = [[Calendar year]] | organs = [[European Union|EU]], [[World Trade Organization|WTO]], [[OECD]] | group = {{plainlist| *[[Developed country|Advanced economy]]<ref>{{cite web |url=https://www.imf.org/en/Publications/WEO/weo-database/2024/April/groups-and-aggregates |title=Groups and Aggregates Information |publisher=[[International Monetary Fund]] |website=IMF.org}}</ref> *[[World Bank high-income economy|High-income economy]]<ref>{{cite web |url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |title=World Bank Country and Lending Groups |publisher=[[World Bank]] |website=datahelpdesk.worldbank.org |access-date=29 September 2019}}</ref>}} | population = 9 179 693 (July 1st 2024) <ref>{{cite web | url=https://www.statistik.at/statistiken/bevoelkerung-und-soziales/bevoelkerung/bevoelkerungsstand/bevoelkerung-zu-jahres-/-quartalsanfang | title = Population on July 1st 2024 | publisher=[[Statistik.at]] | website=www.statistik.at/fileadmin/announcement/2024/02/20240213Bevoelkerungsstand1.1.2024.pdf | access-date=19 October 2024}}</ref> | gdp = {{plainlist| *{{increase}} $559.22 billion (nominal, 2025)<ref name="IMFWEOAT">{{cite web |url=https://www.imf.org/en/Publications/WEO/weo-database/2024/October/weo-report?c=111,&s=NGDPD,PPPGDP,NGDPDPC,PPPPC,&sy=2022&ey=2027&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |title=Report for Selected Countries and Subjects: October 2024|publisher=[[International Monetary Fund]]|website=imf.org}}</ref> *{{increase}} $686.44 billion ([[Purchasing power parity|PPP]], 2025)<ref name="IMFWEOAT"/>}} | gdp rank = {{plainlist| *[[List of countries by GDP (nominal)|27th (nominal, 2024)]] *[[List of countries by GDP (PPP)|44th (PPP, 2024)]]}} | growth = {{plainlist| *4.8% (2022) *−0.7% (2023) *0.4% (2024)<ref name="IMFWEOAT"/> }} | per capita = {{plainlist| *{{increase}} $61,080 (nominal, 2025)<ref name="IMFWEOAT"/> *{{increase}} $74,981 (PPP, 2025)<ref name="IMFWEOAT"/>}} | per capita rank = {{plainlist| *[[List of countries by GDP (nominal) per capita|13th (nominal, 2025)]] *[[List of countries by GDP (PPP) per capita|16th (PPP, 2024)]]}} | cpi = 71 out of 100 points (2023)<ref name="ti_2023">{{cite web |url=https://www.transparency.org/en/cpi/2023 |date=30 January 2024 |title=Corruption Perceptions Index |website=[[Transparency International]] |access-date=15 July 2024 |archive-date=30 January 2024 |archive-url=https://web.archive.org/web/20240130062042/https://www.transparency.org/en/cpi/2023 |url-status=live }}</ref> ([[Corruption Perceptions Index#Ranking over Time|20th]]) | sectors = {{plainlist| *[[Primary sector of the economy|agriculture]]: 1.3% *[[Secondary sector of the economy|industry]]: 28.4% *[[Tertiary sector of the economy|services]]: 70.3% *(2017 est.)<ref name="CIAWFAU">{{cite web |url=https://www.cia.gov/the-world-factbook/countries/austria/ |title=The World Factbook |publisher=[[Central Intelligence Agency]] |website=CIA.gov |access-date=25 March 2019}}</ref>}} | inflation = {{plainlist| *7.7% (2023) *3.9% (2024)<ref name="IMFWEOAT"/>}} | poverty = 17.7% at risk of poverty or social exclusion (AROPE 2023)<ref>{{cite web |url=https://ec.europa.eu/eurostat/databrowser/view/tepsr_lm410/default/table?lang=en |title=People at risk of poverty or social exclusion |publisher=[[Eurostat]] |website=ec.europa.eu |access-date=9 June 2024}}</ref> | gini = 28.1 {{color|green|low}} (2023)<ref>{{cite web |url=https://ec.europa.eu/eurostat/databrowser/view/tessi190/default/table?lang=en |title=Gini coefficient of equivalised disposable income - EU-SILC survey |publisher=[[Eurostat]] |website=ec.europa.eu |access-date=9 June 2024}}</ref> | hdi = {{plainlist| *0.926 {{color|darkgreen|very high}} (2022)<ref name="athdi">{{Cite web |date=13 March 2024 |title=Human Development Report 2023/2024 |url=https://hdr.undp.org/system/files/documents/global-report-document/hdr2023-24reporten.pdf|url-status=live |archive-url=https://web.archive.org/web/20240313164319/https://hdr.undp.org/system/files/documents/global-report-document/hdr2023-24reporten.pdf |archive-date=13 March 2024 |access-date=3 May 2024 |publisher=[[United Nations Development Programme]] |language=en}}</ref> ([[List of countries by Human Development Index|22nd]]) *0.859 {{color|darkgreen|very high}} [[List of countries by inequality-adjusted HDI|IHDI]] (2022, [[List of countries by inequality-adjusted HDI|(15th)]])<ref name="athdi"/>}} | edbr = {{decrease}} [[Ease of doing business index#Ranking|27th (very easy, 2020)]]<ref name=" World Bank and International Financial Corporation ">{{cite web |url=http://www.doingbusiness.org/data/exploreeconomies/austria |title=Ease of Doing Business in Austria |publisher=Doingbusiness.org |access-date=2017-11-21}}</ref> | labor = {{plainlist| *4,559,603 (2019)<ref>{{cite web |url=https://data.worldbank.org/indicator/SL.TLF.TOTL.IN?locations=AT&most_recent_value_desc=true |title=Labor force, total - Austria |publisher=[[World Bank]] |website=data.worldbank.org |access-date=1 November 2019}}</ref> *77.2% employment rate (2023)<ref>{{cite web |url=https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Employment_-_annual_statistics |title=Employment rate by sex, age group 20-64 |publisher=[[Eurostat]] |website=ec.europa.eu/eurostat |access-date=20 July 2024}}</ref>}} | occupations = {{plainlist| *[[Primary sector of the economy|agriculture]]: 0.7% *[[Secondary sector of the economy|industry]]: 25.2% *[[Tertiary sector of the economy|services]]: 74.1% *(2017 est.)<ref name="CIAWFAU"/>}} | unemployment = {{plainlist| *5.0% (August 2020)<ref>{{cite web |url=https://appsso.eurostat.ec.europa.eu/nui/show.do?dataset=une_rt_m&lang=en |title=Unemployment by sex and age - monthly average |publisher=[[Eurostat]] |website=appsso.eurostat.ec.europa.eu |access-date=4 October 2020}}</ref> *10.3% youth unemployment (15 to 24 year-olds; July 2020)<ref>{{cite web |title=Unemployment rate by age group |url=https://data.oecd.org/chart/65Iu |website=data.oecd.org |publisher=[[OECD]] |access-date=16 September 2020}}</ref>}} | average gross salary = [[List of European countries by average wage|€5,142]] monthly<ref>[https://www.oecd.org/content/dam/oecd/en/publications/reports/2025/04/taxing-wages-2025_20d1a01d/b3a95829-en.pdf#page176 Taxing Wages 2024: Tax and Gender through the Lens of the Second Earner | READ online.]</ref><ref>[https://www.oecd.org/en/publications/taxing-wages-2025_b3a95829-en.html Taxing Wages 2024: Tax and Gender through the Lens of the Second Earner | OECD iLibrary.]</ref> (2024) | average net salary = [[List of European countries by average wage|€3,479]] monthly<ref>[https://www.oecd.org/content/dam/oecd/en/publications/reports/2025/04/taxing-wages-2025_20d1a01d/b3a95829-en.pdf#page176 Taxing Wages 2024: Tax and Gender through the Lens of the Second Earner | READ online.]</ref><ref>[https://www.oecd.org/en/publications/taxing-wages-2025_b3a95829-en.html Taxing Wages 2024: Tax and Gender through the Lens of the Second Earner | OECD iLibrary.]</ref> (2024) | industries = construction, machinery, vehicles and parts, food, metals, chemicals, lumber and paper, electronics, tourism | exports = $156.7 billion (2017 est.)<ref name="CIAWFAU"/> | export-goods = machinery and equipment, motor vehicles and parts, manufactured goods, chemicals, iron and steel, foodstuffs | export-partners = {{plainlist| *{{flag|Germany}} 29.4% *{{flag|United States}} 6.3% *{{flag|Italy}} 6.2% *{{flag|Switzerland}} 5.1% *{{flag|France}} 4.8% *{{flag|Hungary}} 4.8% *(2017)<ref name="CIAWFAU"/>}} | imports = $158.1 billion (2017 est.)<ref name="CIAWFAU"/> | import-goods = machinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products, natural gas; foodstuffs | import-partners = {{plainlist| *{{flag|Germany}} 41.8% *{{flag|Italy}} 5.8% *{{flag|Switzerland}} 5.5% *{{flag|Czech Republic}} 4.4% *{{flag|Netherlands}} 4.2% *(2017)<ref name="CIAWFAU"/>}} | current account = $7.859 billion (2017 est.)<ref name="CIAWFAU"/> | FDI = {{plainlist| *$294.1 billion (31 December 2017 est.)<ref name="CIAWFAU"/> *Abroad: $339.7 billion (31 December 2017 est.)<ref name="CIAWFAU"/>}} | gross external debt = $630.8 billion (31 December 2017)<ref name="CIAWFAU"/> | debt = {{plainlist| *70.4% of GDP (2019)<ref name="1st Notif">{{cite web |title=Euro area and EU27 government deficit both at 0.6% of GDP|url=https://ec.europa.eu/eurostat/documents/2995521/10294648/2-22042020-AP-EN.pdf |website=ec.europa.eu/eurostat |publisher=Eurostat |access-date=28 April 2020}}</ref> *€280.426 billion (2019)<ref name="1st Notif"/>}} | revenue = 49.0% of GDP (2019)<ref name="1st Notif"/> | expenses = 48.2% of GDP (2019)<ref name="1st Notif"/> | balance = {{plainlist| *€2.9 billion surplus (2019)<ref name="1st Notif"/> *+0.7% of GDP (2019)<ref name="1st Notif"/>}} | reserves = $21.57 billion (31 December 2017 est.)<ref name="CIAWFAU"/> | aid = {{plainlist| *€1.47 billion from [[European Structural and Investment Funds]] (2007–2013)<ref>{{Cite web |url=http://ec.europa.eu/regional_policy/sources/docgener/informat/country2009/at_en.pdf |title=Archived copy |access-date=25 December 2017 |archive-url=https://web.archive.org/web/20171225203037/http://ec.europa.eu/regional_policy/sources/docgener/informat/country2009/at_en.pdf |archive-date=25 December 2017 |url-status=live}}</ref> *€4.92 billion from [[European Structural and Investment Funds]] (2014–2020)<ref>{{Cite web |url=https://ec.europa.eu/regional_policy/sources/policy/what/investment-policy/esif-country-factsheet/esi_funds_country_factsheet_at_en.pdf |title=Archived copy |access-date=25 December 2017 |archive-url=https://web.archive.org/web/20170420135423/https://ec.europa.eu/regional_policy/sources/policy/what/investment-policy/esif-country-factsheet/esi_funds_country_factsheet_at_en.pdf |archive-date=20 April 2017 |url-status=live}}</ref>}} | credit = {{plainlist| *Scope:<ref name=Scope>{{Cite web|url=https://www.scoperatings.com/ratings-and-research/rating/EN/176848|title=Scope downgrades Austria to AA+ and revises the Outlook to Stable|website=Scope Ratings|access-date=28 April 2024}}</ref> *AA+ *Outlook: Stable}} | spelling = }} The '''economy of Austria''' is a highly [[Developed country|developed]] [[social market economy]], with the country being one of the fourteen [[List of countries by GDP (nominal) per capita|richest in the world]] in terms of GDP ([[gross domestic product]]) per capita.<ref name=imf2>{{cite web|url=http://www.imf.org/external/pubs/ft/weo/2009/01/weodata/weorept.aspx?sy=2006&ey=2009&scsm=1&ssd=1&sort=country&ds=.&br=1&c=122&s=NGDPD%2CNGDPDPC%2CPPPGDP%2CPPPPC%2CLP&grp=0&a=&pr.x=60&pr.y=5 |title=Austria|publisher=International Monetary Fund|access-date=22 April 2009}}</ref> Until the 1980s, many of [[Austria]]'s largest industry firms were nationalised. In recent years, [[Privatization|privatisation]] has reduced state holdings to a level comparable to other European economies. Among [[OECD]] nations, Austria has a highly efficient and strong social security system; social expenditure stood at [[Welfare state#Effects|roughly 29.4% of GDP]].<ref name="Kenworthy">{{Cite journal |jstor = 3005973|title = Do Social-Welfare Policies Reduce Poverty? A Cross-National Assessment|journal = Social Forces|volume = 77|issue = 3|pages = 1119–1139|last1 = Kenworthy|first1 = Lane|year = 1999|doi = 10.2307/3005973|url = http://www.lisdatacenter.org/wps/liswps/188.pdf|archive-url = https://web.archive.org/web/20130810134045/http://www.lisdatacenter.org/wps/liswps/188.pdf|archive-date = 10 August 2013|url-status = live}}</ref><ref name="Bradley et al.">{{Cite journal |jstor = 3088901|title = Determinants of Relative Poverty in Advanced Capitalist Democracies|journal = American Sociological Review|volume = 68|issue = 1|pages = 22–51|last1 = Moller|first1 = Stephanie|last2 = Huber|first2 = Evelyne|last3 = Stephens|first3 = John D.|last4 = Bradley|first4 = David|last5 = Nielsen|first5 = François|year = 2003|doi = 10.2307/3088901}}</ref><ref>{{Cite web | url=https://www.oecd.org/social/expenditure.htm | title=Social Expenditure – Aggregated data|work=[[Organisation for Economic Co-operation and Development]]}}</ref> [[Labour movement|Labor movement]]s are particularly strong in Austria, and they have a large influence on labor politics. Next to a highly developed industry, [[international tourism]] is the most important part of the national economy. The economy of Austria's average GDP is 13th growth in OECD countries, from 1992 to 2017. In Austria, 1.37% over average population growth is the strong factor. [[Germany]] has historically been the main trading partner of Austria, making the Austrian economy vulnerable to rapid changes in the [[German economy]].<ref>{{Cite web |title=Bilateral economic relations with Europe |url=https://www.bmaw.gv.at/en/Topics/International/Austria-s-Economic-relations-by-region/Europe.html |access-date=2024-05-30 |website=Bundesministerium für Arbeit und Wirtschaft |language=en}}</ref> However, since Austria became a member state of the [[European Union]], it has gained closer ties to other European Union economies. This development reduced its economic dependence on Germany. In addition, Austria's membership in the EU has drawn an influx of foreign investors. They were attracted by Austria's access to the [[European Single Market]] and the country's proximity to the aspiring economies of the European Union. Growth in GDP has accelerated in recent years, and reached 3.3% in 2006.<ref>[http://www.oenb.at/isaweb/report.do?&lang=EN&report=7.7 Real GDP Growth – Expenditure Side], provided by the [[Oesterreichische Nationalbank|Austrian National Bank]] {{in lang|de}}</ref> In 2024 Austria has a very high, $58,669 [[List of countries by GDP (nominal) per capita|nominal GDP per capita]] ranked 13th.<ref name="IMFWEOAT"/> [[Vienna]] was ranked the fifth richest [[Nomenclature of Territorial Units for Statistics|NUTS]]-2 region within Europe (see [[Economy of the European Union]]), with its GDP reaching €38,632 per capita. It was trailing behind [[Inner London]], [[Luxembourg]], the [[Brussels-Capital Region]] and [[Hamburg]].<ref name="epp.eurostat.ec.europa.eu">{{in lang|en}} [http://epp.eurostat.ec.europa.eu/pls/portal/docs/PAGE/PGP_PRD_CAT_PREREL/PGE_CAT_PREREL_YEAR_2007/PGE_CAT_PREREL_YEAR_2007_MONTH_02/1-19022007-EN-AP.PDF Regional GDP per inhabitant in the EU27] {{webarchive|url=https://web.archive.org/web/20090326210729/http://epp.eurostat.ec.europa.eu/pls/portal/docs/PAGE/PGP_PRD_CAT_PREREL/PGE_CAT_PREREL_YEAR_2007/PGE_CAT_PREREL_YEAR_2007_MONTH_02/1-19022007-EN-AP.PDF|date=26 March 2009}}, provided by Eurostat</ref> Growth had been steady between 2002 and 2006, varying between 1 and 3.3%.<ref>{{in lang|en}} [http://www.oenb.at/isaweb/report.do?&lang=EN&report=7.7 Real GDP Growth3 – Expenditure Side], provided by the Austrian National Bank</ref> After hitting 0% in 2013, growth had picked up a little. As of 2016, growth was set at 1.5%.<ref>{{Cite web|url=http://wko.at/statistik/eu/europa-wirtschaftswachstum.pdf|title=GDP Growth in Austria|last=Austrian Economic Chamber|date=July 2018|access-date=14 August 2018}}</ref> ==History== {{More citations needed section|date=May 2022}} === Foundation and ''Interbellum'' === [[First Austrian Republic]], founded as a result of the [[dissolution of Austria-Hungary]], inherited an economy battered by the ravages of the First World War, namely: * The abolition of the [[gold standard]] in 1914.<ref name=":0">{{Cite web |last1=Beer |first1=Christian |last2=Gnan |first2=Ernest |last3=Teresa Valderrama |first3=Maria |title=A (not so brief) history of inflation in Austria |url=https://www.oenb.at/dam/jcr:29752216-a40d-4f34-bf13-0483032a9bf5/mop_2016_q3_in_focus_01_Beer_Gnan_Valderrama.pdf}}</ref> * Provision by the central bank of credit to the state, increasing the money supply.<ref name=":0" /> * The balance-of-payments deficit caused by the Austrian need to import food and fuel, devaluing the krone (the Austrian currency at the time).<ref name=":1">{{Citation |last=Cottrell |first=Philip L. |title=Austrian Reconstruction, 1920–1921: A Matter for Private Business or the League of Nations? |date=2013 |url=https://www.cambridge.org/core/books/business-in-the-age-of-extremes/austrian-reconstruction-19201921-a-matter-for-private-business-or-the-league-of-nations/61003231E8C7DE6A842154712B3AC652 |work=Business in the Age of Extremes: Essays in Modern German and Austrian Economic History |pages=59–75 |editor-last=Ziegler |editor-first=Dieter |series=Publications of the German Historical Institute |place=Cambridge |publisher=Cambridge University Press |doi=10.1017/cbo9781139061827.005 |isbn=978-1-107-01695-8 |access-date=2022-09-23 |editor2-last=Berghoff |editor2-first=Hartmut |editor3-last=Kocka |editor3-first=Jürgen}}</ref> * The use of deficit spending to finance food subsidies,<ref name=":1" /> leading to a 12-fold increase of banknotes in circulation.<ref name=":0" /> A number of international relief schemes failed to garner enough support<ref name=":2">{{Cite web |last=Warnock |first=Barbara |date=2015 |title=The first bailout : the financial reconstruction of Austria 1922-1926 |url=https://eprints.bbk.ac.uk/id/eprint/40237/1/The%20First%20Bailout%20-%20The%20Financial%20%20Reconstruction%20of%20Austria%201922-1926.pdf}}</ref> while a report by Sir William Goode argued that the Austrian economy would collapse without swift foreign intervention.<ref name=":1" /> As such, the Austrian economic crisis stretched into its second year, with inflation running at 99%.<ref name=":0" /> ==== League of Nations Bailout ==== Source:<ref name=":2" /> With annual inflation running at 2,877%,<ref name=":0" /> the League of Nations was officially appointed to organise an Austrian reconstruction plan in August 1922. The League scheme was based on the view that Austrian troubles as a result of an inability to pay for necessities and obtain credit, and therefore, an Austrian financial revival was critical to Austrian survival. To this end, the plan was focused solely on financial reconstruction. Austria would receive loans raised from international money markets and the Austrian public, which would be secured on customs and tobacco taxes. In exchange, Austria would in effect lose sovereignty over its economy, agreeing to: * Relinquish control over the mints to an independent bank, with the aim of returning to the gold standard. * Terminate the printing of money by the central bank. * Eliminate the budget deficit (requiring the implementation of austerity measures and monetary control). The measures took effect in 1923. Short-term effects were impressive; during the announcement to undertake Austrian reconstruction in August 1922, public confidence soared. Foreign currency holdings were converted back into krone, stabilising the currency. This allowed the Austrian Foreign Exchange Agency to finally intervene to fix the krone to the dollar, something that the wild gyrations of the past had not permitted. Capital rushed back into Austria, and domestic prices stabilised, pronouncing the end of hyperinflation.<ref>{{Cite book |last1=Parker |first1=Randall |title=Routledge Handbook of Major Events in Economic History |last2=Whaples |first2=Robert}}</ref> The steam ran out shortly after implementation. Growth averaged 0.35% per annum until 1929,<ref name=":2" /> unemployment leapt five-fold,<ref>The First Report of the Commissioner-General of the League of Nations for Austria, 15 December 1922 – 15 January 1923</ref> bankruptcies increased 41-fold,<ref>{{Cite book |last=van Waldré de Bordes |first=J. |title=Bankruptcies in Austria |date=27 May 1925}}</ref> and the trade deficit doubled.<ref>The Fourteenth Report of the Commissioner-General of the League of Nations for Austria, 15 January – 15 February 1924</ref> === ''Anschluss'' === {{Main|Anschluss}} Austria was annexed by [[Nazi Germany]] in 1938, and consequently lost control of its own economic policy until the formation of the [[History of Austria|Second Republic]] in 1945. === Post World War II === Ever since the end of the World War II, Austria has achieved sustained economic growth. In the soaring 1950s, the rebuilding efforts for Austria lead to an average annual growth rate of more than 5% in real terms and averaged about four-point five percent through most of the 1960s.<ref>{{Cite web|last=Nowotny|first=Ewald|date=December 2017|title=(in German) Die Geschichte des WIFO und der österreichischen Wirtschaftspolitik in der Zweiten Republik|url=https://www.wifo.ac.at/jart/prj3/wifo/resources/person_dokument/person_dokument.jart?publikationsid=60812&mime_type=application/pdf|url-status=live|access-date=15 August 2021|website=Wifo|archive-url=https://web.archive.org/web/20210815122357/https://www.wifo.ac.at/jart/prj3/wifo/resources/person_dokument/person_dokument.jart?publikationsid=60812&mime_type=application/pdf |archive-date=15 August 2021}}</ref> Following moderate real GDP growth of 1.7%, 2% and 1.2%, respectively, in 1995, 1996, and 1997, the economy rebounded and with real GDP expansion of 2.9 percent in 1998 and 2.2% in 1999. Austria became a member of the EU on [[1995 enlargement of the European Union|1 January 1995]].<ref>{{cite web|url=http://www.austria.org/austria-in-the-eu/|title=Austria in the EU|website=Austrian Embassy Washington|access-date=8 October 2018|archive-date=26 October 2021|archive-url=https://web.archive.org/web/20211026211531/https://www.austria.org/austria-in-the-eu/|url-status=dead}}</ref> 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 of the European Union (EMU), Austria's economy is closely integrated with other EU member countries, especially with Germany. On 1 January 1999, Austria introduced the new Euro currency for accounting purposes. In January 2002, Euro notes and coins were introduced, replacing those of the [[Austrian schilling]]. ==Currency== {{Unreferenced section|date=September 2009}} {{Main|Austrian euro coins}} {{See also|Euro gold and silver commemorative coins (Austria)}} [[File:Euro banknotes 2002.png|thumb|In 1999, Austria introduced the single European currency, the [[euro]]. With 18 other EU member states it forms the [[Eurozone]].]] In Austria, Euros appear as 1999, however all Austrian euro coins introduced in 2002 have this year on it; unlike other countries of the [[Eurozone]] where mint year is minted in the coin. Eight different designs, one per face value, were selected for the Austrian coins. In 2007, in order to adopt the new common map like the rest of the Eurozone countries, Austria changed the common side of its coins. Before adopting the Euro in 2002 Austria had maintained use of the [[Austrian schilling]] which was first established in December 1924. The Schilling was abolished in the wake of the [[Anschluss]] in 1938 and has been reintroduced after the end of the [[World War II]] in November 1945. Austria has one of the richest collection of collectors' coins in the Eurozone, with face value ranging from 10 to 100 euro (although a 100,000 euro coin was exceptionally minted in 2004). These coins are a legacy of an old national practice of minting of silver and gold coins. Unlike normal issues, these coins are not [[legal tender]] in all the eurozone. For instance, a €5 Austrian commemorative coin cannot be used in any other country. ==Privatisation, state participation and labour movements== {{Unreferenced section|date=September 2009}} Many of the country's largest firms were nationalised in the early post-war period to protect them from [[Soviet Union|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 privatised. The government still operates some firms, state monopolies, utilities, and services. Due to the [[2008 financial crisis]], two banks were nationalised. Since 2019 the [[Österreichische Industrieholding]] (ÖBAG) administers the investments of the Republic of Austria in partially or entirely nationalized companies, but came under strong criticism after leaked messages showed how Thomas Schmidt had a say in the appointment of the supervisory board and became sole director. Austria enjoys well-developed industry, banking, transportation, services, and commercial facilities. 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 [[Wolfgang Schüssel|Schüssel]] government's programme for budget consolidation, social reform, and improving the business climate, and indications are rising that Austria's peaceful social climate could become more confrontational. ==Agriculture, industry and services== {{Main|Agriculture in Austria|Tourism in Austria}} [[File:Schneeberg - cows-cropped.jpg|thumb|left|[[Cow]]s near top of mountain [[Schneeberg (Alps)|Schneeberg]]]] 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%. 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. [[File:Kitzbühel by night.jpg|thumb|right|200px|[[Kitzbühel]], one of Austria's famous winter tourist cities]] Most important for Austria is the service sector generating the vast majority of Austria's GDP. Vienna has grown into a 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 member states. [[Tourism]] is very important for Austria's economy, accounting for around 10 percent of Austria's GDP.<ref>{{cite web | title = Trade and Industry in Austria, Exports, Tourism | url = http://www.austria.info/xxl/_site/uk/_area/417080/_subArea/417098/home.html | publisher = austria.info | year = 2007 | access-date =20 December 2007 |archive-url = https://web.archive.org/web/20071127125951/http://www.austria.info/xxl/_site/uk/_area/417080/_subArea/417098/home.html |archive-date = 27 November 2007}}</ref> In 2001, Austria was the tenth most visited country in the world with over 18.2 million tourists. Previously, dependency on German guests made this sector of the 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. Austria produced in 2018: * 2.3 million tons of [[sugar beet]] (the beet is used to manufacture [[sugar]] and [[ethanol]]); * 2.1 million tons of [[maize]]; * 1.3 million tons of [[wheat]]; * 697 thousand tons of [[potato]]; * 695 thousand tons of [[barley]]; * 387 thousand tons of [[apple]]; * 367 thousand tons of [[grape]]; * 278 thousand tons of [[triticale]]; * 184 thousand tons of [[soybean]]; * 177 thousand tons of [[rye]] (12th largest world producer); * 132 thousand tons of [[onion]]; * 120 thousand tons of [[rapeseed]]; * 111 thousand tons of [[pear]]; In addition to smaller productions of other agricultural products.<ref>[http://www.fao.org/faostat/en/#data/QC/ Austria production in 2018, by FAO]</ref> == Health care services == {{main|Healthcare in Austria}} {{Expand section|date=December 2010}} [[File:Health care cost rise.svg|thumb|right|400px|Austrian health care spending for 1970 to 2007 compared with other nations]] Austria's health care system was developed alongside other [[Welfare state|social welfare programmes]] by the social democrats in [[Red Vienna|Vienna]] initially.<ref name=health>[http://www.saglik.gov.tr/EN/dosya/2-1008/h/austria.pdf Austria]. European Observatory on Health Care Systems</ref> ==Trade position== {{Unreferenced section|date=September 2009}} 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,<ref>{{Cite web|title=Austria Business Facts|url=https://bizpages.org/countries--AT--Austria|url-status=live|archive-url=https://web.archive.org/web/20200420202019/https://bizpages.org/countries--AT--Austria |archive-date=20 April 2020}}</ref> and Austrian firms have sizable investments in and continue to move labour-intensive, low-tech production to these countries. Although the big investment boom has waned, Austria still has the potential to attract [[European Union|EU]] firms seeking convenient access to these developing markets. == Mergers and acquisitions == {{See also|List of largest Austrian companies}} The mergers and acquisitions (M&A) landscape in Austria has witnessed significant activity, with companies and investors from the country actively engaging in such transactions. Since 1991, more than 7,183 M&A deals have been announced, amounting to a known total value of 261.6 billion EUR. In 2017 alone, there were over 245 deals with a combined value exceeding 12.9 billion EUR. Austrian companies have not only been involved in domestic M&A transactions but have also emerged as important investors in cross-border M&A ventures. Among the countries where Austrian companies have been active in M&A, Germany stands out as a particularly crucial partner. To date, Austrian parent companies have acquired 854 German companies in outbound M&A deals, highlighting the strong bilateral ties between the two nations. When analyzing the industries that have witnessed the most M&A activity in Austria, the financial sector emerges as a prominent player in terms of transaction value. The financial industry has been the focus of significant M&A deals, with companies in this sector exploring opportunities to strengthen their market positions, expand their product portfolios, and enhance their capabilities. On the other hand, when considering the number of transactions, the Industrials sector takes the lead, representing approximately 19.2% of the total M&A deals in Austria. This sector encompasses a wide range of industries, including manufacturing, engineering, construction, and transportation, among others. The strong presence of M&A activity in the Industrials sector signifies the ongoing interest in consolidating businesses, driving synergies, and fostering growth through strategic partnerships and acquisitions. The M&A landscape in Austria continues to evolve, influenced by various factors such as market dynamics, economic conditions, and global trends. As companies seek opportunities for expansion, diversification, and innovation, M&A transactions will remain a strategic tool for achieving their business objectives. The financial sector and the Industrials sector are likely to remain at the forefront of M&A activity, demonstrating the vibrancy and potential for further growth in these industries. == Data == The following table shows the main economic indicators in 1980–2021 (with IMF staff estimtates in 2022–2027). Inflation under 5% is in green.<ref>{{cite web |url=https://www.imf.org/en/Publications/WEO/weo-database/2022/April/weo-report?c=122,&s=NGDP_RPCH,NGDPD,PPPGDP,NGDPDPC,PPPPC,PCPIPCH,LUR,GGXWDG_NGDP,&sy=1980&ey=2027&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 | title=Report for Selected Countries and Subjects }}</ref> {| class="wikitable" style="text-align:center;" !Year !GDP <small>(in Bil. US$PPP)</small> !GDP per capita <small>(in US$ PPP)</small> !GDP <small>(in Bil. US$nominal)</small> !GDP per capita <small>(in US$ nominal)</small> !GDP growth <small>(real)</small> !Inflation rate <small>(in %)</small> !Unemployment <small>(in %)</small> !Government debt <small>(in % of GDP)</small> |- |1980 |84.7 |11,227.0 |80.9 |10,732.0 |{{Increase}}2.3% |{{IncreaseNegative}}6.3% |1.6% |n/a |- |1981 |{{Increase}}92.6 |{{Increase}}12,252.3 |{{Decrease}}70.1 |{{Decrease}}9,280.7 |{{Decrease}}-0.1% |{{IncreaseNegative}}6.8% |{{IncreaseNegative}}2.2% |n/a |- |1982 |{{Increase}}100.2 |{{Increase}}13,241.0 |{{Steady}}70.1 |{{Decrease}}9,267.7 |{{Increase}}1.9% |{{IncreaseNegative}}5.4% |{{IncreaseNegative}}3.1% |n/a |- |1983 |{{Increase}}107.0 |{{Increase}}14,187.1 |{{Increase}}71.0 |{{Increase}}9,417.2 |{{Increase}}2.8% |{{Increase}}3.3% |{{IncreaseNegative}}3.7% |n/a |- |1984 |{{Increase}}111.2 |{{Increase}}14,746.3 |{{Decrease}}67.0 |{{Decrease}}8,882.6 |{{Increase}}0.3% |{{IncreaseNegative}}5.7% |{{IncreaseNegative}}3.8% |n/a |- |1985 |{{Increase}}117.3 |{{Increase}}15,543.4 |{{Increase}}68.6 |{{Increase}}9,090.8 |{{Increase}}2.2% |{{Increase}}3.2% |{{DecreasePositive}}3.6% |n/a |- |1986 |{{Increase}}122.5 |{{Increase}}16,210.5 |{{Increase}}97.4 |{{Increase}}12,886.1 |{{Increase}}2.3% |{{Increase}}1.7% |{{DecreasePositive}}3.1% |n/a |- |1987 |{{Increase}}127.6 |{{Increase}}16,868.1 |{{Increase}}121.8 |{{Increase}}16,093.0 |{{Increase}}1.7% |{{Increase}}1.4% |{{IncreaseNegative}}3.8% |n/a |- |1988 |{{Increase}}133.4 |{{Increase}}17,608.3 |{{Increase}}133.6 |{{Increase}}17,632.8 |{{Increase}}1.0% |{{Increase}}1.9% |{{DecreasePositive}}2.7% |57.4% |- |1989 |{{Increase}}144.0 |{{Increase}}18,965.1 |{{Decrease}}133.3 |{{Decrease}}17,547.8 |{{Increase}}3.9% |{{Increase}}2.2% |{{DecreasePositive}}2.3% |{{DecreasePositive}}56.3% |- |1990 |{{Increase}}155.9 |{{Increase}}20,394.2 |{{Increase}}166.9 |{{Increase}}21,827.4 |{{Increase}}4.3% |{{Increase}}2.8% |{{IncreaseNegative}}2.7% |{{DecreasePositive}}55.9% |- |1991 |{{Increase}}166.7 |{{Increase}}21,622.6 |{{Increase}}174.4 |{{Increase}}22,621.9 |{{Increase}}3.4% |{{Increase}}3.1% |{{IncreaseNegative}}3.2% |{{IncreaseNegative}}56.1% |- |1992 |{{Increase}}174.1 |{{Increase}}22,323.6 |{{Increase}}195.5 |{{Increase}}25,068.4 |{{Increase}}2.1% |{{Increase}}3.4% |{{IncreaseNegative}}3.3% |{{DecreasePositive}}56.0% |- |1993 |{{Increase}}179.2 |{{Increase}}22,729.4 |{{Decrease}}190.4 |{{Decrease}}24,152.7 |{{Increase}}0.5% |{{Increase}}3.2% |{{IncreaseNegative}}4.0% |{{IncreaseNegative}}60.6% |- |1994 |{{Increase}}187.4 |{{Increase}}23,634.1 |{{Increase}}204.0 |{{Increase}}25,725.6 |{{Increase}}2.4% |{{Increase}}2.7% |{{DecreasePositive}}3.9% |{{IncreaseNegative}}63.7% |- |1995 |{{Increase}}196.4 |{{Increase}}24,712.4 |{{Increase}}241.2 |{{Increase}}30,350.5 |{{Increase}}2.7% |{{Increase}}1.6% |{{IncreaseNegative}}4.2% |{{IncreaseNegative}}67.9% |- |1996 |{{Increase}}204.8 |{{Increase}}25,733.6 |{{Decrease}}237.3 |{{Decrease}}29,820.6 |{{Increase}}2.4% |{{Increase}}1.8% |{{IncreaseNegative}}4.7% |{{DecreasePositive}}67.8% |- |1997 |{{Increase}}212.7 |{{Increase}}26,695.1 |{{Decrease}}213.0 |{{Decrease}}26,737.5 |{{Increase}}2.1% |{{Increase}}1.2% |{{IncreaseNegative}}4.8% |{{DecreasePositive}}63.1% |- |1998 |{{Increase}}222.8 |{{Increase}}27,931.7 |{{Increase}}218.6 |{{Increase}}27,399.1 |{{Increase}}3.6% |{{Increase}}0.8% |{{DecreasePositive}}4.7% |{{IncreaseNegative}}68.8% |- |1999 |{{Increase}}234.0 |{{Increase}}29,275.7 |{{Decrease}}217.5 |{{Decrease}}27,210.5 |{{Increase}}3.6% |{{Increase}}0.5% |{{DecreasePositive}}4.1% |{{DecreasePositive}}61.1% |- |2000 |{{Increase}}247.4 |{{Increase}}30,875.2 |{{Decrease}}197.4 |{{Decrease}}24,636.5 |{{Increase}}3.4% |{{Increase}}2.0% |{{DecreasePositive}}3.9% |{{IncreaseNegative}}65.7% |- |2001 |{{Increase}}256.1 |{{Increase}}31,848.8 |{{Increase}}197.5 |{{Decrease}}24,558.9 |{{Increase}}1.3% |{{Increase}}2.3% |{{IncreaseNegative}}4.0% |{{IncreaseNegative}}66.4% |- |2002 |{{Increase}}264.4 |{{Increase}}32,717.3 |{{Increase}}214.2 |{{Increase}}26,508.3 |{{Increase}}1.7% |{{Increase}}1.7% |{{IncreaseNegative}}4.4% |{{IncreaseNegative}}67.0% |- |2003 |{{Increase}}272.2 |{{Increase}}33,527.3 |{{Increase}}262.2 |{{Increase}}32,298.6 |{{Increase}}0.9% |{{Increase}}1.3% |{{IncreaseNegative}}4.8% |{{DecreasePositive}}64.9% |- |2004 |{{Increase}}287.1 |{{Increase}}35,147.3 |{{Increase}}301.3 |{{Increase}}36,883.9 |{{Increase}}2.7% |{{Increase}}2.0% |{{IncreaseNegative}}5.9% |{{DecreasePositive}}64.8% |- |2005 |{{Increase}}302.8 |{{Increase}}36,811.3 |{{Increase}}316.3 |{{Increase}}38,450.6 |{{Increase}}2.2% |{{Increase}}2.1% |{{IncreaseNegative}}6.0% |{{IncreaseNegative}}68.3% |- |2006 |{{Increase}}322.9 |{{Increase}}39,055.3 |{{Increase}}336.3 |{{Increase}}40,674.9 |{{Increase}}3.5% |{{Increase}}1.7% |{{DecreasePositive}}5.6% |{{DecreasePositive}}67.0% |- |2007 |{{Increase}}344.0 |{{Increase}}41,469.2 |{{Increase}}389.2 |{{Increase}}46,922.6 |{{Increase}}3.7% |{{Increase}}2.2% |{{DecreasePositive}}5.2% |{{DecreasePositive}}64.7% |- |2008 |{{Increase}}355.7 |{{Increase}}42,745.9 |{{Increase}}432.0 |{{Increase}}51,914.0 |{{Increase}}1.5% |{{Increase}}3.2% |{{DecreasePositive}}4.4% |{{IncreaseNegative}}68.4% |- |2009 |{{Decrease}}344.5 |{{Decrease}}41,301.4 |{{Decrease}}401.3 |{{Decrease}}48,111.7 |{{Decrease}}-3.8% |{{Increase}}0.4% |{{IncreaseNegative}}5.7% |{{IncreaseNegative}}79.6% |- |2010 |{{Increase}}355.1 |{{Increase}}42,466.0 |{{Decrease}}392.6 |{{Decrease}}46,955.2 |{{Increase}}1.8% |{{Increase}}1.7% |{{DecreasePositive}}5.2% |{{IncreaseNegative}}82.4% |- |2011 |{{Increase}}373.0 |{{Increase}}44,469.2 |{{Increase}}431.6 |{{Increase}}51,452.3 |{{Increase}}2.9% |{{Increase}}3.5% |{{DecreasePositive}}4.9% |{{DecreasePositive}}82.2% |- |2012 |{{Increase}}391.6 |{{Increase}}46,477.7 |{{Decrease}}409.7 |{{Decrease}}48,616.9 |{{Increase}}0.7% |{{Increase}}2.6% |{{IncreaseNegative}}5.2% |{{DecreasePositive}}81.7% |- |2013 |{{Increase}}406.4 |{{Increase}}47,936.7 |{{Increase}}430.2 |{{Increase}}50,747.4 |{{Increase}}0.0% |{{Increase}}2.1% |{{IncreaseNegative}}5.4% |{{DecreasePositive}}81.0% |- |2014 |{{Increase}}417.1 |{{Increase}}48,813.5 |{{Increase}}442.7 |{{Increase}}51,814.4 |{{Increase}}0.7% |{{Increase}}1.5% |{{IncreaseNegative}}6.1% |{{IncreaseNegative}}83.8% |- |2015 |{{Increase}}431.1 |{{Increase}}49,955.5 |{{Decrease}}382.0 |{{Decrease}}44,267.8 |{{Increase}}1.0% |{{Increase}}0.8% |{{IncreaseNegative}}6.2% |{{IncreaseNegative}}84.4% |- |2016 |{{Increase}}460.2 |{{Increase}}52,659.8 |{{Increase}}395.7 |{{Increase}}45,278.8 |{{Increase}}2.0% |{{Increase}}1.0% |{{IncreaseNegative}}6.5% |{{DecreasePositive}}82.5% |- |2017 |{{Increase}}479.5 |{{Increase}}54,393.6 |{{Increase}}417.1 |{{Increase}}47,320.5 |{{Increase}}2.3% |{{Increase}}2.2% |{{DecreasePositive}}5.9% |{{DecreasePositive}}78.6% |- |2018 |{{Increase}}503.2 |{{Increase}}56,636.7 |{{Increase}}455.4 |{{Increase}}51,254.4 |{{Increase}}2.5% |{{Increase}}2.1% |{{DecreasePositive}}5.2% |{{DecreasePositive}}74.0% |- |2019 |{{Increase}}519.8 |{{Increase}}58,679.9 |{{Decrease}}445.1 |{{Decrease}}50,239.4 |{{Increase}}1.5% |{{Increase}}1.5% |{{DecreasePositive}}4.8% |{{DecreasePositive}}70.6% |- |2020 |{{Decrease}}490.7 |{{Decrease}}55,125.0 |{{Decrease}}432.9 |{{Decrease}}48,636.3 |{{Decrease}}-6.7% |{{Increase}}1.4% |{{IncreaseNegative}}5.4% |{{IncreaseNegative}}83.2% |- |2021 |{{Increase}}534.0 |{{Increase}}59,692.1 |{{Increase}}477.4 |{{Increase}}53,367.5 |{{Increase}}4.5% |{{Increase}}2.8% |{{IncreaseNegative}}6.2% |{{DecreasePositive}}83.1% |- |2022 |{{Increase}}582.1 |{{Increase}}64,751.1 |{{Increase}}479.8 |{{Increase}}53,370.7 |{{Increase}}2.6% |{{IncreaseNegative}}5.6% |{{DecreasePositive}}5.2% |{{DecreasePositive}}80.7% |- |2023 |{{Increase}}617.6 |{{Increase}}68,354.0 |{{Increase}}518.8 |{{Increase}}57,420.9 |{{Increase}}3.0% |{{Increase}}2.2% |{{DecreasePositive}}4.9% |{{DecreasePositive}}76.6% |- |2024 |{{Increase}}647.3 |{{Increase}}71,291.0 |{{Increase}}550.6 |{{Increase}}60,630.9 |{{Increase}}2.3% |{{Increase}}2.0% |{{DecreasePositive}}4.8% |{{DecreasePositive}}74.6% |- |2025 |{{Increase}}673.2 |{{Increase}}73,765.9 |{{Increase}}578.1 |{{Increase}}63,343.8 |{{Increase}}1.9% |{{Increase}}2.0% |{{Steady}}4.8% |{{DecreasePositive}}73.0% |- |2026 |{{Increase}}698.8 |{{Increase}}76,190.1 |{{Increase}}605.4 |{{Increase}}66,009.1 |{{Increase}}1.8% |{{Increase}}2.0% |{{Steady}}4.8% |{{DecreasePositive}}72.4% |- |2027 |{{Increase}}725.3 |{{Increase}}78,691.9 |{{Increase}}630.5 |{{Increase}}68,407.3 |{{Increase}}1.8% |{{Increase}}2.0% |{{Steady}}4.8% |{{DecreasePositive}}70.4% |} ===Companies=== In 2022, the sector with the highest number of companies registered in Austria is Services with 97,733 companies followed by Finance, Insurance, and Real Estate and Retail Trade with 70,696 and 59,942 companies respectively.<ref>{{cite web | url=https://www.hithorizons.com/eu/analyses/country-statistics/austria | title=Industry Breakdown of Companies in Austria | website=HitHorizons}}</ref> ==See also== {{Portal|Money}} *[[List of Austrian states by GDP]] *[[List of largest Austrian companies]] *[[Austrian Business Agency]] * [[Economy of Europe]] == References == {{Reflist|30em}} ==External links== *{{commons category-inline}} *[https://finance.yahoo.com/q/bc?s=%5EATX&t=my&l=off&z=m&q=l&c=%5EGSPC ATX-INDEX VIENNA (%5EATX)] *[https://web.archive.org/web/20061110070705/http://www.theglobalguru.com/article.php?id=61&offer=GURU001 Article by Nicholas Vardy, Global Investment Expert, on Austria's Economic Growth into 2006] *[https://web.archive.org/web/20130704054309/http://www.quandl.com/austria Comprehensive current and historical economic data] *[http://wits.worldbank.org/CountryProfile/Country/AUT/Year/2012/Summary World Bank Summary Trade Statistics Austria] *Tariffs applied by Austria as provided by ITC's [http://www.macmap.org/QuickSearch/FindTariff/FindTariff.aspx?subsite=open_access&country=040&source=1 ITC Market Access Map] {{dead link|date=August 2019 |bot=InternetArchiveBot |fix-attempted=yes}}, an online database of customs tariffs and market requirements {{Austria topics}} {{Members_of_the_European_Union_(EU)}} {{Organisation for Economic Co-operation and Development}} {{Economy of Europe}} {{Update|date=August 2018}} {{DEFAULTSORT:Economy of Austria}} [[Category:Economy of Austria| ]] [[Category:European Union member economies|Austria]] [[Category:OECD member economies|Austria]] [[Category:Economies of Europe by country|Austria]] [[bn:অস্ট্রিয়া#অর্থনীতি]]
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