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Austria Economy 2008

Economy - overview: Austria, with its well-developed market economy and high standard of living, is closely tied to other EU economies, especially Germany's. The Austrian economy also benefits greatly from strong commercial relations, especially in the banking and insurance sectors, with central, eastern, and southeastern Europe. The economy features a large service sector, a sound industrial sector, and a small, but highly developed agricultural sector. Membership in the EU has drawn an influx of foreign investors attracted by Austria's access to the single European market and proximity to the new EU economies. The outgoing government has successfully pursued a comprehensive economic reform program, aimed at streamlining government and creating a more competitive business environment, further strengthening Austria's attractiveness as an investment location. It has implemented effective pension reforms; however, lower taxes in 2005-06 led to a small budget deficit in 2006 and 2007. Boosted by strong exports, growth nevertheless reached 3.3% in both 2006 and 2007, although the economy may slow in 2008 because of the strong euro, high oil prices, and problems in international financial markets. To meet increased competition - especially from new EU members and Central European countries - Austria will need to continue restructuring, emphasizing knowledge-based sectors of the economy, and encouraging greater labor flexibility and greater labor participation by its aging population.
GDP (purchasing power parity): $322 billion (2007 est.)
GDP (official exchange rate): $373.9 billion (2007 est.)
GDP - real growth rate: 3.1% (2007 est.)
GDP - per capita (PPP): $39,300 (2007 est.)
GDP - composition by sector: agriculture: 1.6% industry: 30.3% services: 68% (2007 est.)
Labor force: 3.566 million (2007 est.)
Labor force - by occupation: agriculture: 3% industry: 27% services: 70% (2005 est.)
Unemployment rate: 4.4% (2007 est.)
Household income or consumption by percentage share: lowest 10%: 3.3% highest 10%: 22.5% (2004)
Distribution of family income - Gini index: 26 (2005)
Investment (gross fixed): 20.6% of GDP (2007 est.)
Budget: revenues: $177.5 billion expenditures: $179.9 billion (2007 est.)
Public debt: 59.1% of GDP (2007 est.)
Inflation rate (consumer prices): 2.2% (2007 est.)
Commercial bank prime lending rate: 6.3% (31 December 2007)
Stock of money: NA note: see entry for the European Union for money supply in the Euro Area; the European Central Bank (ECB) controls monetary policy for the 15 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money and quasi money circulating within their own borders
Stock of quasi money: NA
Stock of domestic credit: $599.5 billion (31 December 2007)
Agriculture - products: grains, potatoes, sugar beets, wine, fruit; dairy products, cattle, pigs, poultry; lumber
Industries: construction, machinery, vehicles and parts, food, metals, chemicals, lumber and wood processing, paper and paperboard, communications equipment, tourism
Industrial production growth rate: 5.7% (2007 est.)
Electricity - production: 59.31 billion kWh (2007 est.)
Electricity - consumption: 62.35 billion kWh (2006 est.)
Electricity - exports: 15.51 billion kWh (2007 est.)
Electricity - imports: 22.13 billion kWh (2007 est.)
Oil - production: 24,920 bbl/day (2007 est.)
Oil - consumption: 289,400 bbl/day (2007 est.)
Oil - exports: 46,300 bbl/day (2005)
Oil - imports: 313,500 bbl/day (2005)
Oil - proved reserves: 50 million bbl (1 January 2008 est.)
Natural gas - production: 1.848 billion cu m (2007 est.)
Natural gas - consumption: 8.436 billion cu m (2007 est.)
Natural gas - exports: 2.767 billion cu m (2007 est.)
Natural gas - imports: 9.658 billion cu m (2007 est.)
Natural gas - proved reserves: 16.14 billion cu m (1 January 2008 est.)
Current account balance: $12.03 billion (2007 est.)
Exports: $162.1 billion f.o.b. (2007 est.)
Exports - commodities: machinery and equipment, motor vehicles and parts, paper and paperboard, metal goods, chemicals, iron and steel, textiles, foodstuffs
Exports - partners: Germany 29.8%, Italy 8.8%, US 4.9%, Switzerland 4.3% (2007)
Imports: $160.3 billion f.o.b. (2007 est.)
Imports - commodities: machinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products; foodstuffs
Imports - partners: Germany 45.5%, Italy 7.1%, Switzerland 5%, Netherlands 4.3% (2007)
Reserves of foreign exchange and gold: $18.22 billion (2006 est.)
Debt - external: $752.5 billion (30 June 2007)
Stock of direct foreign investment - at home: $222.9 billion (2007 est.)
Stock of direct foreign investment - abroad: $208.1 billion (2007 est.)
Market value of publicly traded shares: $126.3 billion (2005)
Currency (code): euro (EUR)
Exchange rates: euros (EUR) per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003)

NOTE: The economy information regarding Austria on this page is re-published from the 2008 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Austria Economy 2008 information contained here. All suggestions for corrections of any errors about Austria Economy 2008 should be addressed to the CIA.