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Economy of Austria

Austria is one of the 14 richest countries in the world in terms of GDP (Gross domestic product) per capita, has a well-developed social market economy, and a high standard of living. Until the 1980s, many of Austria's largest industry firms were nationalised; in recent years, however, privatisation has reduced state holdings to a level comparable to other European economies. Labour movements are particularly strong in Austria and have large influence on labour politics. Next to a highly developed industry, international tourism is the most important part of the national economy.

Germany has historically been the main trading partner of Austria, making it vulnerable to rapid changes in the German economy. However, since Austria became a member state of the European Union it has gained closer ties to other European Union economies, reducing its economic dependence on Germany. In addition, 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 aspiring economies of the European Union. Growth in GDP accelerated in recent years and reached 3.3% in 2006.

In 2004 Austria was the fourth richest country within the European Union, having a GDP (PPP) per capita of approximately 27,666, with Luxembourg, Ireland, and Netherlands leading the list.GDP growth of Austria was 0.3%(2014 est.) GDP per capita 36,640 (2012) and GDP by sector Agriculture 1.7%, Industry 32.3%, Services 65.8% (2009 est).

Agriculture, Industry and Services

Austrian farms, like those of other west European mountainous countries, are small and fragmented, and production is relatively expensive. 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.

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. Tourism is very important for Austria's economy, accounting for around 10 percent of Austria's GDP. In 2001, Austria was the tenth most visited country in the world with over 18.2 million tourists.



This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Austria"

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