Generell facts about Austria's economy

Austria  is a well-developed market economy and it has a high standard of living.

Austria is closely tied to other EU economies, especially Germany. Membership in the EU has drawn an influx of foreign investors attracted by Austria's access to the single European market and proximity to EU aspirant economies.

Austria is a highly developed industrialised nation with an important service sector. With the opening of Eastern Europe, Austria plays an important role. It is in the ninth place in the list of the world¥s Gross Domestic Product. The GDP is counted per capita.

The industries of Austria are: wood processing, communications equipment, tourism, textiles, food processing.

The most important export partner of Austria is Germany.

Austria has a highly skilled labor force. Tourism is an important earner.

 

ECONOMIC INDICATORS

(2002)

GDP (Gross Domestic Product) :                               purchasing power parity- $   203 billion
GDP - per capita /total pop:                                   purchasing power parity- Euron style='mso-tab-count:1'>   27,100 GDP - composition by sector:                                        

primary sector: 2.1 %
                                                                                   second sector: 30,6%
                                                                                   tertiary sector:  67,3% (2002)

 

Consumer Price Index (January 2004):               106.6 (CPI'00)
Inflation rate (January 2004):                                 1.1 %

Registered unemployed (totaly):                         ca. 312.448 persons (Jan 04)
Unemployment rate:                                             9,1 % (Jan 04) + 2,9%
(registered unemployment as percentage of employees)

Interest rate:                                                                      2,5 %

 

CURRENCY: EURO

 

As a member of the European Union, Austria has been part of the Economic and Currency Union ñ which introduced the EURO as common currency - since 1.1. 1999. Since 1.1.2002 the Euro is circulating in cash form as well. One Euro is subdivided into 100 cents.
The euro (EUR or Ä) is the common currency for most European nations within the European Union, including Austria. The euro coins have two different sides; one common, European side showing the value of the coin and one national side featuring a design chosen by the EU member state where the coin was minted. Each member state has one or more designs unique to that country.

Exchange rate: 1 Ä = 13.7603 Austrian schilling

The euro is created by the Maastricht Agreement which is now being used by 12 of the 15 member states of the European Union. Britain, Denmark and Sweden have not adopted the Euro yet.

Depiction of Austrian Euro coinage

0.01

0.02

0.05

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image:2ec_oes.png

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The gentian, a flower of
the Austrian Alps

The edelweiss, a flower of
the Austrian Alps

The primrose, a flower of
the Austrian Alps

0.10

0.20

0.50

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image:20ec_oes.png

image:50ec_oes.png

St. Stephen's Cathedral,
Viennese Gothic architecture

The Belvedere Palace, an
example of the Baroque

The Secession Building, an
example of art nouveau

1.00

2.00

2 Coin Edge

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image:2e_oes.png

The edge lettering features
the combination "2 EURO"
four times alternated with
*** for a total of 12 stars

Wolfgang Amadeus Mozart,
famous Austrian composer

Bertha von Suttner, the
Austrian radical pacifist and
Nobel Peace Prize winner