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). Unlike normal issues, these coins are not legal tender in all the eurozone. A reliable and accessible land registry system safeguards secured interests in property. Any Comment About This Content? For further details, consult the website of the Federal Ministry of Labour, Family and Youth (in German, as the English version provides less information). Tourism is very important for Austria's economy, accounting for around 10 percent of Austria's GDP.

Austria became a member of the EU on 1 January 1995. High social security contributions are shared by employers and employees. These coins are a legacy of an old national practice of minting of silver and gold coins. A modest development of main export markets and the uncertainties due to global trade conflicts and the Brexit process slow down the economic dynamic. The overall tax burden equals 41.8 percent of total domestic income. The economy of Austria is a well-developed social market economy, with the country being one of the fourteen richest in the world in terms of GDP (gross domestic product) per capita.

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. The country relies on a very strong network of export-focused SMEs, excellent academic standards and significant spending for research and development. Note 3: The indicator GDP (Constant Prices, Annual % Change) was updated by the IMF in June 2020. Austria’s economic freedom scores have remained in the low 70s at the low end of the mostly free category for 15 years. Austrian farms, like those of other west European mountainous countries, are small and fragmented, and production is relatively expensive.

Find more information about your business sector on our service Market Reports. The industry with the largest M&A activity in Austria in terms of transaction value has been the financial sector, whereas the industry with the largest number of transactions has been Industrials - representing 19.2%.

For instance, a €5 Austrian commemorative coin cannot be used in any other country.

However, combined with the food and drink industry, it represents about 12% of the GDP. © Export Entreprises SA, All Rights Reserved. Each rating of 1 through 7, with 1 representing the highest and 7 the lowest level of freedom, corresponds to a range of total scores. Trade with other EU countries accounts for almost 66% of Austrian imports and exports. The Austrian political landscape has been characterized by an increasing polarization in the past few years.

IMF – World Economic Outlook Database, Latest available data. Source: Freedom in the World 2019, Freedom House. The modern banking sector offers a wide range of financial services, and the five largest banking groups account for more than 50 percent of total assets. EUR have taken place.


Santander, Santander Trade and the Flame logo are registered trademarks. Unemployment rate decreased slightly to 4.5% in 2019 -against 4.9% in 2018- and is expected to remain stable to 5.5% in 2020 and 5% 2021despite the negative economic impact of the COVID-19 pandemic (IMF estimates of April 2020).

Home | Country Rankings | Graph The Data | Heat MapExplore the Data | Downloads | FAQs| About The Index. The government is pursuing significant upgrades to its telecommunications infrastructure, aiming for nationwide 5G coverage by 2025. Please update this article to reflect recent events or newly available information. Labour movements are particularly strong in Austria and have large influence on labour politics. Learn how and when to remove this template message, Learn how and when to remove these template messages, Euro gold and silver commemorative coins (Austria), "World Economic Outlook Database, April 2019", "World Economic Outlook Database, October 2019", "World Economic Outlook Database, April 2020", "People at risk of poverty or social exclusion", "Gini coefficient of equivalised disposable income - EU-SILC survey", "Employment rate by sex, age group 20-64", "Unemployment by sex and age - monthly average", "Euro area and EU27 government deficit both at 0.6% of GDP", "Scope affirms Austria's long-term credit rating at AAA with Stable Outlook", "Trade and Industry in Austria, Exports, Tourism", "M&A Statistics by Countries - Institute for Mergers, Acquisitions and Alliances (IMAA)", "Report for Selected Countries and Subjects", Article by Nicholas Vardy, Global Investment Expert, on Austria's Economic Growth into 2006, Comprehensive current and historical economic data, World Bank Summary Trade Statistics Austria, Organisation for Economic Co-operation and Development (OECD), Convention on the Organisation for Economic Co-operation and Development, https://en.wikipedia.org/w/index.php?title=Economy_of_Austria&oldid=984084767, Articles with German-language sources (de), Articles needing additional references from September 2009, All articles needing additional references, Articles to be expanded from December 2010, Articles with multiple maintenance issues, Articles with dead external links from August 2019, Articles with permanently dead external links, Wikipedia articles in need of updating from August 2018, All Wikipedia articles in need of updating, Creative Commons Attribution-ShareAlike License, construction, machinery, vehicles and parts, food, metals, chemicals, lumber and paper, electronics, tourism, machinery and equipment, motor vehicles and parts, manufactured goods, chemicals, iron and steel, foodstuffs, machinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products, natural gas; foodstuffs, Tariffs applied by Austria as provided by ITC's, This page was last edited on 18 October 2020, at 02:15.

Most of the visitors came from Germany (37%), Netherlands (7%), Switzerland (3.6%), and the United Kingdom (2.6%). 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. 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. The country’s investment climate has been enhanced by its stability and strong rule of law. The business rankings model measures the quality or attractiveness of the business environment in the 82 countries covered by The Economist Intelligence Unit’s Country Forecast reports.

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).

The country is one of the 10 member states that contribute more to the EU budget than they receive (0.85% of GDP versus 0.51%, European Comission data). The ÖGB has often opposed the 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. According to latest available data (IFOAM), 24% of the agricultural farmland in Austria is dedicated to organic farming, the highest rate in the EU and the second in Europe after Liechtenstein. 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. National debt has been reduced since 2015 to an estimated 70.7% of GDP in 2019 (IMF) and the government plans to bring down it to 67.7% of GDP in 2020 and to 65.1% in 2021, reaching the Maastricht criterion of 60% in a few years. or against the media (censorship, confiscation, searches and harassment etc.). The main industrial sectors are the metal industry, electrochemistry and engineering.

For the information on the economic recovery scheme put in place by the Austrian government to address the impact of the COVID-19 pandemic on the Austrian economy, please visit the official Business Services portal (Unternehmensservice Portal, in German) and the website of the Ministry of Finance. The industrial sector, which is comprised of SMEs connected to the Central European markets, represents 25.7% of the GDP and employs one-fourth of the active population. Although the big investment boom has waned, Austria still has the potential to attract EU firms seeking convenient access to these developing markets. The maximum allowable workweek has been raised to 60 hours per week and 12 hours per day. IMF – World Economic Outlook Database, President: Alexander VAN DER BELLEN (since 26 January 2017). Parliament in Austria is guided by a “grand coalition,” comprised of the two most populous parties (Social Democrats and the People's Party).

Your country was not recognised. Tools and resources to help your company expand globally, In this page: For the latest forecasts on the economic impacts caused by the coronavirus pandemic, please consult the OECD Economic Outlook Interim Report Coronavirus: the world economy at risk (March 2020) and the IMF's policy tracking platform Policy Responses to COVID-19 for the key economic responses from governments. [20], Growth has been steady between 2002–2006 varying between 1 and 3.3%. Report It to Us.

Source: The Economist - Business Environment Rankings 2014-2018. Viennese law firms and banks are among the leading corporations in business with the new EU member states.
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. Learn more about Market Analyses about Austria on Globaltrade.net, the Directory for International Trade Service Providers. The survey measures freedom according to two broad categories: political rights and civil liberties.

Growth in GDP accelerated in recent years and reached 3.3% in 2006. 854 German companies have been acquired by Austrian parant companies (outbound) so far.[27].