US diplomatic representation: chief of mission: Ambassador Swanee G. HUNT chancery: Boltzmanngasse 16, A-1091, Vienna mailing address: use embassy street address telephone: [43] (1) 313-39 FAX: [43] (1) 310-0682 consulate(s) general: none (Salzburg closed September 1993)
Flag: three equal horizontal bands of red (top), white, and red
@Austria:Economy
Overview: Austria boasts a prosperous and stable market economy with a sizable but falling proportion of nationalized industry and with extensive welfare benefits. Thanks to its raw material endowment, a technically skilled labor force, and strong links to German industrial firms, Austria occupies specialized niches in European industry and services (tourism, banking) and produces almost enough food to feed itself with only 8% of the labor force in agriculture. After 11 consecutive years of growth, the Austrian economy experienced a mild recession in 1993, but growth resumed in 1994. Unemployment is 4.3% and will likely stay at that level as companies adjust to the competition of EU membership beginning 1 January 1995. To prepare for EU membership, Austria's government has taken measures to open the economy by introducing a major tax reform, privatizing state-owned firms, and liberalizing cross-border capital movements. Problems for the 1990s include an aging population, the high level of industrial subsidies, and the struggle to keep welfare benefits within budgetary capabilities - the deficit climbed to over 4% of GDP in 1994.
National product: GDP - purchasing power parity - $139.3 billion (1994 est.)
National product real growth rate: 2.5% (1994 est.)
National product per capita: $17,500 (1994 est.)
Inflation rate (consumer prices): 3% (1994)
Unemployment rate: 4.3% (1994 est.)
Budget:
revenues: $52.2 billion
expenditures: $60.3 billion, including capital expenditures of $NA
(1993 est.)