International organization participation: AfDB, AG (observer), AsDB,
Australia Group, BIS, CCC, CE, CEI, CERN, EBRD, ECE, EIB, ESA, EU,
FAO, G- 9, IADB, IAEA, IBRD, ICAO, ICC, ICFTU, ICRM, IDA, IEA, IFAD,
IFC, IFRCS, ILO, IMF, IMO, Intelsat, Interpol, IOC, IOM, ISO, ITU,
MINURSO, MTCR, NACC (observer), NAM (guest), NEA, NSG, OAS (observer),
OECD, OSCE, PCA, PFP, UN, UNCTAD, UNDOF, UNESCO, UNFICYP, UNHCR,
UNIDO, UNIKOM, UNITAR, UNMIBH, UNMOT, UNOMIG, UNTSO, UPU, WCL, WEU
(observer), WFTU, WHO, WIPO, WMO, WToO, WTrO, ZC
Diplomatic representation in the US: chief of mission: Ambassador Helmut TUERK chancery : 3524 International Court NW, Washington, DC 20008-3035 telephone: [1] (202) 895-6700 FAX: [1] (202) 895-6750 consulate(s) general: Chicago, Los Angeles, and New York
Diplomatic representation from the US: chief of mission: Ambassador Swanee G. HUNT embassy: Boltzmanngasse 16, A-1091, Vienna mailing address: use embassy street address telephone : [43] (1) 313-39 FAX: [43] (1) 310-0682
Flag description: three equal horizontal bands of red (top), white, and red
Economy
Economy - overview: Austria has a well-developed market economy with a sizable - but falling - proportion of nationalized industry, an extensive social safety net, and a high standard of living. Austria's economy is closely integrated with Germany and other EU members - Austria joined the EU on 1 January 1995. Since the early 1980s, the Austrian economy has experienced stable growth. EU membership has had a positive impact on foreign investment and has helped to lower inflation. In April 1996, the government passed a two-year austerity budget - including cuts in social allowances, a freeze on civil servants' wages, and new energy and capital gains taxes - designed to bring the economy in line with the Maastricht criteria for membership in the European Economic and Monetary Union (EMU). EMU convergence has become a top priority for Austria. Despite Austria's generally favorable prospects, the economy faces a number of medium-term challenges; for example, fiscal tightening is constraining expected growth, and unemployment is expected to increase.
GDP: purchasing power parity - $157.6 billion (1996 est.)
GDP - real growth rate: 1.1% (1996 est.)
GDP - per capita: purchasing power parity - $19,700 (1996 est.)
GDP - composition by sector: agriculture: 3% industry: 27% services : 70% (1994 est.)