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Austria Economy
Economy - overview: Austria with its well-developed market economy and high standard of living is closely tied to other EU economies, especially Germany's. 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. In 2000, Austria moved to further cut government spending and raise taxes to meet EMU deficit targets after facing unexpected difficulties in reducing the public deficit. To meet increased competition from both EU and Central European countries, Austria will need to emphasize knowledge-based sectors of the economy and continue to deregulate the service sector. Growth is expected to remain at about 3% in 2001.
GDP: purchasing power parity - $203 billion (2000 est.)
GDP - real growth rate: 3.1% (2000 est.)
GDP - per capita: purchasing power parity - $25,000 (2000 est.)
GDP - composition by sector: agriculture: 2.2%
industry: 30.4%
services: 67.4% (1999 est.)